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Wednesday, August 10, 2022

Vitalik: USDC Centralization Could Decide Future Of ETH Hard Forks

Vitalik Buterin stated that centralized cryptos like USDC & USDT would play a big role in upcoming hard forks when speaking at the Korea BUIDL Asia conference.

Centralized stablecoins like Tether (USDT) and USD Coin (USDC), according to Ethereum co-founder Vitalik Buterin, may play a substantial role in deciding future contentious hard forks.

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On Wednesday, Buterin and Illia Polosukhin, co-founders of Near Protocol, spoke about Ethereum’s impending Merge at the BUIDL Asia conference in Seoul.

According to the co-founder of Ethereum, centralized stablecoins may play a “major” role in determining which blockchain technology the business will “respect” in case of a hard fork.

 Vitalik countered that the centralized stablecoin issue is more of a concern for prospective hard forks and claimed that he “had not seen any indication” that such a disagreement would be a problem in Ethereum’s imminent Merge.

USDC Centralization Could Play Significant Role In The Future If ETH Hard Forks Says Vitalik:

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In the subsequent five to ten years, he continued, Ethereum might experience more controversial hard forks where centralized stablecoin providers might have more sway.

When asked about the best antidote for the centralized actors, Vitalik responded that the best answer he has in his mind is to encourage more different kinds of stablecoins. He says that nowadays, traders have many options to choose from. Therefore one needs to improve themselves to survive in the market.

The Merge, in which Ethereum switches from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus method, is one of the most significant technological improvements to Ethereum since its founding.

After the Goerli testnet was successfully integrated with the middle of August, The Merge was planned to take place. Ethereum developers are shooting for September 19 as the permanent date for merging the existing PoW chain to the PoS chain.

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