Ethereum Foundation Says ETH Can Serve as Public Infrastructure for Governments
Summary
- The Ethereum Foundation said Ethereum (ETH) is neutral public infrastructure that governments and institutions can use.
- It said Ethereum has never suffered a network outage since its 2015 launch and has secured economic security with about $76 billion worth of ETH staked.
- It said some governments, including Bhutan, Buenos Aires in Argentina and India, are testing Ethereum-based systems, and that policymakers should distinguish decentralized public blockchains from company-controlled networks.
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The Ethereum Foundation said Ethereum can serve as neutral public infrastructure for governments and institutions.
In a recently published policy guideline cited by CoinDesk on July 1, the foundation said Ethereum’s decentralized architecture is well suited for identity verification and public records management, and can function as neutral crypto-based public infrastructure.
The foundation said existing payment, identity verification and records management systems rely on centralized institutions, making them vulnerable to cyberattacks and political pressure.
Ethereum’s network has never gone offline since its 2015 launch, it said. The foundation also said about $76 billion worth of ETH is staked, providing economic security for the network.
It also said some governments, including Bhutan, Buenos Aires in Argentina and India, are testing Ethereum-based systems. The foundation added that policymakers should clearly distinguish between networks controlled by specific companies and decentralized public blockchains.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.