SpyMasterTrades on Nostr: In the digital age, the emergence of smart contracts has created the ability for ...
In the digital age, the emergence of smart contracts has created the ability for governance to become decentralized to a degree not possible previously. Smart contracts -- through their algorithmic immutability -- mitigate the problem of corruption, which has plagued centralized governance since its inception. No longer must personal biases impact the output that some input receives.
Yet, smart contracts are not without their own vulnerabilities. Each time a smart contract vulnerability is exploited, this act -- however benevolent or malicious the actor -- improves upon the underlying design of the smart contract, thus making it more secure.
In so much as Bitcoin, Ethereum, and other decentralized protocols are displacing centralized fiat currencies, the decentralized protocols that are built upon them are displacing centralized governance structures, from decentralized social media (Nostr) to decentralized organizations (DAOs). Some might argue this is the natural progression of human evolution.
However, is there ever a case where total decentralization can be detrimental?
Yet, smart contracts are not without their own vulnerabilities. Each time a smart contract vulnerability is exploited, this act -- however benevolent or malicious the actor -- improves upon the underlying design of the smart contract, thus making it more secure.
In so much as Bitcoin, Ethereum, and other decentralized protocols are displacing centralized fiat currencies, the decentralized protocols that are built upon them are displacing centralized governance structures, from decentralized social media (Nostr) to decentralized organizations (DAOs). Some might argue this is the natural progression of human evolution.
However, is there ever a case where total decentralization can be detrimental?