The reason Vitalik Buterin doesn’t believe in cross-chain solutions

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2022-01-09 23:06:11

Ethereum founder Vitalik Buterin has warned about the potential risks of using cross-chain “bridge” solutions to move tokens between different blockchains.

The reason Vitalik Buterin doesn’t believe in cross-chain solutions

As explained by CHK, cross-chain solutions can be roughly understood as “bridges” connecting various blockchain ecosystems, through the use of smart contracts.

Accordingly, users can send Ethereum tokens to an Ethereum and Solana cross-chain project. The project will then lock the user’s ETH in a smart contract and re-issue a token representing ETH on Solana, the user can then carry this ETH token to trade anywhere in the Solana ecosystem, safe and secure. Remember that the token will always be guaranteed value by the real ETH locked in the contract.

Cross-chain solutions are considered a way for blockchains to transfer value between each other, and are increasingly being applied because of their convenience.

However, not everyone agrees on the potential of cross-chain. In a January 8 post, Ethereum founder Vitalik Buterin pointed out another dangerous aspect of cross-chaining, in which case one of the two connected blockchains suffers a 51% attack.

According to Vitalik Buterin, assets when stored on its native blockchain will have a certain level of security even if the network is attacked by 51%. An attacker will only be able to interfere or reverse the transaction of a certain block, but will not be able to create a block to get money in the user’s wallet as this would violate the basic principles of blockchain. Suppose a user is trading 1 ETH for 3200 DAI at the time of Ethereum’s 51% attack then the result is that he is either receiving 3200 DAI, or he remains 1 ETH – in other words, ownership. is unaffected.

However, nothing can guarantee the value of the asset when it is transferred to another blockchain. The founder of Ethereum took the example of someone who wanted to bring 1 ETH to the Solana network through some cross-chain solution. The transaction went smoothly and was approved by the cross-chain side and issued a token representing ETH on Solana. However, at that moment, Ethereum was attacked by 51%, the island was transferred ETH to the cross-chain wallet, leaving the issued tokens without ETH to guarantee value. As a result, the ETH tokens on Solana of that cross-chain solution will all be depreciated.

The above is just a simple example, Vitalik Buterin thinks that the problem will become much more serious because today’s major blockchains are all widely connected through cross-chain solutions, only one incident on This blockchain alone can have a knock-on effect on all assets connected to its version on other blockchains.

The founder of Ethereum has continuously made remarkable statements on social networks in the past time, contrary to his tight-lipped image in the past. On the occasion of the New Year 2022, Vitalik Buterin has compiled analytical articles over the past 9 years, predicting most of the current trends of Ethereum, except for NFT.

Buterin last week also posted a new proposal to address the high fees of the ETH network, which would apply a different EIP-1559 fee calculation method for each specific type of transaction.

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