It's estimated that over $2 billion worth of digital assets have been stolen from blockchain bridges in 2022 alone. Why are these bridges targeted and what do you need to know about them? MarcusChxn explains:
Both trusted and trustless approaches can have fundamental or technical weaknesses. To be more precise, the centralization aspect of a trusted bridge presents a fundamental flaw, and trustless bridges are vulnerable to exploits that stem from the software and the underlying code. Simply, if there is a flaw in the smart contract, it is almost certain that parties with malicious intentions will attempt to exploit it.
Unfortunately, there hasn’t been a perfect solution to the conundrum the industry faces. Both trusted and trustless platforms have implicit flaws in their design and compromise the security of the blockchain bridge in their respective ways. In addition, as the value and users of the cryptocurrency industry keep increasing, hackers are getting more sophisticated. Traditional cyberattacks like social engineering and phishing attacks have also adapted to the Web3 narrative to target both centralized and decentralized protocols.
Although not foolproof, a valuable first step towards addressing the security issues on blockchain bridges can be an extremely rigorous source code audit before deploying the bridge on the blockchain. This must be a ground-up check to minimize any flaws whatsoever, because all it takes is one slip up with a bad line of code and hackers have a way in.
Due to that, it is vital for users to do their due diligence before interacting with any bridging ecosystem, which includes checking the documentation, the code and the maturity of the system. This is a means of protecting their crypto while the developers find a solution to overcome the limitations of current blockchain bridging protocols.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Pensacola police respond to deadly hit and runPolice say that at approximately 3:30 a.m. officers were called to the bridge regarding a person hit.
Weiterlesen »
'I have loved and am loved': I am at peaceGrace Segran has been writing about her terminal cancer diagnosis for Cognoscenti since the end of 2021. In this piece, produced for the radio, Grace shares how she's choosing to spend the time she has left.
Weiterlesen »
Florida Has An Outrageous New Law Targeting Teachers. Here's Why I'll Be Breaking It.'My students aren’t the snowflakes Gov. DeSantis assumes they are... and neither am I.'
Weiterlesen »
Prattville constructing pedestrian bridge to support businesses, healthThe state funded 80% of the nearly $600,000 bridge, which is expected to be complete by September.
Weiterlesen »
The Menu at Martha Stewart’s New Las Vegas Restaurant Couldn’t Be More PerfectNicoise salad, roast chicken, and caviar-topped baked potatoes are completely fitting for Martha’s brand of subtle elegance
Weiterlesen »