TIP-002: Threshold Network DAO Proposal — v2

While I can sympathize with the reasoning behind many of these proposals, (e.g fixing security vulnerabilities quick) I find that it goes completely against the ethos of this space and especially the initial promise of tBTC as a trustless Bitcoin wrapper on Ethereum. That’s what drew me to Keep Network and I’d hate to see you sell out on that dream just to move fast and break things.

In essence, what is suggested here is 2 admin keys - straight into the heart of the protocol. The core of the trust relies on less than 12 people to not conspire against the system. In reality we’re talking about 3 developers, because the multisig council is likely easy to persuade.

Get ready for a real pounding from Chris Blec.

It kills the idea of a trustless BTC on ETH.

Governmental powers needs to be limited in any way they can.

At the very least TBTC v2 should be a separated concern and go through extensive testing and auditing before release and then need very few changes, if any.

tBTC v1 did not need admin keys, why do we need it now?

The ability to upgrade TBTC v2 can be useful, but it doesn’t need to happen in 2 days. Make the timelock 6-months and maybe the BTC maxis will think of giving you a pass.

The proposal needs to include something like separation of concerns, we can’t have people vote on changes to tbtc v2 any day of the week. With the current proposal I see very little advantage over using any of the other bitcoin wrappers on ethereum.

This is all so disappointing. Why am I the only one complaining?

Once you go down this road the project loses all its appeal.

2 Likes