The Ethereum can be outside the law, and must be avoided

The developers of Ethereum is an important task. It insisted the developer Vlad Zamfir is one of the main representatives of the project and member of the Ethereum Foundation. The day before he spoke at Devcon 5 in Osaka. Zamfir said that programmers should think about the status of Ethereum in the field of law and not just hope for the expansion of the project to unprecedented scale, when States have allegedly just won’t be able to stop him.

When Ethereum will be approved at the state level?

Here is the problem: is Ethereum even legal undertaking? What laws can interpret the functioning of the cryptocurrency?

From smart contracts to an endless stream of code, Ethereum is as a legal project, how it can be considered a technical startup. It’s a little confusing, and few appeals to the aforementioned issue. The Ethereum appeared in the Wake of the movement Shirobokov. In the development of cryptocurrency we have gone much further and embodies more features than Bitcoin. We want to create a Live not only for money but for the sake of all.

Zamfir noted that the smart contracts are a code that allows you to automatically move money when certain conditions are met. Until today, this phenomenon is considered quite ordinary among cryptoendoliths. But as it would include the government of any state?

As our “revolution against the established laws” to cope with the existing system of laws?

According to him, some companies prefer to work with crypt only within the law, others are looking for ways of semi-legal use of cryptocurrency. However, many scammers lurk under the mask of anonymity, which strongly inhibits the process of development of blockchain and tempted his reputation.

Source: Medium

As explained Zamfir, is that smart contracts are a form of “private law”, that is, they are considered a private contract between two parties. However, everything is kept in a very precarious balance. And if the industry of the blockchain will “provoke” state, it immediately retaliates.

See also: Criticism of Ethereum 2.0 called the network of deception, why?

By the way, according to Zamfir, the response of all three. First, the government can make the blockchain with some reservations and even make it completely legal. The second option — a complete ban of the crypts. It will not destroy the industry, but will still inflict serious damage and send in the “underground”. Finally, the third option is to create a centralised payment system to the next level with the support of electronic contracts. It will not conform to the ideals of decentralization, however, will be more attractive for business, because payments are fast and affordable.

Until Zamfir encourages the community to seriously ponder over the prospects of the project in the legal field and solve possible problems before they occur. The government will not be able to fully stop the blockchain and cryptocurrency to kill, but to create problems really. Vlad offers not to bring this up. Let's see what the answer of his colleagues.

What do you think about this? Share your opinion in our cryptodata millionaires. And don’t forget about Yandex Zen, please!

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