The key thing here is not the hack itself - it's the fact the Bancor team had the ability to freeze funds. How many other "decentralized" DApps have a built-in kill switch that's centrally controlled?https://twitter.com/Techmeme/status/1016454637011001345 …
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tl;dr - the majority of the Top 100
#Ethereum based ERC-20 tokens give centralized authority to the contract owner (ie. the company who did the ICO) to mint new tokens, pause all transfers, or overhaul the contracts inner-workings via an upgrade. That's over $16B market cap.pic.twitter.com/n2wxQCNF37Show this threadThanks. Twitter will use this to make your timeline better. UndoUndo
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Security best practices from
@ConsenSys: https://consensys.github.io/smart-contract-best-practices/general_philosophy/ … You can add popular collectibles such as@CryptoKitties and@CryptoFighters to the list too btwpic.twitter.com/XakAlEcqe3
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Dogecoin needs you
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Centralized is just a word. the contract execution is decentralized. The governance is centralized. the token is not a blockchain. if you want to understand ERC20 then learn it but you seem to be conflating concepts (accidentally i hope)
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That is indeed best practice and fine as long as the current code used is reviewable by the user. Btw, you've missed IDEX. Their trade function can only be called by IDEX. They have reasons to do it that way, but they should stop calling themselves decentralized.
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bring back dogeparty
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