Categories: Altcoin News

Is Ethereum [ETH] Supply a Sham? Dev. Announces 1 M Sats Bounty to Give Proof

In a shocking revelation of transparency breach on Ethereum, Pierre Rochard, a Bitcoin dev. is calling out to verify the total supply of Ethereum (ETH).…

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In a shocking revelation of transparency breach on Ethereum, Pierre Rochard, a Bitcoin dev. is calling out to verify the total supply of Ethereum (ETH).

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The amount of the bounty is relatively small, around $115 at the current price of Bitcoin. However, the issue that Pierre Rochard and Grubles (alias) are addressing here is important.

The argument is against the verification of ETH supply with an on-chain node. The allegations by Pierre Rochard and Grubles points out that Etherscan is the only primary source for that information.

It is known earlier that the inflation rate in Ethereum is arbitrary and set after consensus on Ethereum Improvement Protocols (EIPs). Nevertheless, this new information which has come light now questions the authenticity of the current supply as well. Grubles, another Bitcoin developer replies,

“It’s 2020 and total ETH supply validation on Ethereum is CLOSED SOURCE and run by a central 3rd party. You can’t make this up.” He notes in another tweeted, “It literally is a number that Vitalik makes up. I shit you not. Erik has his head deep in the sand.”

On the other hand, Bitcoin core simply has a dedicated API call function for it.

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In the comments, however, Nic Carter, the founder of Coinmetrics and partner at Adamant Capital points out that Antoine Le Calvez, a crypto analyst calculates the on-chain supply on a regular basis. Confirmation from Calvez or proof of this, nonetheless, is still pending. Perhaps, Ethereum and blockchain geeks are busy discovering ETH supply. The hunt is on for an open source script to verify the total supply for Ether.

This is a blatant issue for the ecosystem which relies on trustlessness and transparency. We’re following the updates around it and will shortly release the next set of updates on it.

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Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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