Maximise your Metaverse potential, giving you daily rewards and a passive income of 0.5% daily I'm going in!

Vitalik Buterin disapproves cross-chain applications

3 min reading

The co-founder of Ethereum identifies "fundamental security limits of bridges" as the main cause for his rejection.

Vitalik Buterin, the co-founder of Ethereum (ETH), expressed severe security issues about cross-chain bridges in the blockchain ecosystem in a Reddit post on Friday. Buterin says that keeping native assets straight on the chain (Ethereum on Ethereum, Solana on Solana, etc.) gives considerable protection against 51% attacks. Though if hackers can censor or reversal transactions, they are not able to suggest blocks that will strip away one's crypto.

The Ethereum application is also subject to regulation. For instance, if hackers execute a 51% attack (managing 51% of all circulating ETH supply) whereas an investor trades 100 ETH for 320,000 DAI stablecoin, the final result remains constant, i.e., the investor continuously receives either 100 ETH or 320,000 DAI.

Buterin went on to say that cross-chain bridges do not have the same degree of security.

In the instance, he cited, if an attacker transferred their own ETH onto a Solana (SOL) bridge to acquire Solana-wrapped Ether (WETH), then retracted the transaction on the Ethereum side as quickly as possible as the Solana side approved it, other users whose tokens are trapped in the SOL-WETH contract would undergo severe losses because the wrapped tokens are no longer supported by the original on a ratio of 1:1.

Buterin went on to explain how the security flaw could worsen the issue if more links are added to a cross-chain network. Because of the high extent of interconnection and intersecting variables in a theoretical network of 100 chains, a 51% attack on one chain, particularly a small-cap chain, can induce system-wide spread.

A 51 % attack vector against the Ethereum network can cost as much as $1.78 million per hour, as per Crypto 51. For blockchains like Bitcoin Cash, though, the cost reduces to as low as $13,846 per hour.

Currency Exchange rate Buy cryptocurrency

Maximise your Metaverse potential,
giving you daily rewards and a passive income of 0.5% daily

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the ommyo privacy policy is available in this document.

Advanced settings can be changed in your browser.