Are You Okay with Semi-Decentralized Chains?

The recent exploit of 2 Million BNB tokens on BNB Chain made the team pause the chain to get the stolen funds from the hackers. With the action taken by the Binance team, the hacker group was not able to steal $430 Million worth of cryptocurrencies.

The case of halting a blockchain is a huge red flag for decentralization-minded people especially when these chains are deliberately halted by the developers. If someone has the power to manipulate the assets of a person, how can we name these projects as "decentralized"?

Decentralization-Friendly(!) Chains

Honestly, I do not feel comfortable when I see many owners of blockchains claim that their project is purely decentralized and governed by people. Of course there will be well-known figures of each project but there should always be a point that restricts their god-mode to secure the assets of people only with encrypted data on chains.

As we come closer to the regulations (which are likely to start with stablecoin regulations), the projects and crypto celebrities start to adopt some traits that are against the vision that is initiated by Satoshi and preserved by blockchain enthusiasts. If there is a fact that some blockchain projects may, sometimes, put decentralization aside, then they should never be grouped with others.

Decentralization Services - Supply & Demand

There is no need to play the clown but, in reality, these projects find this courageous from the users/customers who are up for semi-decentralized chains where they can keep their assets on chain but the chain has a backdoor for the devs.

Crypto is full of people who think that blockchain projects will either obey the traditional world's ridiculous and obsolete rules or they will be banned or restricted. Essentially, the ideology of blockchain is distributing the authority to common people who validate and submit each action -> The ownership of power.

TL;DR

Crypto has evolved into many different types. As there are still decentralization-minded people who share the vision of Satoshi, distributed ledger, and ownership, there are also others who feel better/safer with semi-decentralized / semi-centralized chains.

Though I see halting a chain as a red flag, the owners of the chains get the power of the users who support it. It is, obviously, not my cup of tea but I see no other choice but respect for their choices. We may see this as the substantiality of the crypto ecosystem or go against it.

Posted Using LeoFinance ^Beta