More important than decentralized is "permission-less". Ignoring the updateable smart contracts like Solana, once the contract is out there, and admin rights revoked, it doesn't matter as much if the front-end is a centralized operation. Worst case, fork the code.
Best practice when you're creating a contract that runs something like DAO voting or Treasury control is to remove the abilty of the person who deployed the contract to do the things only the DAO should do. Some of the platforms that help people write smart contracts include ways to do this.
That's a best practice for organizations, because if someone still has access, they can rug the protocol easily. It's not an ironclad law, though.
If you're writing your own smart contract, you may well want some functions that only you as the owner can call. This is how hackers can use smart contracts to drain funds from a target, but you can't use that same smart contract to drain funds from the target.
Can we get a Tokenomics for Dummies post or series? Cobie had a good article on this recently. Scott Adams talks about “confusopoly” where marketing is designed to prevent the buyer from making informed decisions. Unfortunately that’s where a lot of tokens are: an incredibly intricate mishmash of vesting schedules for half a dozen interested parties.
This comes across as being designed to rug retail and then blame retail investors for not “doing the research”. When the project knows full well that they wrote the documentation to be as opaque as possible.
It’s a terrible look for a young industry still needing to attract positive attention. Bad tokenomic setups need to be explained and addressed aggressively from within the industry. Or regulators assuredly will address it, and it’s likely that real innovation will get strangled in the process.
More important than decentralized is "permission-less". Ignoring the updateable smart contracts like Solana, once the contract is out there, and admin rights revoked, it doesn't matter as much if the front-end is a centralized operation. Worst case, fork the code.
What do you mean by admin rights revoked? Can smart contracts be deployed with one wallet having admjn access to the contact?
Best practice when you're creating a contract that runs something like DAO voting or Treasury control is to remove the abilty of the person who deployed the contract to do the things only the DAO should do. Some of the platforms that help people write smart contracts include ways to do this.
That's a best practice for organizations, because if someone still has access, they can rug the protocol easily. It's not an ironclad law, though.
If you're writing your own smart contract, you may well want some functions that only you as the owner can call. This is how hackers can use smart contracts to drain funds from a target, but you can't use that same smart contract to drain funds from the target.
Can we get a Tokenomics for Dummies post or series? Cobie had a good article on this recently. Scott Adams talks about “confusopoly” where marketing is designed to prevent the buyer from making informed decisions. Unfortunately that’s where a lot of tokens are: an incredibly intricate mishmash of vesting schedules for half a dozen interested parties.
This comes across as being designed to rug retail and then blame retail investors for not “doing the research”. When the project knows full well that they wrote the documentation to be as opaque as possible.
It’s a terrible look for a young industry still needing to attract positive attention. Bad tokenomic setups need to be explained and addressed aggressively from within the industry. Or regulators assuredly will address it, and it’s likely that real innovation will get strangled in the process.
Everyone is a “bank”.
We’re all zeros fam
that an easy one! good call