• A new euro-pegged stablecoin released in France has come under criticism due to a decision to restrict peer-to-peer transactions.
• The Ethereum-based stablecoin, called EUR CoinVertible (EURCV) is only available to qualified institutional clients.
• Critics suggest that the code of the smart contract is inefficient and requires centralized approval for ERC-20 transfers.
Euro Stablecoin Faces Centralization Criticism
A new euro-pegged stablecoin recently released in France has been met with harsh criticism due to a decision to restrict peer-to-peer transactions. The Ethereum-based stablecoin, called EUR CoinVertible (EURCV), is only available to qualified institutional clients.
Smart Contract Code Criticized
Critics have suggested that the code of the smart contract used by EURC is inefficient and requires centralized approval for ERC-20 transfers. Pseudonymous smart contract engineer “alephv.eth” stated that it was coded in such a way that all users must be whitelisted and all user transfers must be approved by a centralized registrar before they can be processed. Moreover, Nonfungible token project founder “foobar” tweeted out that it was “the worst code [he had] ever seen” and described it as a laughingstock. Crypto researcher Mason Versluis also weighed in on the criticism, stating that it was “absolutely horrible” and suggesting traditional financial firms should keep their centralized systems away from crypto.
Neutral Analysis Provided
Ryan Berckman, an Ether investor, provided more neutral analysis on the situation, explaining that traditional companies like SGF will likely take baby steps as they move into blockchain technology and cryptocurrency development. He suggested that this could be an example of one of those baby steps and cautioned against overly harsh judgement until more information about the project becomes available.
Social Media Sentiment
The sentiment surrounding EURC on social media platforms has been largely negative so far; however, many are waiting for further information about its development before forming any definitive opinions about its merits or lack thereof.
Overall, while many experts have expressed concerns over the centralization of EURC’s transfer process, some remain cautiously optimistic about its potential impact on cryptocurrency markets worldwide once more details become available..