Why Blockchain Bridge is Useless? | Bitcointalksearch.org

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Quote from: fennic on October 08, 2022, 07:32:07 AM

The Blockchain bridge is Useless because there is a reason behind this. All types of bridges have common security flaw that turns Blockchain into vulnerability and hackers can attack easily.

And also Blockchain bridge makes things more centralized. And currently BNB 600 million dollars hack indicates that we should stay away from this.

Most hacks these days are occurring on crypto bridges. They make a great target because they hold billions of dollars in coins/tokens. The only real solution I have seen to this problem is by the internet computer (ICP), which is integrating BTC and ETH directly on its chain, which means that smart contracts on the internet computer will be able to hold ETH, do cross contract calls, transfers etc. without bridging.

dimonstration

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Bridge is the best thing that invented in crypto because it solve the issue of blockchain to connect to each other. Bridge interoperability connects different blockchain and makes dapps more accessible to all user in different chains. The problem is on the developer side of the bridge since they are releasing bridge with a failed code. Sometimes the hack is done through inside job which is the cons of anonymous project nowadays.

TastyChillySauce00

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It's not useless but anyone didn't aware if the hacker has been using different formula and he able to gets the vulnerability in the platform. The developers didn't aware if there was a loopholes on its bridge that makes hacker able to printing more and more tokens. I think that you can't blame if bridge was useless caused by it's giving some people abiility to avoid the high fees in specific blockchain. It's still useful for now.

gunhell16

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Quote from: fennic on October 08, 2022, 07:32:07 AM

The Blockchain bridge is Useless because there is a reason behind this. All types of bridges have common security flaw that turns Blockchain into vulnerability and hackers can attack easily.

And also Blockchain bridge makes things more centralized. And currently BNB 600 million dollars hack indicates that we should stay away from this.

I agree that the bridges used here are not really helpful in cryptocurrency. It also only adds confusion to most crypto enthusiasts.
And it even became a bridge to steal assets as far as I know.

That's why it wasn't popular or enjoyed by the community here in the crypto world to be honest. And I've noticed that it's a bit less talked about in the cryptocurrency industry and it's even better.

naira

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Quote from: fennic on October 08, 2022, 07:32:07 AM

The Blockchain bridge is Useless because there is a reason behind this. All types of bridges have common security flaw that turns Blockchain into vulnerability and hackers can attack easily.

Blockchain bridge is here to provide an alternative for anyone, but it can be useful for those who really need it or like you who blatantly say it is useless. Simple if it's useless, then no one will force you to use it. Blockchain Bridges have helped those who are underpaid to fulfill some delivery requirements but all always have risks as these risks are beyond the control of Blockchain Bridge providers. They also strengthen the system, but that is by no means completely secure and you are free to use them for free. This requires maintenance costs. Blockchain Bridge takes to profit from Fees from you when bridging Blockchain 1 to another Blockchain.

blockman

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Whether there's a bridge or none, hackers will always look out for those systems that are lucrative and has got money on them. So, if a technology that's based on the bridge comes out, the hackers would chase it out. As you tell that bridge is useless, it's useless because it's been hacked.
But if it's making a lot of transactions easier and it's not hacked, people will say that it's the most brilliant idea in the blockchain technology because it makes things easier.

danherbias07

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I have used one bridge before from BSC to another chain just because it is crowded and the developer of the game decided to create their own for speed of transaction and cheaper payments. But the main target is speed and avoiding heavy traffic.
My thoughts? Well, it helped and I got thru without any problem with hacking or anything.
Did they achieve the goal or was it successful? Yes, it is. Right now, every player of the game is using the new chain and we don't have any problems with our transactions. It is fast and cheap.
There's a good and bad side to it, sadly there are those who took advantage of the low security it has.

Lagduf

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It's not a useless things but it seems like mostly of blockchain bridges have so many flaws that have not yet discovered. The vulnerabilities are still not yet discovered by the developers. I rarely see the blockchain bridge was doing bug bounty or something like that to discover the bug in the bridge. It's not so useless at all but it contains tons of bugs. Buggy bridge lol.

Lantind

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Quote from: fennic on October 08, 2022, 07:32:07 AM

The Blockchain bridge is Useless because there is a reason behind this. All types of bridges have common security flaw that turns Blockchain into vulnerability and hackers can attack easily.
https://imgur.com/a/Vkup30l
And also Blockchain bridge makes things more centralized. And currently BNB 600 million dollars hack indicates that we should stay away from this.

Yes. If we look at the BSC hack not at the source, it means not on the BSC blockchain. However, the hack occurred due to the blockchain bridge. This worries us in the use of Blockchain bridges, or generally used to convert coins from different blockchains.

dwminer1

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I wouldn't say blockchain bridge is useless. Recent events clearly show that they require the work of programmers and improvement, especially in the field of security, but I believe that blockchain bridges are necessary and useful. The only alternative to blockchain bridges are centralized exchanges, and these are not a good solution for many people from the crypto world.

SquirrelJulietGarden

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Quote from: fennic on October 08, 2022, 07:32:07 AM

The Blockchain bridge is Useless because there is a reason behind this. All types of bridges have common security flaw that turns Blockchain into vulnerability and hackers can attack easily.

Having risk and was exploited does not mean it is useless. There are utilities of blockchain bridges but technology and security must be developed and enhanced so that transactions through bridges will become safer considerably.

Without bridges, you will have to sell one token on one blockchain and use money to buy it on another chain. It is uncomfortable for people but if taking into consideration about risk of exploitation via bridges, I would like to do this. Also bridges charge high fee, not cheap.

Quote

And also Blockchain bridge makes things more centralized. And currently BNB 600 million dollars hack indicates that we should stay away from this.

Only Bitcoin is decentralized from founder's disappearance to decentralized full nodes and mining farms. It can not be shut down by a single person or company. Altcoins are centralized exclusively their altcoin bridges.

Jawhead999

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Not really, Lightning network is also a blockchain bridge for Bitcoin, but as we can see Lightning network isn't centralized like BSC chain.

BSC chain is garbage since it's centralized and has security flaws, BNB is a garbage coin without any use case and centralized, Binance is also a garbage centralized exchange that force their users to submit KYC without ask all their clients to withdraw all his coins before the implementation. Why does many people still believe in CZ? I think they're just blindly trusting someone without thinking twice.

hugeblack

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It is not useless but rather a central failure blister, but the developers who profit from the fees of these transactions do not put much effort into developing systems that make it impossible to reach bugs inside these bridges, and a large part of those hacking are due to people who worked or are still working on developing Those bridges.

So, it is up to you to trust this bridge and thus give it more power or push towards developing decentralized solutions.

Tytanowy Janusz

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Quote from: fennic on October 08, 2022, 07:32:07 AM

The Blockchain bridge is Useless because there is a reason behind this. All types of bridges have common security flaw that turns Blockchain into vulnerability and hackers can attack easily.

And also Blockchain bridge makes things more centralized. And currently BNB 600 million dollars hack indicates that we should stay away from this.

well... If you dont use blockchain and only invest in projects and hope for pump then yes ... in your perspective bridges are useless. But for person who needs to switch from 1 blockchain to another from time to time there is only 1 alternative which is a centralized exchange which is even bigger vulnerability.

cryptoaddictchie

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Yes there is a flow but having bridges to multiple chain isnt that helpful? I think it has it pros as well but the only problems are those flaws that exploited by scammers and resulting to scam and stolen funds. What is more important are those defi genius created some ways for us to have convenient ways for transfering. Theres always a flaw on a system its not like weve had a perfect place for something just trying out for few years.

Crypt0Gore

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The most common hacks in crypto space since last year is on bridge platforms, it seems developers haven't really come up with an effective solution about bridge security, I try to stay away from any bridge/defi projects for now and I advise everyone to do the same, bridge projects are not safe.

fennic

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The Blockchain bridge is Useless because there is a reason behind this. All types of bridges have common security flaw that turns Blockchain into vulnerability and hackers can attack easily.

And also Blockchain bridge makes things more centralized. And currently BNB 600 million dollars hack indicates that we should stay away from this.

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