Ethereum update: Please can we as a community discuss EIP960 being included in the upcoming Constantinople hardfork along with a reduction in block reward.
Technically it would be very easy to integrate into the Constantinople hardfork and at this stage I feel many others would also support the topic of an ETH hardcap being discussed as we are in the stages of addressing an unnecessary amount of inflation that has been long known about.
See Vlads Medium post from all the way back to the beginning of 2017 for reference about this: https://medium.com/@Vlad_Zamfir/the-case-for-smaller-block-rewards-fb0eab38e15c
The 2 popular choices for block reward reduction thus far have proven to be EIP858 with 1 ETH per block and 2 ETH per blocks with EIP 1234. Keeping the block reward the same at 3 ETH shouldn’t even be an option really with over 99% of the community vote weighing in favor a needed reduction:
https://old.reddit.com/r/ethereum/comments/9bc8i9/monthlong_ethereum_issuance_reduction_coin_vote/
I would like to point out that current ETH inflation schedule is not what was originally projected back in 2016 as per the post by Vitalik here for reasons relating to the difficulty bomb delay: https://old.reddit.com/r/ethereum/comments/5izcf5/lets_talk_about_the_projected_coin_supply_over/dbc66rd
This is a strong justification for lowering the block reward.
There has been some good discussion happening so far about a hardcap on the Ether supply, and is one of the most commented on EIP’s.
At 32 ETH per staking validator node, in theory if the hardcap was set at 128,000,000 this would mean a total of 4,000,000 validator nodes if all Ether was staked. Just some food for thought in relation to Vitaliks 120-140M proposal.
We need to address the ongoing inflation problem Ethereum is facing currently. It shows progress that we do address it and would be a huge positive push forward for Ethereum reaching a level of higher maturity.
Please see Vitaliks comments from April on twitter regarding a hardcap.
>People do broadly support fixed supply
> Community has gone a long way from “are the core devs up high going to make this happen or not?” closer to “I don’t care about the source, I think it’s a good idea”, but there’s still a long way to go to get there
>We need to more actively encourage active community involvement especially in deciding economic parameters, which are legitimate tradeoffs between goals and not just a “technocratic security setting”.
**(Hence why we should bring EIP960 discussion into this developer meeting)**
>I do now believe that fixed supply is worth considering.
>Arguments:
>With ASICs, PoW issuance fails at making coin distribution more egalitarian
>With PoS, PoW issuance not needed for security
>With rewards coming from rent+other burned fees, can have rewards without issuance
Source: https://twitter.com/vitalikbuterin/status/980744740277661696
I am agreeing with Vitalik that a hardcap would be well worth the effort. Let’s see if by discussing it more we can reach some organic conclusions as a community.
Link to EIP960: https://github.com/ethereum/EIPs/issues/960
Link to upcoming developer meeting: https://github.com/ethereum/pm/issues/55
About Ethereum
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
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