1. The primary objective of decentralized finance is to create a trustless world.
2. Smart contracts can contain admin rights, which put all users at risk.
3. Ensuring these “admin keys” no longer exist is the next major frontier to conquer.
Decentralized finance (DeFi) has been gaining a lot of momentum in recent years. It is a concept that promises to create a trustless world, removing the need for intermediaries and allowing users to interact directly with each other without the need for third parties. To do this, smart contracts are used to automate and decentralize financial transactions.
While smart contracts offer many advantages, they can still contain admin rights, which can put users at risk. With admin rights, a creator or team can adjust small bits of the code, or change the whole content to something less positive. This means users are still at risk of malicious actors taking control of their funds and assets.
Therefore, ensuring that admin rights are no longer present in smart contracts is a major frontier that needs to be conquered. This would enable users to trustlessly interact with each other, and make sure their funds and assets are safe from malicious actors. To do this, developers must use strong security measures and practices to ensure that no admin rights are present in the code.
In addition, users must also take the necessary steps to protect their funds and assets. They should always do their due diligence when interacting with a smart contract, and ensure that the code is secure before making any transactions. This includes reviewing the code for any admin rights and making sure that the code is not vulnerable to attack.
Ultimately, the only way to create a trustless world is by ensuring that admin rights are no longer present in smart contracts. This will allow users to safely interact with each other without the fear of malicious actors taking control of their funds and assets. With the right security measures and practices, decentralized finance can become a reality and users can trustlessly use it to transact and invest.