The thorny question of how Ethereum (ETH) total supply can be calculated has been generating series of arguments on Twitter for the past few days and it doesn’t look like it’ll come to a halt soon.
Bitcoin enthusiasts, over the week, have taken to the Bird social media space how they have been having difficulty, calculating the total second-largest cryptocurrency, ETH.
In comparison with BTC and other altcoins, there’s no limit or market cap on Ethereum, rather, it surges on a yearly basis.
Anthony Pompliano, Bitcoin influencer, and co-founder at Morgan Creek Digital says on his Twitter page on Monday that the Ethereum community can’t say precisely what the total supply of its asset is. He further wet his point by emphasizing that this abnormality makes Ethereum a bad currency.
Although, users of Ethereum countered this fact, saying the reason for the inability to calculate the total supply of ETH is a result of the huge differences between ETH and BTC.
All That Is Required Is Simple Calculation
However, in a report, Ben Edgington of Teku, an Ethereum 2.0 client operator says, calculating the value of ETH is not such a difficult task, but people seem uninterested in acquainting themselves with the method. All you have to do is write the code, as the facility is available, Ben says further.
August 7, 2020, Pierre Rochard, promises to credit anyone who successfully calculates the supply of ETH with 1 million sats within a day.
Several ETH developers attempted the challenge put out by Pierre by writing coded scripts to calculate the Ethereum crypto, however, Marc-André Dumas, systems engineer and blockchain advocator, was declared the winner of the challenge after he made attempt.
Meanwhile, Dumas later owned up that there was a bug in his estimation which made the supply speed up.
Dumas claims there are tricky ways of calculating ETH’s supply, which is quite different from BTC’s. The blocks need to be added up, and there are as well so-called “uncle rewards” that needed to be considered too.
Following Dumas’ calculation, it appears difficult to calculate Ether, thus, Peter Szilagyi, ETH core developer says in a report that the approaches that have been used to calculate the crypto, thus far, have been the wrong ones.
However, Peter suggested that in order to get the actual supply of Ethereum, the total ETH that exists in a recent block should be added up. He elucidated this claim in a program he wrote.
Although a Bitcoin enthusiast, Antonopolous talked at the experts who devoted so much time to calculating ETH, saying they are simp and at the same time, ignorant.
As interesting as the debates between Ethereans and Bitcoiners seem, Bitcoiners still hold to the fact that their blockchain has fixed issuance and BTC brings money for them all the time, unlike Ethereum which only get stuff done, this according to Edgington.
However, Ryan Watkins took to Twitter what he feels the future of Ethereum would possibly look like.
Ryan says, in a few years’ time, Ethereum may likely not be the most valuable asset in crypto space, owing to its current on-chain economy.
It could even turn out to be the most credibly uncommon asset, given ETH 2.0 and EIP 1559.
When this happens, Bitcoiners will be so excited.