Re:Web3 Is Not Decentralization
by preseinger on Thursday December 09, 2021 @11:01AM
(#29498943)
It's so disingenuous to equate the problems related to, like, the Fed, to the problems inherent to crypto. Somebody exfiltrated an API key from some bad Javascript and stole $130,000,000 with no consequences. That's what crypto is. Unavoidably so. It's just mind boggling that folks try to sweep that aside as if it's nothing, or solvable!
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Re:Web3 Is Not Decentralization
by serverholic on Thursday December 09, 2021 @01:43PM
(#29501216)
There is a technology called an optimistic rollup. The basic idea is that you submit transactions to the rollup and these transactions are assumed to be valid. These transactions stay on the rollup for a period of time, 7 days, 1 month, whatever. During that time anyone can submit a "fraud proof" and that transaction can be reversed. After the time interval the valid transactions are committed to the main blockchain.
There is no reason that bank of america or visa couldn't run their own rollup and implement their own fraud system. In fact, visa is likely working on tools like this.