On January 20th, Vitalik Buterin re-emphasized in the program interview that there are great security problems in cross-chain. He mentioned that in a single chain, you can easily restore the chain, and everyone can restore the asset to the initial state. In the case of multiple chains, if there is a problem with the asset, the recovery of the chain will be a big problem.
Although for Vitalik Buterin, cross-chain bridges are not ideal because they increase the security risks in the process of asset transfer, but in fact, after the industry has rapidly entered a multi-chain ecosystem, the proposal and emergence of cross-chain bridges have increased to satisfy the needs of users.
As we all know, a cross-chain bridge is a chain-to-chain bridge tool that allows tokens and assets to be transferred from one chain to another. Two chains can have different protocols, rules and governance models, and bridges provide a way to communicate and be compatible with each other to securely interoperate on both sides.
With the development of public chains such as Polkadot, Solana, Avalanche, and Fantom, COSMOS quickly came out of the circle with its own strength.
Cosmos is an ecosystem of interoperable but autonomous blockchains focused on permissionless cross-chain data exchange. It allows any Cosmos blockchain to send data to any other Cosmos chain. It allows developers to build a new chain and send tokens to the Cosmos Hub, and the Cosmos Hub sends tokens such as ATOM to this newly created chain, which is now possible in Cosmos.
So far, Cosmos has seen a tremendous growth in 2021 with more than 260 blockchain projects, with well-known projects such as Binance Smart Chain, Terra and Crypto.com being built using the Cosmos SDK software development kit. According to data, the Cosmos ecosystem already has over $170 billion in funding.
Of course, the current cross-chain bridge track represented by Cosmos is in full swing. On September 8th, 2021, when Dmitriy Berenzon systematically summarized the cross-chain bridge track, there were more than 40 different cross-chain bridge projects. As of December 31st, 2021, there were at least nearly 100 projects on the market. A cross-chain bridge project. According to the data monitoring of Dune Analytics, as of November 1st, 2021, the total lock-up of 16 major cross-chain bridges has reached about 22.032 billion US dollars, accounting for about 9.10% of the total lock-up of DeFi. The TVL has increased by 37.40% in the past 30 days, and the TVL has increased by 135.36% in the past 60 days.
From the current development of the cross-chain bridge, the First Class Blockchain Research Institute believes that the expansion technology of state channels, side chains and atomic swaps focuses on the problems of BTC blockchain capacity limitations and high transaction fees, and has developed the Lightning Network. , Pegged Sidechains, and other projects or technologies; while the expansion technology from state channel to sidechain to Plasma to Rollup focuses on more application scenarios, such as: realizing on-chain asset swap, on-chain anonymous transfer, enhanced zone Block interoperability, etc., and constantly explore general cross-chain technology with stronger scalability.
For the security issues raised by Buterin, Coinbetter also expressed its recognition. All along, Coinbetter has been paying close attention to the development of the cross-chain bridge track, and has also a vigorously developed in the cross-chain bridge this year to truly allow users to enjoy convenient services.
Coinbetter revealed that its cross-chain bridge solution adopts a new type, which is different from the existing cross-chain solutions in the current market. Any cross-chain assets of users have an independent and secure cross-chain custody address, and the verification logic and security of asset deposit and withdrawal from a Security exchange can even compete with centralized exchanges.
Coinbetter cross-chain bridge will establish the world's largest open-source ecosystem of multi-chain interconnection, opening a new era of multi-chain interoperability of blockchains.
If you have any thoughts and questions about the cross-chain bridge, please feel free to contact us. Coinbetter Market Brand Cooperation Email: media@coinbetter.com, looking forward to hearing from you.