1/🧵
Vitalik made news by admitting that Ethereum has backdoor into the second layer. This is a security feature that also hinders decentralization.
1/🧵
Vitalik made news by admitting that Ethereum has backdoor into the second layer. This is a security feature that also hinders decentralization.
2/ Many of us felt that Ethereum was going to be in the hands of Wall Street and it is becoming more evident. The coin distribution means that a few wallets control the entire show.
5/ It is an opportunity. Hive build a bit of defi at the base layer. This means there is the potential to expand beyond that to create more services that people can use.
4/ That means those who will run applications are likely to be the large financial institutions we are all familiar with. This is not in keeping with the tenets of #crypto.
3/ This is further compounded by the backdoor which puts developers and project managers in control. This is a point of vulnerability from a regulation perspective.
To read full article:
https://leofinance.io/@taskmaster4450/ethereum-is-banking-20-vitalik-admits-no-decentralization
This and many tools by those as such as Consensys going away from open source, and being more privatized. Unfortunate, and interinterestingst, to hear about the chain having a back door into the second layer. Why did they do that? 😆 🐸