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Bermuda To Accept ERC20-based USDC for Taxes : CryptoCurrency

Crypto Currency

Bermuda To Accept ERC20-based USDC for Taxes : CryptoCurrency


There’s a possibility that one day every asset on earth, from cryptocurrencies, to national currencies, to stocks, to bonds, to concert tickets, to in-game digital assets, will be traded as ERC20 tokens on Ethereum. The interopability and liquidity provided by every asset class using the same software interface, and accessible on the same open ledger, is hard to overstate.

Some trends indicating this as the probable outcome:

  • all the major stablecoins launched recently, from Coinbase’s USDC to Gemini’s GUSD to Paxos dollar to TrueUSD, to Binance’s BUSD, to all of eToro’s stablecoins, use the ERC20 standard. Tether’s ERC20 token recently flipped its Omni-based counterpart in transaction volume. All the non-fungible token projects, from MLB’s Champions, to Formula One’s, to Louis Vuitton’s, use ERC721.

  • 94 of the top 100 tokens by market cap are Ethereum-based ERC20 tokens

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  • MetaMask, Opera and Brave’s in-browser wallets, the Coinbase Wallet, the new Samsung S10’s hardware wallet and China Telecom’s upcoming SIM-based wallet are all Ethereum based and compatible with all ERC20 tokens.

Enormous scalability improvements, that are geared to Ethereum/ERC20-compliant applications, are in advanced stages of development too. Case in point:

Uniswap shows off Unipig, a scalable demo of the decentralized Uniswap exchange that uses optimistic Roll Up to achieve eventually 2,000 transactions per second on Ethereum Mainnet


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