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The Ethereum Premine Debate On Fairness, Regulation, and Centralization
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You may not be aware of this, but back in July 2014, Ethereum (ETH) had a premine in which around ETH 60m (worth around USD 272bn now) tokens were sold for a total of USD 18.3m, while 12m was kept aside for early contributors and the Ethereum Foundation. At ETH 72m, this total accounts for around 63.7% of Ethereum’s current total supply, raising the specter of centralization, particularly as the platform transitions to a proof-of-stake (PoS) consensus mechanism.
Indeed, for many of Ethereum’s detractors, its premine is one of the key reasons why it will never be as decentralized as Bitcoin (BTC), and why it may end up being controlled by a relatively small group of people (if it isn’t already). At the same time, they suggest that premine is
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