Allnodes Offers Non-Custodial System in Response to Terra Classic Community Debate

Terra Classic: LUNC % USTC Experience a Remarkable Price Surge: What are the Key Catalysts Behind This?

A non-custodial node management system directly accessible to all Cosmos chains has been announced by Allnodes.

With the most recent update, consumers will have total control over their node information, claims the node hosting provider. Additionally, it specifies that only Tendermint validators will be hosted using the new system. The most recent change, briefly stated in a thread yesterday, follows the debate over the hosting provider’s operations, particularly among the Terra Classic community.

Read also: New Terra (LUNA) Chain and Terra Classic Network Cannot Merge

Jacob Gadikian, a famous Cosmos developer who has aggressively promoted the issue, claims Allnodes stores its customers’ seed phrases and has very strong voting power on the Terra Classic chain. As a result, it might compromise the numerous validators utilizing its service.

Although many have praised its most recent efforts as a positive step, it is important to note that it still does not address the worries of existing customers whose keys may have been compromised. Delegates have received assurances from Classy, a network validator, and community influencer, that Allnodes has removed its seed phrases. However, according to the number of users, it is riskier to assume that duplicates might exist because it is impossible to verify from a security standpoint.

Importantly, the fact that Allnodes is in the custody of numerous validators’ seed phrases poses the danger of centralization in the event of an exploit.

Community members have suggested that validators terminate the present nodes and launch new ones. Additionally, PFC Validator recommended that the host service provider employ a Cosmos developer to work on “key rotation.” Gadikian has hailed this as a long-term solution. Gadikian is still urging the community to redelegate tokens while he waits, despite the harm that might come to Allnodes, who he claims misled users.

Allnodes’ voting power percentage is 17.82% as of the time of publication, according to data from Smart Stake Analytics. In the past 24 hours, it has lost 106 unique validators. To encourage users to delegate elsewhere and minimize their voting power, the validator intends to progressively raise its commission to 10% in February, as was mentioned in a previous report.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

Share this :