/biz/ - Business & Finance

>>27399047
>So in the early days, the very very first days of smart contracts and defi, and this is part of the reason why I think defi didn’t take off for a long time, you essentially had a very strange story, where you had a massive amount of centralization in the smart contract platform, but then that was controlled by an oracle run by a team. It was controlled by an oracle run by you know, Tim in IT, the team member of the protocol, and he runs the oracle and you have this weird proposition where your basically saying, Hey, this is highly decentralized, its the future of finance because it works in a completely different decentralized mode from all the other financial products out there. and even if the smart contract was written into a decentralized and audit and proven to be secure in certain ways, the control over that contract comes from two sources. It comes from private keys, that can through multi sig schemes of certain kinds, approve or make changes to the contract, and then in the case of defi, its highly controlled through the oracle.