The Euro (EUR) is a fiat currency with a genesis date of January 1, 1999. The European Union, a group of European governments that came together to centralize power across the European region, first created EUR as a distributed ledger (not blockchain) token to stabilize payments by banks between nations. In 2002, these governments created a public EUR token, and over 200 million residents of European nations were forced by their governments to stop using their local currencies and begin using EUR as a medium of exchange. This government coercion, as well as accessible ‘paper wallets’, caused the token to go in to daily use. Transactions can only be submitted by authorized nodes, and the public chain has a poorly constructed consensus mechanism that leads to long clearing and settlement times, though they are often faster than USD.
EUR’s governance process is managed by only a few human nodes who work on a team called the European Central Bank: six ‘executive board members’ and the appointed heads of the ‘central banks’ of the governments that participate in the European Union. Despite the relatively small number of voting nodes, voting participation is capped - not all nodes vote on every governance decision.
This central control of the EUR has caused many issues for those living under European governments, especially following the 2008 collapse and subsequent propping-up of the failed legacy financial system. The British government’s exit from the European Union ('Brexit') was catalyzed by this collapse and failure of the ECB to handle the crisis across European nations. EUR faces existential threats from next generation crypto assets such as Bitcoin.