Chainlink, a decentralized oracle network, has addressed concerns regarding changes to the number of required signers for its multi-signature wallets. These changes had sparked criticism from some in the cryptocurrency community.
The controversy arose when cryptocurrency researcher Chris Blec and others called on Chainlink to quietly reduce the number of signatures required from 4 out of 9 to 4 out of 8 for its multi-signature wallets. This change would essentially require fewer signatures to authorize a transaction.
Blec drew attention to a post by an anonymous user that revealed the removal of a wallet address from the multi-signature wallet without any formal announcement from Chainlink. Concerns quickly spread among cryptocurrency enthusiasts.
However, Chainlink clarified that the update was part of a routine signer rotation process. According to a Chainlink spokesperson, the multi-signature threshold remained the same after the upgrade, at 4 out of 9. This means that four out of nine signatures are still required to authorize a transaction.
Chris Blec has been a vocal critic of Chainlink and has expressed concerns about the platform's centralization risks, suggesting that it could impact various mainstream DeFi projects that rely on Chainlink's oracles for price data. Despite the controversy, Chainlink's native cryptocurrency, LINK, has been performing well, seeing a nearly 20% increase in the last month.
