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0 pointsAnimats4y ago0 comments

For instance, the primary USDC contract on Ethereum is a proxy contract — it’s upgradable by design.

By whom?

"Upgrading" a contract should require the approval of all parties to the contract.

0 comments

Right. In the case of USDC, whoever has the private key to their proxy contract’s owner account. You’re trusting their engineering team to do the right thing.

(EDIT: if I’m reading my etherscan correctly, it’s account 0xfcb19e6a322b27c06842a71e8c725399f049ae3a with upgrade rights. Sorry, I’m in transit so tapping on my phone.)

omarfarooq4y ago

USDC is upfront about being centralized.

AnimatsOP4y ago

"Centralized" is not the same as "terms alterable at sole discretion".

(Obvious Darth Vader reference).

omarfarooq4y ago

In the case of USDC, it is: https://www.circle.com/en/legal/us-user-agreement

See 25. Amendments.

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0 pointsAnimats4y ago0 comments

For instance, the primary USDC contract on Ethereum is a proxy contract — it’s upgradable by design.

By whom?

"Upgrading" a contract should require the approval of all parties to the contract.

0 comments

davepeck4y ago

Right. In the case of USDC, whoever has the private key to their proxy contract’s owner account. You’re trusting their engineering team to do the right thing.

(EDIT: if I’m reading my etherscan correctly, it’s account 0xfcb19e6a322b27c06842a71e8c725399f049ae3a with upgrade rights. Sorry, I’m in transit so tapping on my phone.)

omarfarooq4y ago

USDC is upfront about being centralized.

AnimatsOP4y ago

"Centralized" is not the same as "terms alterable at sole discretion".

(Obvious Darth Vader reference).

omarfarooq4y ago

In the case of USDC, it is: https://www.circle.com/en/legal/us-user-agreement

See 25. Amendments.

j / k navigate · click thread line to collapse