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Article • about 1 year ago

New Layer 1 Smart Contract Platforms Challenge Traditional Token Ownership Model

New Layer 1 Smart Contract Platforms Challenge Traditional Token Ownership Model
Summary
  • Holding tokens in a crypto wallet does not physically mean possessing them; they are balance entries in smart contract platforms.
  • Users' token balances are vulnerable to malicious or compromised dApps that can empty their tokens without further consent.
  • New layer 1 smart contract platforms, like Radix, aim to address these risks by allowing direct asset ownership, enhancing security by eliminating the need for spend approvals.

Source: https://cryptodaily.co.uk/2023/09/even-with-their-keys-users-dont-control-their-crypto-heres-why

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