Vitalik Buterin: ETH Will Be Junk if Ethereum Does Not Evolve
The rumors that ETH is on the edge of losing its value has been going around for a while. Vitalik Buterin, the co-founder, disagrees with the claims, although he believes that there is significant room for improvement or the crypto will succumb to failure.
TechCrunch reported that Jeremy Rubin, the crypto businessman promises that the ETH price is about to see a huge decline. Buterin took to forum website Reddit to post his honest views regarding his own business. He has stated that if they do not change Ethereum, the ETH will become a worthless coin.
Jeremy disputes that the main issue ETH faces at the moment is the security of smart contracts and scaling. He believes that this is the main border between ETH and beating their competitors. He expects that, if the things do not change, the ETH will most likely fall due to “economic abstraction”
The term economic abstraction refers to “gas”, or the extra fees that are paid for transactions, in case it’s a non-native coin to Ethereum. Instead of the user paying gas, they would rather pay in the token they normally use. This process is based on the ERC-20 standard. The more people who use economic abstraction and pay for their gas in other ERC-20 coins, the more likely ETH will fall because it will lose its economic value.
Despite the fact that Vitalik agrees with Rubin, he disagrees with him on the point where Vitalik believes that the ETH can survive provided Ethereum evolves and adapts to the market.
The ETH community is, at the moment, discussing two options that would stir away threats and put ETH at its safe to place again. Either way, this probably means that paying gas would be mandatory for using ETH. If this is applied, it would save the ETH’s value.
The community has still not reached a position regarding the 2 proposals, however, it is likely that the process would take a couple of months to be implemented.