as far as I can tell from nifty’s blog (is she here btw? couldn’t find her to tag) the entire concept of an “Ethereum L2” is basically that it’s Liquid as a 1-of-1 MultiSig.
am I wrong?
https://chainfail.substack.com/p/coinbase-launches-an-l2?sd=pf
Discussion
All eth L2s are centralized and run by a single sequencer making blocks. Liquid being federated is way better. Coinbase chain is going to be KYC only. Metamask (infura) is going to be KYC only. People in Iran, Venezuela, Cuba are censored by Metamask. Joe Lubin's grand plan is to make eth the platform for CBDCs. They even have reversible transactions proposals.
you are not wrong. i think state of the art is 3 of 5 MultiSig. lol
this is why i think Liquid is soooooo impressive and unappreciated. They did this half a decade ago and with much much better security via a real decentralized federation. and it’s still running. and it has confidential txs etc
Polygon is 5 of 8 right? It's all the founders. Do we know if one guy doesn't have all the keys like in the case of Ronin? 11 billion market cap. Absolute clown show.
“Governments are good at cutting off the heads of centrally controlled networks.”
https://twitter.com/ChrisBlec/status/1629241395469844481
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Ethereum L1 is basically a pseudodynamic federation (with static insider validators).