For a moment I thought I was reading Solana, was about to say, not again, not another Solana shutdown, but it wasn’t Solana it was the Binance SmartChain. This has once again proven how centralized these platforms are. This was done because of some irregularities, this irregularity was a hack exploit. Well, if you have been trying to know just how centralized or decentralized these blockchains are, there you have it. Some of them are centralized for a reason, and Binance has proven its reason for keeping it just a bit centralized.
source
Any blockchain that can be shut down temporarily can be shut down permanently, so far, it’s only bitcoin and Hive that I can vouch for that are fully decentralized. I don’t think I have ever heard that bitcoin got shut down temporarily? The power of bitcoin’s decentralization and the blockchain technology is very strong. Although Binance didn’t shut down their blockchain because they felt like it wanted to exercise their centralized power, they did that because can an exploit where someone got hacked off more than $600 Million worth of BNB happened. Imagine getting hacked off 2 Million BNB, by a hacker, this is something a hacker did and it’s the irregularity that happened on the blockchain.
This just proves that the blockchain is not as secured as we all though it was. It’s a smart move for Binance to shut down the blockchain so as to figure out how to fix the loop holes found in the blockchain that is causing the exploitation. But then, there is no need to scream decentralization as this has shown people how completely centralized the blockchain is, I guess it’s just CZ ethics that has been keeping the blockchain running smoothly all these while.
Technology is always renewed and it’s complex, no one can figure it all, if the blockchain was completely decentralized without a little bit of control, this hacker would have done far more damages to the blockchain than they have already done. It’s a dent on their reputation and they are trying to fix it. There is an obvious vulnerability in the blockchain, the best way to slow down the attack was to shut it down. If you followed the case properly you can see just how much the hacker was utilizing these BNB. It was a well thought out plan, they have planned the exploit to the fullest and executed it in the most intelligent way possible. To slow down the attack needed the blockchain to shut down, this way there can’t be any form of transaction. That will be enough to buy the Binance team some time.
This just makes us admire Satoshi Nakamuto’s innovation, is past 10 years and I haven’t heard of such, just to show how more secured it is in the crypto space. If you are looking for a reason Bitcoin is regarded as the most superior crypto, this should be one of them, it’s security is very strong.
I wonder what will be the faith of tokens that operate on the Binance Smart Chain, will they be paused too? I wonder how long the hack will take, I have so many questions, because I never thought Binance will ever be one of those blockchain to get exploited, we are used to hearing exploit from layer 2 tokens, but this time it wasn’t from a layer 2 token but the layer 1 coin on the blockchain.
Although the Binance community has shown great support to the blockchain and that is great, they have shown that they stand by the blockchain no matter what, because for a moment I got scared and sold all my BNB, just incase we were about to see some massive dumping on BNB. But it didn’t dump despite the attack.
I am not fully in support of centralization, but for now, let’s keep building to make the blockchain stronger till we are confident enough like Satoshi Nakamuto to leave it decentralized for the community to handle. A little centralization never hurt nobody, Binance just proved that, and for that, I am a little bit proud, till Binance or CZ prove otherwise.