'Worst code I've ever seen': Euro stablecoin faces centralization criticism
Some pundits shared harsh sentiment towards a new euro-pegged stablecoin, but it's not publically accessible for the time being. Criticism has been leveled at a new euro-pegged stablecoin released in France due to a decision to restrict peer-to-peer transactions. French bank Societe Generale-Forge (SGF) released the Ethereum-based stablecoin called EUR CoinVertible (EURCV) on April 20 which is available to only qualified institutional clients. According to observers who reviewed its smart contract code, ERC-20 transfers need to first be approved by a central ized registrar — presumably one controlled by the bank — before the transaction is processed. In an April 20 tweet, pseudonymous smart contract engineer “alephv.eth” explained: “They coded it so they have to whitelist all users, process all user transfers, and even process your ERC20 approvals before they process your 'transferFrom' lmao.” She further mocked the code in a separate post, stating it was a "radical c...