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   3553

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.

MetaMask App to be In Public Beta

The app is synchronized with the cryptowallet in the original browser extension allowing to register new addresses in a moment
24 July 2019   263

The developers of the MetaMask Ethereum wallet wallet have opened the way for everyone to test the beta version of a mobile application available for Android and iOS.

According to the developers, the application is synchronized with the cryptowallet in the initial browser extension. It also allows you to manage crypto-assets, send ETH users and ERC-20 and ERC-721 standard tokens using ENS names (Ethereum Name Service), and interact with decentralized applications (dApps).

In addition, the application supports InstaPay payment channels for instant and free transactions. It also implements Web3 functionality, support for IPFS and various solutions to ensure a high level of security.

The launch of the mobile application MetaMask was announced 9 months ago during the Devcon4 conference in Prague.