Mar 29
Cross-chain bridge protocol, why it always attracts hackers
Cross-chain bridges allow data transfer between cryptocurrencies, smart contract instructions, and blockchains. Although two blockchains may have different protocols, rules, and governance models, a cross-chain bridge can securely connect them together through interoperability.As blockchain is developing rapidly.public chains have emerged one after another. Different public chains have different assets and applications. Cross-chain bridges can transfer assets from A to chain B.
A cross-chain bridge is a chain-to-chain bridge tool that allows assets to be transferred from one chain to another. Two chains can have different protocols, rules and governance models, and bridges provide a way to communicate and be compatible with each other to operate securely on both sides.
Here are the few cross-chain bridge protocol events review
In August 2021, the cross-chain protocol Poly Network was attacked, and nearly $600 million in funds were stolen.
In January 2022, the cross-chain protocol Qubit Finance was hacked and lost $8 million.
In February 2022, the cross-chain protocol Wormhole was hacked, losing $320 million
Is the cross-chain bridge safe? Are cross-chain protocols really more vulnerable to attack?
The main reason for the frequent occurrence of cross-chain protocol attacks is the huge amount of assets accumulated in the chain. Faced with huge temptations, hackers are bound to find ways to attack. In addition, because cross-chain projects are not only smart contracts on the chain but also code with off chain, no matter which part of the project has a problem, it will be exploited by hackers.
In an online interview program, Vitalik Buterin, the founder of Ethereum, once again emphasized that there are security problems in cross-chains. He mentioned that in a single chain, it is very convenient to restore the chain, and everyone can restore assets to their initial state. . But if there is a problem with assets in the case of multiple chains, the recovery of the chain will be a big problem. He is expressing his opposition to Ethereum and other blockchains using cross-chain solutions and supporting multi-chain in Twitter.
Any emerging technology will have certain flaws. Although it is easy to attack, the current cross-chain bridge can solve many problems. In addition to occupying an important position in asset extradition, it can also solve the problem of insufficient performance of the underlying public chain.
1) Reduce the gas fee and speed up the transaction speed.
2) User assets can interact freely, providing a good user experience.
3) Increased productivity and utility of existing crypto assets.
4) Better security and privacy.
Cross-chain bridges are applicable in the following cases:
1) Token exchange between Ethereum and Layer 2 networks, assets are interoperable between chains, faster and easier fund deposits, asset withdrawals to reduce operational complexity.
2) Investors can use cross-chain bridges to speed things up when investing in a new chain, but they must first check its complete mechanism and security.
3) Arbitrage trading through Optimism, Arbitrum and Polygon on decentralized exchanges.
Technically, the project party must do a good job of code auditing of the project before the project is launched. The security consideration of cross-chain projects cannot be limited to the smart contract level. The smart contract code on the chain and other parts of the code off the chain need to be paid enough attention. , the project can run safely only if the security precautions of all nodes of the whole project are done well.
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