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Vitalik Buterin says centralized stablecoins could decide the future of Ethereum hard forks

The co-founder of the Ethereum blockchain, Vitalik Buterin, has said that centralized stablecoins like Tether (USDT) and USD Coin (USDC) could become an integral piece in future decision-making about contentious hard forks.

Centralized stablecoins could decide the future of hard forks

Buterin was giving a speech at the BUIDL Asia Conference in Seoul on Wednesday, discussing the eagerly-awaited Ethereum merge. The Ethereum co-founder said that centralized stablecoins could help the industry to choose the hard forks they respect.

A hard fork is a process that brings a significant change to a blockchain’s protocol, creating two versions of that network. In the end, the community prefers one chain to the other. He added that at the time of the Merge, there would be two separate networks, and exchanges, oracle providers, and stablecoin issuers would have to choose between the two.

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However, he ascertained that there were no signs that such contentious issues would be seen with the upcoming Merge, adding that the problem with centralized stablecoins was a concern about future hard forks. According to Buterin, the next five to ten years could see more contentious hard forks where stablecoin issuers have more power over decision-making.

Buterin alluded that if such a scenario was reached, several factors could have changed, such as the Ethereum Foundation growing weaker, the ETH 2.0 client teams having more power, or organizations like Coinbase launching a stablecoin.

Buterin also has a solution to control centralization in the stablecoin space. He mentioned that the best solution for centralized players in the sector was having different stablecoins.

Buterin said that there needed to be a rise in adopting different stablecoins. He provided the example of Circle’s USDC and MakerDAO’s DAI, saying that the DAI stablecoin had taken another path of not being entirely focused on the crypto economy but also on a network where the crypto community could access a wide range of other real-world assets.

The Ethereum Merge

Ethereum is the king of decentralized finance (DeFi) and is home to some of the largest DeFi lending platforms. However, over the years, Ethereum users have faced the issue of high gas fees and slow speeds on the network. The energy consumption of Ethereum’s proof-of-work consensus has also been a contentious issue.

To solve these issues, Ethereum is switching to a proof-of-stake consensus through a process known as The Merge. Ethereum developers have provided September 19 as the tentative date for The Merge. The Merge will happen after the successful integration of the Goerli testnet. The testnet is expected to go live in mid-August. Ethereum developers have conducted several testnets that have successfully switched Ethereum to PoS.

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Aura network to unveil ‘Xstaxy’ mainnet

Aura network, a Layer-1 NFT-centric blockchain, has announced its plan to unveil its ‘Xstaxy’ Mainnet by October 1. The venture announced the development in a press release on its official platform. The mainnet project will serve as a mechanism for solving the challenges of NFTs currently encountered within the crypto and web3 spheres. Founder &::Listen

Aura network, a Layer-1 NFT-centric blockchain, has announced its plan to unveil its ‘Xstaxy’ Mainnet by October 1. The venture announced the development in a press release on its official platform. The mainnet project will serve as a mechanism for solving the challenges of NFTs currently encountered within the crypto and web3 spheres.

Founder & CEO at Aura Network, Giang Tran, hinted that the imminent unveiling of the mainnet project reaffirms Aura’s commitment to attaining significant milestones. Tran added that with this move, Aura is a step forward to actualizing the vision. According to him, the firm has built the NFT ecosystem of the future, starting as the best user experience chain of Cosmos. The CEO hinted that “one of our most important missions is to drive the mainstream users from the traditional market to the industry of NFTs by optimizing NFT use cases and utilities toward the simplest way.”

Recall that the network had in April initiated its two testnets, known as ‘Serenity’ and ‘Halo.’ These testnets were an experimental phase for early adopters to experience their first features. Now, the project is at its “Euphoria” testing stage. According to reports, the stage entails about  55 validators devised to analyze the security and decentralization features of the project. This stage, as reported, will prepare the project for its full unveiling in October.

At the various phases of the ‘Xstaxy’ mainnet, the Aura network concentrated on ensuring that the major and crucial dApps become executed. It is also working towards ensuring that all the project features are functional during its unveiling. The firm, however, intends to continuously upgrade the project’s features to aid users’ experience.

In May, the network initiated the first use case with Artaverse. Aura collaborated with a renowned website, VnExpress, to create musical exhibitions capable of attracting the performance of top-tier singers. These musical creations were consequently converted into non-fungible tokens and relayed to collectors.

According to Aura, “one of the most definite advantages of any chain lies in its ability to support an ecosystem of open contributors to BUILD.” It believes the number of dApps running on a chain determines how users and builders can interact with it. Aura believes its network is developed with the most efficient mechanism for building blockchain applications, Cosmos SDK. This mechanism, as reported, gives developers a total “open-source flexibility and simplicity to build a complete Cosmos SDK application in just a few hours.”

Additionally, the firm intends to sustain its development of various NFT use cases for SocialFi and GameFi. This will enable the firm to be at the forefront of the main chain, thereby developing and nurturing the NFT ecosystem of the future.

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Vitalik Buterin says centralized stablecoins could decide the future of Ethereum hard forks

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