Vlad Zamfir does not agree with the proposal to limit the emission of Ethereum

Vlad Zamfir involved in the development of sharding and the Protocol for Casper Ethereum project and Rchain (in which he also is a member of the Board of Directors), voted against April fools day suggestions acne Buterin about limiting the total amount of coins Ethereum (EIP 960). It sounded a bit ironic, since one of the main arguments in favor Buterin EIP 960, expressed at the developers meeting on April 6 was just the link to the Zamfir.

Vlad Zamfir is not the first time acts with unexpected statements and are not too afraid to hurt the economic interests of entire communities in the Ethereum ecosystem. Suffice it to recall that he first advocated the reduction of the remuneration of the POW miners (and it was accepted after a heated debate). You can also mention that in their own social network profiles Zamfir describes itself as «absurdist and Troll».

Here is his opinion:

«We don’t know what model of emissions of air the best.»

Why you may need issue?

For consensus

At the moment it is unclear what emissions may be required (maybe he did not need it) to ensure the reliability of the Protocol consensus. This statement is true now POW, will remain faithful and Casper with sharding.

The current average award for the block (including the award for ankle) is about 3.44 ETH, the day is about 5,900 units, let on the average it will be 20 296 ETH emission per day. This cash flow is directed to the miners, in addition to the commissions they collect. On the market today is about 10 million ETH a day.

«I don’t know what the emissions required to generate consensus, although I am sure that the current size is not optimal. I don’t think anyone knows. Here Vitalik offers advanced print 22 million (and more!). I don’t know if it’s right. Nevertheless, we talk about how to give the miners/validators bunch ETH market value of $11 billion. I guess acne said, what will these ETH!»

For other purposes

A few simple questions, the answer to that yet:

  • What social values will be financed by the proposed issue?

  • Is it possible today to predict the future value of these values?

  • It is less or more than 22 million ETH?

  • Is it possible to predict the optimum number of coins in the future?

  • A single question the answer is no. Nevertheless, people are seriously discussing the proposal to issue 22 million ETH (and not a penny more).

    Finally, Zamfir calls the main reason why he is against adoption of the proposal:

    «Certainty about emission models is needed primarily to speculators».

    Two reasons for their interest:

  • They don’t want their «investments» «eroded»

  • They want to create a feeling of deficit

  • Both motive is selfish, in the sense that the benefit is obtained at the expense of others. The first can be explained in simple language as «I will Not give them any coins, so my share of the pie will be bigger», but the second is just provoking FOMO syndrome (fear of being late): «do Not hesitate, go for it! Now it’s all over!» Artificial scarcity is good for potential buyers. Almost every new allcoin now advertised with the indication «limited number of coins.»

    Conclusion

    View Zamfira is that at this stage our knowledge about the economic realities make the discussion of the EIP 960 premature.

    As usual, post «absurdist and the Troll» provoked a lively response. The thread of comments on Reddit
    contains both encouraging and negative views in approximately equal proportions. With regard to the official discussion EIP 960, is developed on the developer meeting April 6, it will be continued at the next meeting on April 20.

    However, for some reason no one remembered, at least later, 6 hours after publishing the post that the project RСhain, which Zamfir directly involved and representing the concept of «ideal Ethereum», without any requirements of backwards compatibility with POW, which from the beginning implemented Casper and sharding, no plans issue – the number of coins REV will remain constant.

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