Alex Gluchowski proposed the concept of the “Ethereum Supreme Court” to solve the majority of the problems related to smcontracts on the Ethereum network.
Ethereum is the second biggest crypto asset, after Bitcoin, by marketcap. Just like Bitcoin, Ethereum doesn’t need any kind of introduction to the financial world. In the present time, huge numbers of Defi protocols are working with full freedom to provide crypto-related services trading, lending, investing, etc.
On 2 Sept 2023, Alex Gluchowski, the CEO & co-founder of Matters Labs, shared his idea of the “Ethereum Supreme Court”, just like the real-life United States Supreme Court.
Gluchowski suggested that there should also be different types of levels below the Ethereum supercourt just like district court, state court, high court, etc. And these courts will solve the problems related to smartcontract issues without going through the traditional lawyers or courts.
This new system will protect the Defi protocols from external political interference and also help the protocols during disputes or emergencies.
If any issue will not be solved by the lower court level then that protocol will have the right to appeal at the upper level
According to Matters Labs CEO there are already some existing solutions against the mentioned problems but the majority of them are not effective.
So far Ethereum co-founder Vitalik Buterin didn’t responded to this matter but it will be interesting to see the response by him because he is a successful crypto entrepreneur & he is a true legend in this innovative sector, who remains always aware of the future challanges.
Earlier this Vitalik shared his opinion on the decentralized human identity verification focussed crypto project world Coin and said that the crypto sector needs such innovative projects so that all the decentralized crypto protocols can easily use the decentralized KYC verification system to verify the customers without exposing their critical information.