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The Ethereum network has struggled to keep up with the standards for a while. With the increase in competitors' blockchains and the fall in the price of cryptocurrencies in the market, it has been difficult for Ethereum to remain relevant. Recently, Tron's blockchain has seen an increase in the number of migrations and analysts have believed that people from EOS and Ethereum's blockchain migrated to Tron from here the increase.
It's not over until it's over
Even if the market suffers a lot, all hope is not yet lost. C & # 39; is who still believes in Ethereum as the best platform for smart contracts and decentralized applications. Recently, a Brazilian state-owned bank has announced plans to release a stablecoin on Ethereum's blockchain. This token will be pegged to the national currency.
The National Bank of Social Development of Brazil will launch a pilot project in January 2019. The name of the token is BNDES. It will be supported by a unit at a unit by the Brazilian Real and will be hosted on the Ethereum blockchain. For all of this year, the bank has performed many experiments with the currency. Now, it will serve as a tax-deductible contribution to the institutions.
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ConsenSys is one of the companies that will consult with the bank during this period. While ConsenSys has not revealed details about the depth of its involvement, the announcement is in line with its list of priorities stated by Joe Lubin. Lubin said his company will renew its focus on becoming an advisory blockchain specializing in token design and architecture.
During the pilot project, the bank will issue hundreds of dollars in BNDES for the Brazilian National Film Agency. This is a film distribution company that is generally called EI Cine. The funds will be used to create and promote the production of films and screenplays in Brazil. Many banks in the state have had some problems with the wrong allocation of funds and rumors of corruption in the past. With this new system, the bank will be able to reignite public trust in all state banks.
The electronic identification certificate that will be used is the National Register of Taxpayers (Cadastro Nacional da Pessoa Jurídica, or CNPJ). This is already the widely accepted document for this type of transaction. The person in charge of the development of the Vanessa Almeida project had this to say about the project:
"We can use smart contracts to enforce the rules only companies that are working with the cinema industry will be able to use.We have an existing identifier in Brazil that is allowed to send tokens to companies that will have to sign with the certificate. this way, we would like to know which address to send the token to. "
The project was completed with the help of Alex Van, a developer of the Ethereum Foundation. It will give filmmakers associated with EI Cine the opportunity to collect and share financial records in real time. Recipients will redeem the stablecoins via the bank and receive the local currency in return.
The collected data can be used to inform or develop future use of cases. Information can guide public policies by giving the government a better map of the economy.
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