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A smart contract can be upgraded to take over a whale’s account? How is that a thing? I remember the whole “code is law” on the chain, rather than trusting escr
by throwoutway 4y ago
A smart contract can be upgraded to take over a whale’s account? How is that a thing? I remember the whole “code is law” on the chain, rather than trusting escrow/third party/judges
>Grant emergency power to Solend Labs to temporarily take over the whale’s account so the liquidation can be executed OTC and avoid pushing Solana to its limits. This would be done via a smart contract upgrade. Emergency powers will be revoked once the whale’s account reaches a safe level
- itake 4y agoContracts can be written as dumb proxies that allow people to 'update' their code (to correct for bugs or add new features). I believe at a high level, the creators have a 'proxy' contract that only they can set a variable that points to new versions of the primary contract.
- gruez 4y ago>I remember the whole “code is law” on the chain, rather than trusting escrow/third party/judges Yeah, but in this case the code is law, it's just that the code in question also says that it can be modified by a majority vote.