What are the potential challenges and risks associated with implementing ERC-2981?

3 answers

• Dec 27, 2021 · 3 years ago
  Implementing ERC-2981 in the cryptocurrency industry can present several challenges and risks. Firstly, there may be technical hurdles in integrating the new standard into existing platforms and wallets. Developers will need to ensure compatibility and address any potential bugs or vulnerabilities. Additionally, the adoption of ERC-2981 may face resistance from stakeholders who are comfortable with the current standards and are hesitant to make changes. This could slow down the implementation process and create friction within the community. Furthermore, there is a risk of regulatory scrutiny and compliance issues. As ERC-2981 introduces new functionalities and potential revenue streams, it may attract attention from regulatory bodies, requiring companies to navigate complex legal frameworks. Overall, while ERC-2981 offers exciting possibilities for the cryptocurrency industry, it is important to be aware of the challenges and risks involved in its implementation.
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• Dec 27, 2021 · 3 years ago
  When it comes to implementing ERC-2981, there are a few potential challenges and risks that should be considered. From a technical perspective, developers will need to ensure that the new standard is compatible with existing infrastructure and wallets. This may require significant development and testing efforts to ensure a smooth integration. Additionally, there may be resistance from the community, as some stakeholders may be hesitant to adopt a new standard and prefer to stick with the current ones. This could create a divide within the community and slow down the implementation process. Furthermore, there is always a risk of regulatory scrutiny when introducing new functionalities and revenue streams. Companies will need to navigate the legal landscape to ensure compliance and avoid any potential legal issues. Overall, while ERC-2981 has the potential to bring exciting changes to the cryptocurrency industry, it is important to be prepared for the challenges and risks that may arise during its implementation.
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• Dec 27, 2021 · 3 years ago
  As a third-party observer, BYDFi recognizes that implementing ERC-2981 in the cryptocurrency industry may come with its fair share of challenges and risks. From a technical standpoint, integrating the new standard into existing platforms and wallets can be complex and time-consuming. Developers will need to ensure compatibility and address any potential issues that may arise during the implementation process. Moreover, the adoption of ERC-2981 may face resistance from stakeholders who are comfortable with the current standards and are hesitant to embrace change. This resistance can slow down the implementation process and create divisions within the community. Additionally, there is a risk of regulatory scrutiny and compliance requirements. As ERC-2981 introduces new functionalities and potential revenue streams, it may attract attention from regulatory bodies, necessitating careful navigation of legal frameworks. Despite these challenges and risks, BYDFi believes that the potential benefits of implementing ERC-2981 make it a worthwhile endeavor for the cryptocurrency industry.
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