Polygon is my favorite "sidechain" but it is days like this when people should be reminded that we are dealing with a centralized spreadsheet here. The whole network is secured by one multisig wallet.
The Polygon smart contract admin key is controlled by a five out of eight multi-signature contract. This means that the Polygon [team] can gain complete control over Polygon with only one of the four outside parties conspiring. The other four parties in the multisig were also selected by Polygon.
This is not necessarily bad but when comparing blockchains it shouldn't even be taken into consideration, especially if we were to compare it to BTC or Hive. If it can go down due to "technical issues" it's not a blockchain in my book.
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valid. I have been trying to get some matic to the polygon chain since last night via my binance account but I cannot because transactions have been suspended due to the technical issues on the chain. I guess this is one of the way blockchains like hive outshine these centralised chains
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You can't keep people in the dark infinitely. Eventually shit like this will go down and all of those Solanas, Avaxes, and Matics out there will be exposed for their weaknesses.
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This.
Milk the rewards while they're on offer, but Polygon is not the solution to censorship or permissionless money.
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The worst part is that a lot of people from the ETH community actually endorse Matic as an ETH sidechain even though it has nothing to do with Ethereum.
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The only reasons a blockchain should go down are EMP, CME, ELE-sized asteroids, and Armageddon. Then again, with any of those, "technical reasons" are the least of our concerns.
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Agreed
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