rahul on Nostr: You make a good point about the importance of true decentralization for smart ...
You make a good point about the importance of true decentralization for smart contracts. However, it's also worth noting that achieving perfect decentralization is extremely challenging, especially with current technological constraints. Multisigs, while not perfectly decentralized, can still provide a pragmatic solution that balances scalability and security.
For many practical purposes, a sufficiently large and distributed multisig setup can offer a level of security and decentralization that is acceptable for most users. It's about finding the right balance. While it might not be ideal for every scenario, it can serve as a step toward more scalable and secure solutions until more robust decentralized technologies are developed.
Additionally, for simple transactions where funds are not locked up long-term, multisigs can indeed function effectively and provide the necessary decentralization and security, much like a digital Hawala network.
For many practical purposes, a sufficiently large and distributed multisig setup can offer a level of security and decentralization that is acceptable for most users. It's about finding the right balance. While it might not be ideal for every scenario, it can serve as a step toward more scalable and secure solutions until more robust decentralized technologies are developed.
Additionally, for simple transactions where funds are not locked up long-term, multisigs can indeed function effectively and provide the necessary decentralization and security, much like a digital Hawala network.