Many blockchains and digital currencies assert to be “decentralized,” however, its short history has proven this to be demonstrably false, as several incidents have occurred in the past six years proving so.
The European Commission pointed out that the same regulatory approach used for traditional finance won’t work for DeFi as it hailed the benefits of DeFi.
The hack was first pointed out by blockchain security company, BlockSec, which tweeted that its monitoring system had detected an attack on multiple pools in RariCapital's Fuse lending platform.
As the CFTC deliberates whether or not to allow FTX to algorithmically settle margin trades, Sam Bankman-Fried, revealed how DeFi works similar to a Ponzi scheme in an episode of the Odd Lots podcast.
For a game to develop real value, players must have an equal balance and skill component as a factor of winning. Without these, the game is nothing more than a complex slot machine.
The current BSV blockchain infrastructure is fully ready for Web3, NFTs and DeFi applications with a true L1 decentralized model rooted in an on-chain decentralized ledger.
Decentralization has taken the context of Bitcoin, blockchain and Web3, but it also caused misconceptions that Bitcoin or any blockchain must restrict its scalability to be ‘decentralized.’
Ethereum-based stablecoin "Bean," from the Beanstalk Farms DeFi platform, proved not-so-stable this week as an attacker exploited code in a flash loan contract to siphon off around $182 in value.
All South Korean exchanges now adhere to the FATF Travel Rule, with transfers above $821 being flagged as DeFi and NFT traders expect to feel the heat.
Depending on the context, the word “blockchain” refers to the system that is used to create such a chain of data blocks, rather than the chain itself.
A blockchain that has an intrinsic L1 capability to scale and to create a genuinely decentralized public ledger (while allowing customer selectable encryption for privacy) is the only answer.
In the third part of this series, sCrypt explains how to build a Uniswap-like exchange on Bitcoin, allowing users to pool tokens/bitcoins into smart contracts and provide liquidity to the exchange.
