Chainlink Downplays Concerns After Users Notice Quiet Change in Multisig
Chainlink’s critics have reiterated their concerns over the alleged centralization of the oracle system after a slight adjustment to its multisig. 2618 views 47 shares. Decentralized oracle chain Chainlink downplayed the recent change to the number of signers required on its multisig wallet, a move that drew criticism on social media. Crypto analyst Chris Blec is among a group of users who have Chainlink on. A 4-out-of-8 requirement for multisig is a security measure that requires four out of eight signatures to approve a transaction. Blec, in a post on. While members of the crypto community were quick to express their concerns about the move, a Chainlink spokesperson told AskFX The Update was part of a standard signee rotation process. As part of a regular rotation of signatories, the Gnosis Safes have been updated, ensuring Chainlink’s reliable service. The rotation of signatories is complete. The safes are still configured to their normal threshold. Blec claims that the centralization risks associated with Chainlink also extend to a number of other major DeFi initiatives such as Aave and MakerDAO, which are based on Chainlink’s price oracles. Chainlink is a network of decentralized oracles that enables Ethereum-based smart contracts to securely communicate with real-world services and data outside of the isolated blockchain world. Chainlink’s native $7.25 token has been one of the best-performing crypto assets in recent weeks, gaining nearly 20% over the last month, according to price data from AskFX.
