Cross-chain Security, The Problem Is Still Not Fixed
Cross-chain is what opens up a new horizon for DeFi because of the connection between blockchains, but in itself it brings a big problem of security that can still be overcome.
What is cross-chain?
Cross-chain is a solution to help transfer crypto assets, tokens or data from one blockchain to another, to optimize interoperability between blockchains.
The reason Cross-chain was born to solve the connection problem is because each blockchain network has a different structure, so the protocols for them to transfer assets between each other are very limited.
With the Cross-chain mechanism, DeFi has now appeared a new application that is considered an inevitable trend and has attracted a large number of users, which is Cross-chain Bridge.
Cross-chain security is not guaranteed
The security issue was mentioned in an article by Vitalik Buterin, when a 51% attack occurs on 1 chain, it can lead to a domino effect on the other end of the bridge. According to Vitalik, an attacker will only be able to interfere or reverse the transaction of a certain block, but will not be able to create a block to get money in the user’s wallet as this would violate the guidelines basics of blockchain. However, nothing can guarantee the value of the asset when it is transferred to another blockchain.
In addition, we are not too familiar with many exploits related to each bridge product. These errors are not usually because of the specificity of the cross-chain array, but they generally unscrupulously worsen the image of many products in this market segment.
Most of its errors array come from mistakes in setting conditions in the contract, which can be found in other product areas. But with the great voices and influence from Vitalik, and the fact that exploits appear on social networks often associated with the word “cross-chain”, users are afraid to talk about the bridge from chain A to chain B.
There are a few cases such as Wormhole, Ronin, Multichain, Synapse, attacks related to Li Finance or Rainbow Bridge. And most recently, the “bridge collapse” caused by hacker – Harmony’s Horizon has lost up to 181 million USD.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Foxy
Coincu News
Author
Analysis
Cross-chain Security, The Problem Is Still Not Fixed
Cross-chain is what opens up a new horizon for DeFi because of the connection between blockchains, but in itself it brings a big problem of security that can still be overcome.
What is cross-chain?
Cross-chain is a solution to help transfer crypto assets, tokens or data from one blockchain to another, to optimize interoperability between blockchains.
The reason Cross-chain was born to solve the connection problem is because each blockchain network has a different structure, so the protocols for them to transfer assets between each other are very limited.
With the Cross-chain mechanism, DeFi has now appeared a new application that is considered an inevitable trend and has attracted a large number of users, which is Cross-chain Bridge.
Cross-chain security is not guaranteed
The security issue was mentioned in an article by Vitalik Buterin, when a 51% attack occurs on 1 chain, it can lead to a domino effect on the other end of the bridge. According to Vitalik, an attacker will only be able to interfere or reverse the transaction of a certain block, but will not be able to create a block to get money in the user’s wallet as this would violate the guidelines basics of blockchain. However, nothing can guarantee the value of the asset when it is transferred to another blockchain.
In addition, we are not too familiar with many exploits related to each bridge product. These errors are not usually because of the specificity of the cross-chain array, but they generally unscrupulously worsen the image of many products in this market segment.
Most of its errors array come from mistakes in setting conditions in the contract, which can be found in other product areas. But with the great voices and influence from Vitalik, and the fact that exploits appear on social networks often associated with the word “cross-chain”, users are afraid to talk about the bridge from chain A to chain B.
There are a few cases such as Wormhole, Ronin, Multichain, Synapse, attacks related to Li Finance or Rainbow Bridge. And most recently, the “bridge collapse” caused by hacker – Harmony’s Horizon has lost up to 181 million USD.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Foxy
Coincu News
Other Posts
Related Posts
Latest
Singularity Finance Strikes Strategic Partnerships to Lead the AI and RWA Economy and Expand its Ecosystem
Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments
Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts
Press Release
Singularity Finance Strikes Strategic Partnerships to Lead the AI and RWA Economy and Expand its Ecosystem
Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments
