Security for Decentralized Projects with Timelocks
Too Long; Didn't ReadSmart Contracts often suffer from centralization issues, leaving users with the need to trust anonymous project owners. But do you have to rely on a third person's decisions? A decentralized project may be more complex to build but offers a more secure environment. Blockchains are based on trust, but anonymous projects don't have to undergo security checks. This lack of regulation calls for self-regulation, which must be strict in the blockchain world. To mitigate the risks of decentralized projects, various measures have been taken, such as using a DAO for governance, a multisig wallet, and a timelock contract.