Reinvention of the European Economy

Nov 28, 2020 10:35 UTC

| Updated:

Nov 28, 2020 at 10:35 UTC

By Clark

Over the years, we’ve got been introduced to a digital transformation, that has created and formed communities round the world. Digital technologies have introduced freshly evolved ways that of however the planet interacts, operates, and most of all, conducts exchanges. within the current economic hardship and also the Covid-19 world pandemic, the European Union has had to face several operational and structural facts, one in all them being the strength of the rescript currency; the monetary unit.

The European Economy Operates via a imperfect System

Since the introduction of the monetary unit, the currency has been during a consistent discussion, concerning its strength and endurance inside the worldwide exchange.

This specific criticism is outlined by a strategic error, showcasing a dominant flaw; specifically, the monetary unit not having a robust asset-backed united economy. The fault has been well argued for the very fact that the creation of the monetary unit supposed to mimic the firm stance and skill of the America dollar, nonetheless the European Union continues to be divided via AN economic position between members.

Although opinions could vary, one cannot argue the strength of the structure base of the America economy and consistency of the USD currency portrayal a ‘robust’ stance even with the turmoil of changes the year 2020 has bestowed.

‘This is why the America economy was a lot of ready for the Covid-19 pandemic. the eu economy operates via a different…maybe, one might say, a imperfect national economy, and thus it becomes a lot of prone to modification of rules and stabilize operations throughout such times’ – Simone Mazzuca

With that in mind, the economic hardship for people and businesses inside the EU may well be reduced by the making rules that embrace current and future digital technological prospects.

‘The basis of Europe contains a strategic position through the exchange and world power, however, in its current stance with addition to BREXIT, Europe finds itself in an excellent a lot of vulnerable position’ – Simone Mazzuca

Henceforth, the event of stablecoins comes at the proper time, particularly once international money policies appear to be polarized by totally different money variables and also the inflationary nature of the rescript.

This is why adult male Mazzuca created EURST, a USD asset-backed and live audited stablecoin.

 The freshly developed digital currency from Wallex Trust represents 1€ value of USD, secured by the accounts of the Fed and Wallex Trust itself.

EURST Presents Opportunities for a far better Economy

Issued as a token on the Ethereum network in step with the well-established ERC20 standards, the advanced capabilities of blockchain technology allows users to conduct quicker and safer transactions. this is often enabled through the utilization of good contracts, that digitalize deposited funds that square measure control during a separate account by the establishment. Thus, empowering users to interact their cash while not the high prices and protracted delays of this financial set-up.

‘EURST will be used as a supply background for the illustration of the Euro’ – Simone Mazzuca

Even more, blockchain technology allows EURST to be totally clear and live audited as transactions square measure recorded on the digital ledger, additionally to having regular third-party audits.

This presents the flexibility not alone to bring transparency and security, however conjointly permits users to store their funds inside a sure defender, Wallex Custody. Through the utilization of gap AN account inside Wallex Custody, users will take pleasure in further security and privacy whereas maintaining fluidness within the deposit, transfer or withdrawal of non-public funds convertible to any currency of selection inside a fast and borderless matter.

In conclusion, EURST presents itself with opportunities and prospects for a far better economy, and, we have a tendency to highlight some dominant features:

1. The protection of wealth from losing price in relevancy the monetary unit could use the stablecoin to save lots of cash while not gap a checking account in Europe

2. Users needing to deposit funds to cryptocurrency exchanges for mercantilism could use EURST rather than rescript.

Clark

Head of the technology.