Two Ethereum (ETH) developers have voiced their criticisms of a new European stablecoin that recently launched on the top smart contract platform. The stablecoin, known as EUR CoinVertible (EURCV), is pegged to the Euro and was introduced by French financial services giant Societe Generale.
One of the developers, who goes by the pseudonym 0xfoobar, took to Twitter to voice their concerns about the stablecoin's transfer mechanism and coding. In a tweet to their 128,000 followers, 0xfoobar wrote that the stablecoin had "the worst code" they've ever seen, and that every ERC20 single transfer has to be approved in a separate ETH transaction submitted by a centralized registrar. They also sarcastically mocked the thinking process behind the development of such a stablecoin, asking why anyone would create an ERC20 token that still requires waiting days for back-office agencies to load up the fax machine.
Another Ethereum developer, known as aleph_v, also expressed their criticisms of the stablecoin's transfer mechanism, noting that such tight regulations could only come from a French bank. Aleph_v further explained that the protocol requires a blockchain transaction to process approvals and that every user must be whitelisted before any transfers can be processed.
The launch of the stablecoin comes just weeks after French President Emmanuel Macron called for Europe to lower its dependence on the US dollar. Societe Generale's introduction of a Euro-pegged stablecoin on the Ethereum platform is seen by some as a step towards this goal.
However, the criticisms from the Ethereum developers suggest that the stablecoin may not be as efficient as hoped. Ethereum is known for its fast settlement times and low transaction fees, and any token that operates on the Ethereum platform is expected to reflect these characteristics.
Despite the criticisms, it remains to be seen how EURCV will fare in the market. Stablecoins have become increasingly popular in recent years due to their ability to maintain a stable value relative to a fiat currency. If EURCV can provide this stability while also maintaining the efficiency of the Ethereum platform, it may find success in the growing stablecoin market.
In conclusion, the launch of the EUR CoinVertible stablecoin by Societe Generale on the Ethereum platform has drawn criticisms from two prominent Ethereum developers. The developers have raised concerns about the inefficiency of the stablecoin's transfer mechanism and the quality of its coding. While the stablecoin is pegged to the Euro and is seen by some as a step towards reducing Europe's dependence on the US dollar, its critics argue that its slow transaction process may hinder its success. Despite the criticisms, the stablecoin's ability to maintain a stable value relative to the Euro may attract interest from users in the growing stablecoin market.
#ETH #euro #Stablecoins #crypto2023 #CDD
Source: dailyhodl
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