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Bitcoin Cash and Security

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Avatar for yourfriendlyagorist
5 months ago

I've been watching terrible things exploring Twitter recently; it seems like primary L1s and some L2s security systems are getting broken constantly, from exploits to hacking bridge funds and destabilizing networks.

This morning the Nomad Bridge suffered one of their most significant exploits by flawed and complex coding implementation ,resulting in a loss of over $150M and creating one of the most chaotic situations in Web3.

Chart by DeFiLlama at real time of the exploit.

This bridge was built under the Optimistic Rollup to provide faster and safe transactions, but it is not the first time Optimistic Rollups struggled and created awkward situations in cryptocurrencies. Optimism scaling project already had an airdrop problem where people couldn't get the token, and some wallets weren't receiving any information regarding the claim.

Source: https://thedefiant.io/optimism-airdrop-demand-surges/

Why it's Web3 so fragile when cryptocurrencies have already reached an excellent decentralized state and can extend their usage towards massive adoption? That's an easy answer. Less powerful, and limited systems makes BCH as a central figure towards the development of Web3 tools.

Ethereum has a pretty congested Virtual Machine that keeps moving slowly due to consensus finality and big loads of data moving from off-chain to on-chain in different layers. This cannot be the central system of internet finances. It would create a bubble easy to explodes when the network can't manage all the intensity.

With the Bitcoin Cash P2P vision, PoW elements make the network safe since it needs a physical component to participate (which makes attacking the network pretty tricky). A robust EVM smart-contracts execution makes bridges a nicely stable tool in SmartBCH.

BlockNG keeps growing and gaining the trust of SmartBCH users.

The BlockNG bridge was made as a temporal backup, but it has already proved its quality, and it works smoothly, a big surprise considering how fast it was made under the guidance of different teams.

This shows how powerful SmartBCH can be for those who lost their funds in unfortunate exploits and hacking in different L1s or slow networks.

SmartSwap, MistSwapDEX, LawPunks, TangoSwap, LNS, and tons of products await those searching for a safe place to invest money and enjoy the economic benefits of DeFi.

If you have friends who are suffering from Solana and Ethereum inconsistencies then you can give them a warm welcome by teaching them to farm different tokens through LPs or buying some fun NFTs; they need to embrace the same sentiment when they buy their first tokens.

If you care about security and building a community, then Bitcoin Cash and SmartBCH is a home for you and all the people close to you, spread the word and help others to reach safe economic freedom.

This is my way of saying some words on the 5th Anniversary of Bitcoin Cash to read.cash folks! It's already been a while since I started to use Bitcoin Cash and the experience remains the same. 5 years of low fees and zero network shutdowns. Let's keep building!

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Avatar for yourfriendlyagorist
5 months ago
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