- Reports suggest that Polygon is extremely centralized.
- This however seems of little to no concern to the ecosystem`s users.
- Justin Bons characterized Polygon (MATIC) as “very unsafe & centralized.
It has been reported on Reddit that Polygon is very centralized, yet this seems to be of little concern to its users. Specifically, the four co-founders of Polygon each possess one of the eight access keys, and five of the eight multi-signature contracts control the administrator key.
Read CRYPTONEWSLAND on
google news
That means the security of over a billion dollars in user cash is at the mercy of only five people. This also indicates that the network may be compromised by the actions of as few as one individual in collusion with the network’s creators.
The Reddit user thinks this is a major issue that doesn’t get enough attention because of moons and avatars.
Note that this is not the first time that Polygon has been the subject of suspicion; back in August, Cyber Capital’s CEO Justin Bons characterized Polygon (MATIC) as “very unsafe & centralized.” It just takes five individuals, he said, to steal nearly $2 billion from the ecosystem.
For Bons, whoever has the keys to the ecosystem may do anything they want inside it. The $2 billion on the table from the Polygon deal is part of the departure fraud.
Furthermore, he stated that the network was in jeopardy because Polygon had not been forthright about how it was run. What he said was:
“It is within the realm of possibility that a single individual already controls the admin key! The use of admin keys, at the very least, requires very high standards of security.”
According to Bons, Polygon’s transparency report simply explains why the multi-sig is necessary but doesn’t elaborate on how the company ensures its operations are secure. Bons suggested that Polygon adopt a more decentralized structure in accordance with its state of governance assessment.
Read Also :
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
