Buterin opines about how the multi-chain blockchain system appeals to him more than cross-chain applications due to security concerns.
Vitalik Voices Pessimism Against Cross-Chain
The Ethereum co-founder, Vitalik Buterin, has elaborated on the reasons he believes that multi-chain is the right way forward for networks like Ethereum and Solana.
Buterin made his opinions known during a Reddit AMA held by Ethereum Foundation’s Research team on January 7. His understanding of the matter is based on cross-chain bridges’ limitations on combatting and protecting the networks against 51% attacks. The Ethereum network’s native token, ETH, has fallen prey to the marketwide price crash and is currently exchanging hands in the $3,000 range, as per data from CoinMarketCap.
“Many people have the mentality that “if a blockchain gets 51% attacked, everything breaks, and so we need to put all our force on preventing a 51% attack from ever happening even once”. I really disagree with this style of thinking; in fact, blockchains maintain many of their guarantees even after a 51% attack, and it’s really important to preserve these guarantees,” highlighted Buterin during the AMA.
“I don’t expect these problems to show up immediately. 51% attacking even one chain is difficult and expensive. However, the more usage of cross-chain bridges and apps there is, the worse the problem becomes. No one will 51% attack Ethereum just to steal 100 Solana-WETH (or, for that matter, 51% attack Solana just to steal 100 Ethereum-WSOL). But if there’s 10 million ETH or SOL in the bridge, then the motivation to make an attack becomes much higher, and large pools may well coordinate to make the attack happen. So cross-chain activity has an anti-network-effect: while there’s not much of it going on, it’s pretty safe, but the more of it is happening, the more the risks go up,” concluded Buterin wrapping up his elaborate post.
As previously reported by BSC News, Buterin made an elaborate blog post on Nov. 1, 2021, on his outlook of cryptocurrency cities. In the blog, he has highlighted the two distinct features of blockchain networks that could resolve issues that are caused by inefficient governance.
Who is Vitalik Buterin?
Vitalik Buterin is a Russian Canadian programmer and writer who founded the Ethereum Network along with Gavin Wood back in 2014. He is also the co-founder of the Bitcoin Magazine that was started in 2011. Since then, Buterin has grown to become one of the most prominent personalities in the crypto domain and regularly opines himself on issues related to blockchain technology and futuristic applications in his blog.
Find more about Buterin here:
Source : bsc.news
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