Categories: Altcoin News

Ethereum [ETH] Total Supply Can be Known Only Roughly: Vitalik Buterin

As reported yesterday on CoinGape, the issue of 'unknown supply' has now escalated. Nevertheless, Vitalik Buterin doesn't seem too concerned about it.  The bounty for…

advertisement

As reported yesterday on CoinGape, the issue of ‘unknown supply’ has now escalated. Nevertheless, Vitalik Buterin doesn’t seem too concerned about it.

Advertisement

The bounty for confirming the supply is having a lot of engagement on Twitter. What’s more surprising is that different sources are revealing different numbers. The total supply of ETH is “close to” a specified number.

Marc-Andre Dumas, a programmer at MakerDao, seems to have found the code that outputs the supply number for Ethereum. He tweeted,

The number is close to etherscan.io, the designated blockchain explorer for Ethereum. Furthermore, different sources like Messari, Coinmetrics, Coingecko, Blockchair and so on are reporting a number close to 112,000,0000.

This has been attracting new criticism on Ethereum. Even the Senior Director of Public Policy at VISA, Andy Yee, tweeted,

Advertisement

Vitalik Buterin, the co-founder confirms the fact that the number is a “rough estimate.” He notes in the replies on Twitter,

Because we roughly know what it is according to the protocol rules, and we know that there’s so many people running different implementations that a bug would get caught? He added in the comments,

Here’s the rules for what the rewards are: github.com/ethereum/go-et And you can run a node to verify that the current chain actually reflects those rules!

The argument and allegation could be derogatory; even meant to incite fear or a vulnerability around Ethereum. Nonetheless, this feature of inaccuracy in supply which even Vitalik says we know only ‘roughly’ might come as a surprise.

How does this new information change your view of Ethereum? Please share your views with us.

To get the daily price analysis, Follow us on TradingView

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

Recent Posts

DeFi Mania Continues to Catalyze DEX’s Volume

Decentralized exchanges [DEXs] has recorded phenomenal growth in 2020. And it is not the user…

16 hours ago

CrossFi Solutions Can Overcome the DeFi Hype in Building a Sustainable Future for Decentralized Finance

Decentralized Finance (DeFi) is no-brainer the crypto ‘buzzword’ of 2020, this space has experienced tremendous…

11 hours ago

Security Risks in DeFi (Decentralized Finance)

Decentralized finance has been the talk of the town for the last few months, seeing…

11 hours ago

Bitcoin Trading Volume on Bakkt Peaks Again as September Expiration Approaches

Bakkt recently had witnessed a peak in the trading volume of physically-settled bitcoin futures on…

16 hours ago

Bitcoin To 10x From These Levels Says Analyst, Predicts Other Giants to Follow MicroStrategy

Business Intelligence Firm MicroStrategy created a massive buzz by announcing BTC purchase worth $425 million.…

16 hours ago

Rubic, A Decentralized P2P Exchange Solving The Scalability Problems On DEFI

Rubic is a decentralized P2P platform that enables users to create, manage, trade, and exchange…

17 hours ago