Vitalik: ETH Be Integral to Ethereum

Vitalik: ETH Be Integral to Ethereum

Vitalik Buterin gave a voluminous response to Jeremy Rubin’s grim outlooks on ETH. Before diving into the technicalities of the issue, the co-founder of Ethereum kindly provides a TL;DR: We are likely not doing full "economic abstraction".

In response to the TechCrunch article prophesying ETH’s inevitable collapse, Vitalik Buterin posted a comment pointing to the author’s failure to consider relevant economic and technical details. Vitalik states that ETH is an integral protocol-level part of Ethereum and there is no viable way of taking it out of the system, though some proposals can reduce the ETH influence to some degree. In regards to the proposed Heterogeneous Deposit Proof-of-Stake, Vitalik highlights the fact that the protocol would have no way of determining the ratios between the values of the tokens, unless there is ‘some form of "on-chain governance", which is obviously a huge attack vector’.

Economic abstraction can still happen at the user level; users could pay in spankchain tokens, but the block proposers would still need to cough up ETH

Vitalik Buterin, co-founder of Ethereum


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