SNEAK PEEK
- Vitalik Buterin said that centralized stablecoins such as USDT and USDC can be a deciding factor in the future of ETH hard forks.
- The Ethereum Co-Founder recently spoke at the BUIDL Asia event in Korea and termed USDC as the significant future decider.
- The conference was held in Seoul on Wednesday, and Buterin shared the stage with Illia Polosukhin, Co-Founder of the Near Protocol.
In a recent event, BUIDL Asia, held in Seoul, Korea, Vitalik Buterin, the Co-Founder of Ethereum, said that centralized stablecoins such as USDC and USDT can play a notable role in the future of the Ethereum hard forks.
As per Buterin, these coins carry the potential to become a significant decider in the future contentious ETH hard forks. The Ethereum Co-Founder was speaking at the BUIDL Asia conference in Seoul on Wednesday, along with the Co-Founder of Near Protocol, Illia Polosukhin.
Vitalik: Centralized USDC could decide the future of contentious ETH hard forks https://t.co/363OuTxGts via @cointelegraph
— BUIDL Asia 2022 (Aug 4-5, Seoul) (@buidl_asia) August 5, 2022
This came following the discussion surrounding the upcoming merge of Ethereum. Buterin revealed that stablecoins such as USDC and USDT would be the decider of which the industry would respect in hard forks.
It should be noted that a hard fork occurs when a revolutionary transformation to the protocol of a particular blockchain network effectively results in two versions. The outcome is decided on the basis of which blockchain version is more efficient and better than the other one.
Vitalik released a statement that focused on clearing out that he doesn’t think any contention would prove to be any complexity in the upcoming merge of Ethereum and said:
I think in the further future, that definitely becomes more of a concern. Basically, the fact that USDC’s decision of which chain to consider as Ethereum could become a significant decider in future contentious hard forks.
The upcoming merge we are talking about can be considered one of the most influential and prominent ones for Ethereum since its inception. This is because the latest upgrade facilitates the shift of Ethereum from the Proof of Work to the Proof of Stake consensus mechanism.
The merge is all set to get in motion following the successful incorporation of the Goerli testnet by mid-August. The perennial date for the merger of the PoW chain with the PoS chain is targeted by the developers as September 19.
