Most of the people involved with crypto believe that Ethereum (ETH), the second biggest cryptocurrency by market capitalisation, is a coin that will always be needed. However, there have always been theories that the ETH token itself may become obsolete, and the network could function without the asset.
In a newly published TechCrunch article, Jeremy Rubin, a Bitcoin Core contributor and a technical advisor to Stellar (XLM), argues that the ETH digital asset could become unnecessary. The article caused immediate disputes, with the Ethereum community defending the utility of ETH:
https://twitter.com/JeremyRubin/status/1036450808617951233
Rubin states that the Ethereum platform could become very successful, with the Ethereum Virtual Machine (EVM) being used for decentralized applications (dApps), as promised. However, he argues that miners may choose to include token-only transactions, thus bypassing the need to pay for gas using ETH.
“If all the applications and their transactions can run without ETH, there’s no reason for ETH to be valuable unless the miners enforce some sort of racket to require users to pay in ETH. But if miners are uncoordinated, mutually disinterested, and rational, they would prefer to be paid in assets of their own choosing rather than in something like ETH,” Rubin claims.
“[I]n a stateless ecosystem, repla...
This article appeared first on Cryptovest
