 | Now most of us should know by now that Binance experienced a hack of hundreds of millions earlier this month. Binance later froze their chain in response, which spark debate about the freedom and true decentralized nature of Binance's chain. BNB Chain’s 26 validators, 19 of which came together to halt the chain. What some may not know is back in 2019, Binance had suffered a hack of 40 million BTC on one of their hot wallets and halted deposits and withdrawals. Back then, Binance was asked about a rollback and in response CZ said, in a now-deleted tweet, that they would do one within the next few days. However, he reversed this decision after backlash from the community. Then in 2021, many projects using Binance's chain suffered hacks and in response Binance claimed the rollbacks all of a sudden were "not possible". So it's good when they seize control to save their asses at users' expense, but won't let anyone else do it. Meanwhile CZ on his Twitter has made many mentions about decentralization, his views on it and his company's supposed approach and goals. He highlights user choice, freedom for regular people and spoke about making BNB even more decentralized in 2020. He also makes special effort to put decentralization in bold every time he mentions it in a tweet. CZ has also made his stance on decentralization clear through a Binance blog post, which he states are his own views on decentralization through a tweet. If you consider the prior tweets too informal you can then consider this blog post to best reflect a curated view of his opinions that have been sterilized and cleaned through the Binance PR team. In the Binance blog he states "we don’t want a few centralized entities to have unlimited power over us" and "We want to give power, control and freedom to the people." He then goes on to say "While it is true the lower the number(of validators), the more centralized a blockchain becomes, there is no absolute number as a benchmark that everyone agrees on. It’s a gradient scale." Now only 21 BNB Chain validators are ever active at one time, and there’s 26 currently with potential to participate. So As a matter of fact, Binance's WHOLE consensus mechanism that they call proof of Staked Authority is just centralization with extra steps. Interested parties put up a stake, in hopes of becoming a “validator” but at the end of the day the actual validators are chosen by Binance themselves. It's described as Binance doing the work of making sure the interested validators are "worthy" of the position before any token holders are able to vote. Need I say anymore? Can't say we particularly learned anything here tbh. Billionaires are gonna billionaire. They are not our friends. [link] [comments] |
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