Vitalik Buterin gives thumbs down to cross-chain applications By Cointelegraph
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In a Reddit post on Friday, Vitalik Buterin, the co-founder of (ETH), outlined critical security concerns surrounding cross-chain bridges in the blockchain ecosystem. As told by Buterin, storing native assets directly-chain (Ethereum on Ethereum, on Solana, etc.) provides a certain degree of immunity against 51% attacks. Even if hackers manage to censor or reverse transactions, they cannot propose blocks to take away one’s crypto.
The rule also applies to the Ethereum application. For example, if hackers launch a 51% attack (by controlling 51% of all circulating ETH supply) while an investor swaps 100 ETH for 320,000 DAI stablecoin, the end state remains invariant, i.e., the investor would always get either 100 ETH or 320,000 DAI.
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In a Reddit post on Friday, Vitalik Buterin, the co-founder of (ETH), outlined critical security concerns surrounding cross-chain bridges in the blockchain ecosystem. As told by Buterin, storing native assets directly-chain (Ethereum on Ethereum, on Solana, etc.) provides a certain degree of immunity against 51% attacks. Even if hackers manage to censor or reverse transactions, they cannot propose blocks to take away one’s crypto.
The rule also applies to the Ethereum application. For example, if hackers launch a 51% attack (by controlling 51% of all circulating ETH supply) while an investor swaps 100 ETH for 320,000 DAI stablecoin, the end state remains invariant, i.e., the investor would always get either 100 ETH or 320,000 DAI.
Continue Reading on Coin Telegraph
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.