Značka: Multi-Chain

Interchain Accounts is the biggest upgrade to Cosmos since Stargate

Interchain Accounts is the biggest upgrade to Cosmos since Stargate

podľa | feb 17, 2022 | 0 |

On Thursday, The Interchain Foundation, a non-profit steward of the Cosmos (ATOM) ecosystem, announced the release of Interchain Accounts. The inter-blockchain communications protocol (IBC) enables an entire blockchain to control an account on a separate chain. It is the largest software upgrade to the Cosmos cyberspace since Stargate. To date, there are 38 projects utilizing IBC, including Terra Luna, Crypto.org, and Gravity Bridge, with 8.4 million transactions in the past 38 days.With Interchain Accounts, one blockchain can access the application features of another blockchain, such as staking, voting, swapping tokens, etc. “Enabling composability in IBC allows innovation in distinct applications to be deployed without needing to upgrade the entire Interchain,” says Charleen Fei, IBC product lead at the Interchain Foundation.The same day, deBridge, a cross-chain interoperability and liquidity transfer protocol, announced the launch of its mainnet. Through deBridge, users will be able to transfer assets and data between blockchain networks starting with Ethereum (ETH), BNB Chain (BNB), Huobi Eco Chain, Arbitrum, and Polygon (MATIC). For example, Solana users can interact with protocols in Polygon directly from their Phantom wallets without switching wallets or networks.Similar to Cosmos’ Interchain Accounts, projects can also integrate with deBridge’s infrastructure to tap into the various cross-chain opportunities the protocol enables, such as asset swaps and transfers, governance voting, farming strategies, nonfungible tokens, oracle data, and much more. deBridge has been audited by Halborn, Zokyo, and Ackee Blockchain and maintains an ongoing bug bounty program on Immunefi.In addition to its public mainnet, deBridge is launching its official partnerships with decentralized exchange aggregators 1inch and ParaSwap for Cross-chain swaps. deBridge uses a lock and mint approach that continuously validates the current state of the protocol and checks if the total supply of the wrapped asset is entirely backed by its collateral. If a wrapped asset loses its peg, security monitoring can automatically pause the protocol. Validator nodes also continuously update the state of the token balances on each supported blockchain and never allow total withdrawals of an asset to exceed its total deposits.

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Vitalik Buterin gives thumbs down to cross-chain applications

Vitalik Buterin gives thumbs down to cross-chain applications

podľa | jan 7, 2022 | 0 |

In a Reddit post on Friday, Vitalik Buterin, the co-founder of Ethereum (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, Solana 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.However, Buterin continued, that the same level of security does not apply to cross-chain bridges. In the example he raised, if an attacker deposited their own ETH onto a Solana (SOL) bridge to obtain Solana-wrapped Ether (WETH) and then reverted that transaction on the Ethereum side as soon as the Solana side confirmed it, it would incur devastating losses on other users whose tokens are locked in the SOL-WETH contract, as the wrapped tokens are no longer backed by the original on a 1:1 ratio.Buterin further outlined how the security exploit could scale negatively as more bridges are added into a cross-chain network. In a theoretical network comprising 100 chains, the high level of interdepency and overlapping derivatives would mean that a 51% attack on one chain, especially a small-cap one, can cause a system-wide contagion. According to Crypto 51, it costs as much as $1.78 million an hour for hackers to mount a 51% attack vector against the Ethereum network. However, the cost drops to as little as $13,846 per hour for blockchains such as Bitcoin Cash.My argument for why the future will be *multi-chain*, but it will not be *cross-chain*: there are fundamental limits to the security of bridges that hop across multiple “zones of sovereignty”. From https://t.co/3g1GUvuA3A: pic.twitter.com/tEYz8vb59b— vitalik.eth (@VitalikButerin) January 7, 2022Related: Vitalik proposes new ‘multidimensional’ Ethereum fee structure

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