Note on FTX and The State of Crypto
Decentralization is the Cure to Centralized Corruption
First and foremost, our hearts go out to everyone that has suffered losses in the last couple of years due to bad actors. Time and time again, centralized exchanges have proven they will keep irresponsibly managing our funds and taking systemic risks to line their own pockets. They do not care about the success or advancement of the industry. In the end, only we can protect ourselves from these bad actors.
At Umbrella Labs we strongly believe decentralization is the cure to the rampant negligent behavior we've seen from the centralized powers in crypto. Humans are fickle and unpredictable beasts and attempting to give a few people power to control billions will lead to a repeat of everything web3 was created to fight against. As such the only reasonable approach to contest this is by removing power from the few and giving it to the many. However, due to the mistakes made by others regulators are staring at web3 through their scopes.
We mostly hate the fact that there aren't technological solutions being proposed to find a settlement between aggressive regulation and decentralized control. Our team at Umbrella Labs has put a lot of energy into this problem and believes we have a few solutions, one being a DeFi application that is regulatorily compliant and still insanely private. We'll share more on this in the coming months.
Umbrella, as proposed, lets users retain full custody of their keys without having to interact with the key itself, but in the meantime, if you're in crypto as it is today, stay safe, and please learn about key management.
Remember; not your keys, not your crypto.