MakerDAO may be partly centralized to better solve obscure issues
Over the past few months, MakerDAO has received significant attention from much of the crypto-community, both positive and downright critical.
After developer Micah Zoltu recently revealed its massive vulnerability aspect, the community is still trying to wrap its head around how such a ‘centralized’ governance system could function in the crypto-ecosystem.
In a recent interview with Block TV, Lou Kerner, Co-founder of CryptoOracle, opined on the current debate around MakerDAO’s network, stating that Maker’s project is still on its way to attaining complete decentralization. The reason identified by Kerner for slow progress on the decentralized front is the removal of shortcomings. He said,
“The reason that they are not fully centralized is that they know that are issues that are gonna come up, that they are gonna need to address, which would be more difficult to address if they are fully decentralized from the beginning, so they create some centralization elements.”
Kerner added that it made sense to not be completely decentralized after uncovering the recent vulnerability which can be easily addressed from a centralized position in the system.
The founder of OracleCrypto also voiced his support for the Maker project, claiming that with time, the current issue will be addressed.
As mentioned earlier, the vulnerability fiasco for MakerDAO manifested in a lot of contrasting reactions online, with a sense of crypto-tribalism evident in the space again.
In response, Kerner said that crypto-tribalism is actually helping the space, rather than harming the industry. According to him, tribalism is a ‘major asset’ in the digital asset market and communities need to better leverage it. He said,
“The great thing I love about this industry that it attracts all kind of people who have all types of opinion and the great thing about this technology, you are working for an open-source project and you got an opinion on how it should go, you have the option of forking.”