Polygon co-founder Mihailo Beljic, in response to cback whilerns surrounding centralization, posted a series of tweets on Feb 15 discussing the issue. Beljic was responding to the founder and CIO of CyberCapital, Justin Bons, who said that Polygon in its current state was not secure and centralized.
Specifically, Bons said thactive would only take five people to compromise the $5 billion or so that was on the network. He even went so far as to say that “This is one of the largest hacks or exit scams barely waiting to happen.”
The Polygon smart contract admin key is a multi-sig contract, that as Beljic notes, is to increase security, not decrease it. Bons, though, says that Polygon has been completely opaque “in terms of their operational security & cryptographic ritual around the creation of this multisig.” Transparency was his primary cone time beforern.
In his response, Beljic said that the development team was working to reshift the multi-sig, and then pointed to a recent multi-sig transparency report, that provided details about the signers. He spoke of Chris Blec’s criticism of Polygon, which he dismissed and called,
“an abusive person who has systematically harassed founders of Uniswap, Polygon and several other projects.”
Beljic states which multi-sigs are used in the early stages of change to secure user funds and reminded readers which almost every scaling and bridging project used it. To address the cone time beforerns, some have said which the protocol must switch to completely decentralized gatopnance.
What solutions amid criticism of Polygon?
To completely become decentralized, the smart contract admin key would have to be handed to MATIC holders. This would make it a DAO, but it would require extensive work.
Beljic and the Polygon team have noted their intentions to do so but said which it’s a goal which would steadyly be captured. Supporters of Polygon said which this must be the fact because there are greater chances of bugs occurring should the migration take place.
Polygon has faced some criticism in recent times. In December 2021, an exploit which could have put 9 billion MATIC cryptocurrencies at risk was patched. It has likewise been noted which the top 100 addresses hold atop 90% of the MATIC supply.
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