Buterin is going to burn ETH coins

Creator of Ethereum wonders about the idea of imposing fees on apps built atop ethereum so they can burn ETH tokens over time
09 November 2017   2342

Creator of Ethereum Vitalik Buterin thought about how to limit the emission of this cryptocurrency. Among the proposals is to withdraw some of the coins from circulation by collecting a commission for applications on the Ethereum blockchain. This is reported by Bloomberg.

According to the publication, this thought was prompted by Buterin's observation of the appearance of new cryptocurrencies, which since the beginning of 2017 attracted about $ 3 billion during the initial coin offering(ICO).

At the same time, Vitalik Buterin does not consider the option of limiting the emission of Ethereum by analogy with bitcoin. Instead, he suggests charging commissions for applications built on Ethereum. According to his calculations, eventually these commissions will withdraw from circulation a part of the tokens.

If the token is being burned, then you have an economic model that says the value of the token is the net present value of basically all future burnings. It’s just a currency that goes up and down. It feels kind of like voodoo economics and the price of the token isn’t really backed by anything. That’s a very spooky thing.

Vitalik Buterin
Co-founder, Ethereum

He also added that his team will continue to look for ways of irreversible destruction of Ethereum tokens.

Prime Trust to Launch Custody Service for Crypto

CEO claimed his company will be the first to offer custody for any ERC-20 tokens
15 August 2018   163

Prime Trust announced the launch of the cryptocurrency custody service. This is reported by the Coindesk.

It became known that as early as the middle of July, the bitcoin storage service became available to customers, and next week support for Ethereum and ERC-20 tokens will be added.

In cryptographic storages, the access key to the wallet is stored either on a secure device not connected to the network or on paper in a safe.

Recently, information has appeared that several financial market mastodons, including Goldman Sachs, Northern Trust and Intercontinental Exchange, plan to provide custodian services for cryptocurrencies. However, according to Prime Trust head Scott Purcell, they were able to get ahead of the above-mentioned organizations.

They are trillion-dollar Fortune 100 entities, and they are just not going to move that fast. "We had had an engineering breakthrough which now enables us to easily cold-storage any ERC-20 token (along with BTC and ETH, of course).

Scott Purcell

CEO, Price Trust

Also, Scott notes that Prime Trust will be the first company to offer any ERC-20 tokens storage services.