01.11.2021 – 10:20
Engin Eroglu MEP (Renew Europe Group)
We are in the middle of a digital revolution. Everything around us changes at lightning speed. All of our data, all of our operating systems are online. We are made aware that they are on a “cloud”. But that is not true. They are stored on huge computers and many of these computers are in hot California and Nevada in the United States. They have to be constantly cooled down to 18 degrees and swallow a lot of electricity and are therefore anything but climate-neutral. In addition, the data is transmitted to Europe via submarine cables. But we cannot go back to the fax and landline network either. Our economy has become too fast and the flow of data too big for that. The solution lies in innovation and blockchain technology is one such possible, innovative solution. If you save your data on the blockchain, you save them at the same time on X1000 computers in X1000 small blocks. The connection of the individual data blocks takes place via a checksum, which takes into account all previous tests. It is not possible to remove a single block without changing the overall result. The blockchain is less manipulable and therefore more secure. The CO2 footprint is also a so-called Proof of Stake Proceedings have been shown to have been significantly reduced.
Blockchain technology has the potential to protect our system-relevant infrastructure from attacks and to keep our data private. And it can do the same for our financial transactions. Blockchain can make the exchange of money, fast, secure, smooth, cheap and transparent. With the help of digital currencies on the blockchain, we can prevent money laundering and make black money impossible. In order not to allow any misunderstanding at this point: Supporting licensed crypto companies does not mean that we are in favor of eliminating or replacing cash. It means: to offer the consumer an alternative. The aim is to enable German and international engineers and technologists to develop their avant-garde products and offer them on a regulated market while paying taxes and complying with regulatory requirements.
MEP Engin Eroglu, member of the Committee for Economic and Monetary Affairs in the European Parliament and state chairman of the Free Voters of Hesse says:
“With the help of cryptocurrencies there are no transaction fees and we are looking at a financial system which will generate even more trust in every transaction. We only have to dare to take the step into this future and generate an understanding of how blockchain works. With blockchain and digital currencies, we are growing out of digital puberty, with all its uncertainties, into a ripe, adult digital age in which people regain control of their technology instead of being controlled by it.”
Around 4.3 million German citizens already own or plan to acquire crypto currencies, and more than 80% of the population would like to find out more about them. With a large proportion of digital currency owners in the 18-34 age group, digital assets are clearly on the rise in a very important population group in the country.
Mr. Eroglu added: “Germany has the potential to become a ‘crypto hub’ in Europe that welcomes innovation, financial growth, the expansion of the job market and the promotion of competitiveness within the economy for digital assets. For this we need large data centers at Frankfurt and want to be one step ahead in all areas – also with the support of EU money. Frankfurt is geographically in the exact center of the EU. This is a huge investment in European, digital independence.
Now it is time for our youth to understand innovation digital Natives to trust and accept cryptocurrencies as the central payment system in our society. “
Original content by: Engin Eroglu MEP (Renew Europe Fraktion), transmitted by news aktuell