Vitalik Buterin has just been involved in drafting and presentation of a new proposal which could act as a foundation for resolving the largest Ethereum questions in the current market. This will describe if the limit on Ether amount that could be created would require setting.
In the new EIP (Ethereum improvement proposal) which was written on April 1, the creator of the cryptocurrency was involved in issuing the latest thoughts in regard to the matter. Therefore, he suggested that the software users and developers, ethers supply, the cryptocurrency network be set to the 120,204,432 or rather double of the current ether price which was sold in 2014 on the coming change in the software.
This view and comment which was said by Buterin market one of the first comments he has used in addressing the monetary policy of the platform. Therefore, this has attracted critics due to the fact that it lacks clarity. Investors have also doubted the cryptocurrency as a potential investment opportunity.
According to the rules which govern the Bitcoin production not more than 21 million bitcoins should be created. Ether has however been having an open-ended policy. According to the original issuance of the ether plans and the policy, not more than 18 million ether can be issued in every year. However, they have said that these terms might change with time and follow a protocols design milestone change.
Additionally, according to the Sundays post, Buterin said that this idea would be perfect for the economic stability of the platform which follows a move to the creation of a new algorithm. Therefore, Buterin views the coming time as an opportunity to provide the required clarity on the various ways the operators of the software in the transaction verifications might get rewarded in future.
Therefore, Buterin sees the future where a decision on the monetary policy wouldn’t be decided until 120 million ether is issued. He then points out another alternative would be setting the limit at $140 million.
Therefore, ether users must get ready to embrace the change where the formal code of the idea will be merged to the software. Therefore, this proposal just marks a start of a process which can take up to several years.