FLAWED STABLECOIN (EURCV)
Updated: Jun 8
- Flaw in ideology & usage
- Tokenomics
- 0xAudit: Asset creation & Movement
- Flaw in Code
The entire concept and protocol of this banking-grade stablecoin contradict what Satoshi had envisioned for the world. SG Forge's stablecoin contradicts crypto's philosophy by restricting the availability of the token in the open market. A tech that was created solely to facilitate peer-to-peer transactions and is now only being offered to qualified/whitelisted institutional clients.
Tokenomics
A single wallet holds the entire supply. This is SG Forge's wallet.
0XAudit - Creation & Movement of tokens
GAS FEE CALCULATION
TRANSACTION 1
TRANSACTION 2
Flaws
Based on the inspection done on the code(smart contract), It is evident that there are numerous flaws present. The most obvious flaw is the protocol itself where ERC20 transfers will need to be approved by a central registrar which is presumably the bank. It has to be executed prior to the transaction being processed.
Unlike its predecessors, USDT & USDC, the EURO Stablecoin is not made available to the general public.
Reference:
Lindrea, B. (2023) 'worst code I've ever seen': Euro Stablecoin faces centralization criticism, Cointelegraph. Cointelegraph. Available at: https://cointelegraph.com/news/worst-code-i-ve-ever-seen-euro-stablecoin-faces-centralization-criticism (Accessed: April 22, 2023).