Cryptojuls

THE BINANCE HACK JUST SHOWED THE POWER OF NOT GIVING UP ADMINISTRATIVE CONTROL Binance got hacked, but Tether made a smart move by freezing USDT associated with the hacker’s addresses. Think about that for a moment. The hacker may successfully steal assets, but once Tether blacklists an address holding USDT, those USDT can effectively become unusable from that address. This is a power Tether has because USDT is centrally issued and its contracts retain administrative controls. And this is exactly why I've always said that renouncing a token contract isn't automatically a good thing. The same principle applies to Giant Token ($GTAN). Because we haven't renounced the contract and retain administrative controls, the contract has the ability to blacklist addresses and restrict blacklisted wallets from selling/transferring $GTAN, where the contract's blacklist functionality applies. Imagine someone exploits the ecosystem and steals a massive amount of $GTAN. Would you rather we sit there helplessly because the contract was renounced, or have the ability to blacklist the malicious address and protect the ecosystem? This is the power of NOT RENOUNCING A CONTRACT. Of course, such power comes with enormous responsibility. The community must be able to trust that those controls will not be abused against legitimate holders. Centralization has its disadvantages, but moments like this also demonstrate why emergency administrative controls can sometimes become a security feature. Sometimes, what people criticize as “control” is exactly what becomes useful when something goes terribly wrong. SECURITY IS ALSO PART OF BUILDING.

I want every Giant Wallet user to pay serious attention to this. We have noticed that some users, when trying to deposit Naira into their Giant Wallet Virtual Accounts, mistakenly select Paga Microfinance Bank instead of NOMBANK Microfinance Bank. Please understand something: In Nigeria, two different banks can have the same account number. What differentiates them is the bank you're sending the money to. @TheGiantWallet uses NOMBANK Microfinance Bank for its virtual accounts, NOT Paga Microfinance Bank. Before making any deposit, please cross-check the bank name, account number and recipient name displayed on your Giant Wallet. If you select the wrong bank, your money may be sent to an entirely different account, and Giant Wallet may never receive that payment. We cannot credit a deposit that never reached our payment system. If you have already transferred to the wrong bank, contact your sending bank immediately and report the transaction. Please, take an extra few seconds to verify your banking details before sending money. It can save you from losing your hard-earned money. We are building Giant Wallet to make crypto transactions easier, but users must also take responsibility for verifying their payment details.