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Solana’s PoH consensus mechanism and speed again under criticism after wormhole hack

February 6, 2022 - Around 2 mins mins to read

The wormhole mining case made some things clear in the crypto industry as users searched for answers. Whether it’s Solana, Ethereum, DeFi, cross-chain protocols or Solana’s Proof-of-History (Proof-of-History) consensus mechanism is being closely watched. Now, with Wormhole releasing the crash report, the discussion gets even more heated.

Solana's PoH

Wormhole incident and ndispute about speedSafety

Wormhole is a protocol that allows users to move tokens and NFTs between Solana, Ethereum, and other blockchains. Already report the problem confirm the basic details of the exploit, such as B. A signature verification flaw in the wormhole network that gave the hacker the opportunity to mint 120,000 wrapped ETH on Solana. After that, 93,750 tokens were moved to Ethereum for unpacking. The damage of the incident amounted to more than 321 million dollars.

Addressing rumors that Wormhole contributors knew about the vulnerability, the report claims that the flaw was actually patched in a new commit added to the Wormhole repository. However, the patch coincided with the Solana toolchain upgrade.

It is worth noting that the wormhole crash report does not mention any specific plans or goals for the future after the exploit.

The exploit reignited debates about Solana’s speed and security that have simmered ever since.

For his part, DFINITY founder Dominic Williams stated that Solana’s “security gap” must be closed quickly. me too feel Consensus requires more than 66% of the nodes for security while it currently only manages 33%.

Another controversy involves Kyle Samani, the co-founder of Multicoin Capital, who has invested in Solana. In 2021, Samani revealed that he valued speed over safety. After the wormhole exploit, a Twitter user asked Samani if ​​he still felt that way? Straightforward VC operator answer “Yes”.

Users have been warned

This isn’t the first time the crypto sector has put pressure on Solana’s PoH. In an introduction to SOL published in December 2021, Grayscale Investments shown This is a potential risk.

“The SOL consensus mechanism uses a new blockchain technology that is not yet widely adopted and may not work as intended. There could be flaws in the underlying cryptography of the network, including vulnerabilities that affect the functionality of the SOL network or leave the network vulnerable.”

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consensus

criticism

hack

mechanism

PoH

Solanas

speed

Wormhole

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Market

Solana’s PoH consensus mechanism and speed again under criticism after wormhole hack

The wormhole mining case made some things clear in the crypto industry as users searched for answers. Whether it’s Solana, Ethereum, DeFi, cross-chain protocols or Solana’s Proof-of-History (Proof-of-History) consensus mechanism is being closely watched. Now, with Wormhole releasing the crash report, the discussion gets even more heated.

Solana's PoH

Wormhole incident and ndispute about speedSafety

Wormhole is a protocol that allows users to move tokens and NFTs between Solana, Ethereum, and other blockchains. Already report the problem confirm the basic details of the exploit, such as B. A signature verification flaw in the wormhole network that gave the hacker the opportunity to mint 120,000 wrapped ETH on Solana. After that, 93,750 tokens were moved to Ethereum for unpacking. The damage of the incident amounted to more than 321 million dollars.

Addressing rumors that Wormhole contributors knew about the vulnerability, the report claims that the flaw was actually patched in a new commit added to the Wormhole repository. However, the patch coincided with the Solana toolchain upgrade.

It is worth noting that the wormhole crash report does not mention any specific plans or goals for the future after the exploit.

The exploit reignited debates about Solana’s speed and security that have simmered ever since.

For his part, DFINITY founder Dominic Williams stated that Solana’s “security gap” must be closed quickly. me too feel Consensus requires more than 66% of the nodes for security while it currently only manages 33%.

Another controversy involves Kyle Samani, the co-founder of Multicoin Capital, who has invested in Solana. In 2021, Samani revealed that he valued speed over safety. After the wormhole exploit, a Twitter user asked Samani if ​​he still felt that way? Straightforward VC operator answer “Yes”.

Users have been warned

This isn’t the first time the crypto sector has put pressure on Solana’s PoH. In an introduction to SOL published in December 2021, Grayscale Investments shown This is a potential risk.

“The SOL consensus mechanism uses a new blockchain technology that is not yet widely adopted and may not work as intended. There could be flaws in the underlying cryptography of the network, including vulnerabilities that affect the functionality of the SOL network or leave the network vulnerable.”

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page