Chainlink Has Downplayed Worries After Users Have Gone On To Notice A Change To Multisig

0
93
Chainlink
LINK

Chainlink, a decentralized oracle network, recently downplayed quite a change in the number of signers that were required for its wallet on multi-sig- which is a move that garnered massive backlash on social media from a bunch of vocal critics. Chris Blec, the crypto researcher, had been one of the few users on X, who called out the decentralized company for quietly reducing the signature numbers that were required on the wallet from 4-of-9 to 4-of-8.

The multi-sig requirement of 4-of-8 is a security measure that would require four out of eight separate signatures in order to authorize a transaction. In a blog post made on X on the 25th of September, Blec also drew attention to an original post that came in from a pseudonymous user that showcased a wallet address had been removed from the wallet without any ensuing announcement made by Chainlink.

Chainlink’s Signers Want To Move Towards Multisig

Although several members of the crypto community were more than quick to raise concerns with this particular move, a spokesperson for Chainlink also informed Cointelegraph that the update had been a part of the standard signer rotation process. Blec has, for quite some time, been an outspoken critic of this decentralized platform, stating that the entire ecosystem of DeFi could be destroyed intentionally in the blink of an eye if the signers of Chainlink intended to go rogue. 

According to Blec, the centralization risk that was inherent in the network also extended to a whole range of mainstay DeFi projects, which included MakerDAO and Aave, which relied on Chainlink’s oracles for price data. For those wondering, Chainlink is a decentralized oracle network that relies heavily on Ethereum-based smart contracts in order to communicate securely with real-world data.