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 Ethereum Must Evolve Or It's Dead

In a recent article, Jeremy Rubin analyzed the underlying asset of the Ethereum network, after which he stated that Ethereum must develop, otherwise its rate could plummet. Vitalik Buterin himself agrees with this forecast.

 On his Reddit, Buterin writes:

In the form in which Ethereum is now, this is perfectly consistent. But if there were no changes in the air, then the expert's arguments would be correct.

Jeremy Rubin argues that Ethereum must evolve in terms of scalability and also in the field of smart contract security, which lowers its lead relative to other assets and can lead to a collapse as a result of economic abstraction.

 In Rubin's argument, the concept of economic abstraction is crucial: if all holders of smart contracts could transfer them and pay for gas in ERC20 tokens, rather than in Ether, then this would lead to asset redundancy, which in turn reduces their value.

 Instead of paying for gas in ether, it would be possible to pay for the execution of the contract by the miner with a small amount, for example, BuzzwordCoin directly to his address. In the ethereum community, paying for gas with assets other than ether is sometimes referred to as an economic abstraction.

 However, Rubin's arguments are not so smooth. Buterin himself refutes several of the author's claims on Reddit. Although Buterin partially admits that he is right, he explains that Ethereum can only survive by evolving.

Buterin says that so far the community is considering two proposals that aim to anchor Ethereum at the level of their own protocols. In general, this means that the commission (gas) will be paid by “ether, far from zero,” Buterin writes on Reddit.

 While the community considers these proposals, Ethereum is in a state of uncertainty. Alas, this can take weeks or months.

 As a reminder, a new proposal was received from Vitalik Buterin in April that could lay the groundwork for resolving one of the biggest unresolved issues on the Ethereum network—whether there would be a cap on the maximum amount of ether that could be issued.