GOVERNANCE AND SECURITY
For a DeFi project the only way to achieve true and complete decentralization is not just by relying entirely on smart contracts but to delegate voting rights to the community as well. It is safe to say that the project is decentralized as long as the decision-making process is conveyed to community members and carried out by a developer team.
Oracle is a Decentralized Organization at its core, which means that the community has voting rights in how the project develops. sORFI holders have the ability to vote on important community decisions such as audits, improvements, fund management, and ecosystem development.
The different proposals listed for voting by the community will be generally classified into three. These are:
- Treasury Investment Proposal (TIP).
- Ecosystem Development Proposal (EDP).
- Oracle Improvement Proposal (OIP).
The development team will initially steer the project toward a long-term viability, but over time, the community will gain more control through the voting system. As the community gets bigger, Oracle Finance intends to also create a forum where members an post their own proposals for a full DAO voting if it receives enough community support.
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SECURITY
Cryptocurrency crime reached a new high in 2021 according to findings, with scammers stealing $14 billion worth of cryptocurrency in 2021. That’s nearly twice the $7.8 billion taken by scammers in 2020, according to blockchain data firm Chainalysis’ “2022 Crypto Crime Report,” findings from which were released Thursday, Jan. 6.
Seeing as Oracle Finance Treasury will be holding a substantial amount of funds, security is their primary concern. As such, all security measures has to be put in place to mitigate and eliminate all security risked from both internal and external sources. The following security measures to be implemented are listed below:
- Audits — Oracle Finance intends to get its smart contract audited by top-tier firms before launching its mainnet.
- KYC — Oracle Finance intends on getting RUG DOC KYC, Assure KYC or any other such KYC.
- MultiSig — Oracle Finance intends to introduce MultiSig (MultiSignature Authentication System) to prevent rogue individuals from altering the Oracle Finance contracts and/or withdrawing funds. Oracle Finance Ecosystem contracts will be protected by a 3/5 multi-sig.
