PayPal's launch of stablecoin PYUSD raises concerns about centralization.
2023-08-10 06:50
Odaily News: PayPal recently launched a stablecoin called PYUSD, which has raised concerns within the crypto community regarding centralization.
Cryptocurrency experts analyzing the underlying smart contracts of PYUSD have discovered that this new stablecoin is actually coded using an "extremely outdated" version of Solidity. Solidity is the most commonly used programming language for Ethereum, the world's second-largest blockchain. It has been reported that PYUSD was coded using version 0.4.24, which is both costly for end-users and not in line with current industry standards.
Other centralization concerns include PayPal's ability to suspend all transfers, freeze addresses and funds, and even arbitrarily increase the total supply of stablecoins. (Coinedition)
Cryptocurrency experts analyzing the underlying smart contracts of PYUSD have discovered that this new stablecoin is actually coded using an "extremely outdated" version of Solidity. Solidity is the most commonly used programming language for Ethereum, the world's second-largest blockchain. It has been reported that PYUSD was coded using version 0.4.24, which is both costly for end-users and not in line with current industry standards.
Other centralization concerns include PayPal's ability to suspend all transfers, freeze addresses and funds, and even arbitrarily increase the total supply of stablecoins. (Coinedition)
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