We want the automated S/L, mostly verified on the Eth chain but operating off chain. What information do we need on chain?
The deposits and loans must go through an Eth contract in which the total loans to deposits are accurate, verifiable. And the external pit boss must report its own market account. All three should be internally consistent and verified on chain. That is an Oracle system one can trust.
Th S/L can utilize risk equalization entry and exit. If someone closes and account and lost the money, they accept a default judgment, in person. The default is verifiable by an exit contract on chain.
There is no avoiding the scofflaws, credit history is part of the game. One could limit loans to be less than deposits, remake the flash loan concept. But, what's the point? The whole idea is to capture risk and price it.
But scofflaws are off chain. The Eth chain simply allows the external banker to use Eth contract verification, but the bank, internally, operates like your standard shadow bank collects its own customers and manages its own defaults.
Looking closely, Eth is still about network protocol stability, there is no risk management function except Eth miner fees.
No comments:
Post a Comment