Quote from: Mallyx on Today at 11:25:44 AM

Quote from: hd060053 on Today at 10:59:34 AM

Quote from: Mallyx on Today at 07:50:32 AM

My main issue it the current SWOP.FI stuff.

I hardly believe that the Waves team is promoting a potential scam.

Look at all the contracts source (taken from https://github.com/swopfi/swopfi-smart-contracts):

Code:

@Verifier(tx)
func verify() = match tx {
case _ => {
let adminPubKey1Signed = if sigVerify(tx.bodyBytes, tx.proofs[0], adminPubKey1) then 1 else 0
let adminPubKey2Signed = if sigVerify(tx.bodyBytes, tx.proofs[1], adminPubKey2) then 1 else 0
let adminPubKey3Signed = if sigVerify(tx.bodyBytes, tx.proofs[2], adminPubKey3) then 1 else 0
adminPubKey1Signed + adminPubKey2Signed + adminPubKey3Signed >= 2
}
}

The Verifier function allow by a multisig to withdraw and control the funds (it also allow to update the dApp script).
It mean that if 2 peoples on 3 decide to run away with all the fund: the dApp will allow it.
We don't even know if their is 3 peoples or just 1...

The dApp point is to decentralize stuff the prevent trusting a third party.
In that case the third party has all the right (dApp update + funds control), so you must trust it.

tldr;
Swop.fi is NOT decentralized.

Ofc, it is not decentralized YET. Nothing besides Bitcoin is decentralized yet.

But Waves and it's additional tokens are designed to be decentralized --> so that can happen in the future.

Look at Binance Chain, it is obviously not decentralized. Also Ethereum is not really decentralized.

Look at their market cap value. Take it as an early mover advantage, if you hold Waves already. It has so much potential.

You missed my point I guess.
I'm not speaking of the Waves blockchain itself but of the SWOP dApp.

They have currently above $40M of user's liquidity that the SWOP dApp operators can withdraw anytime.
It's not the purpose of a dApp, they can turn that into a scam if they want.

It is nice that at least somebody has identified that point.

Perhaps it is a little naiv, but isn't it better to have a backdoor so that you can do something when something is going totaly wrong?

Also the whole governance part is still missing and therefore they migth have thougth they need a solution for an update.