In a nutshell, cross-chain bridges are protocols that let users move assets between different blockchains. However, these bridges can be vulnerable to attacks because they have a central storage point for funds backing the “bridged” assets on the receiving blockchain. This makes them an attractive target for hackers.
Ethereum co-founder Vitalik Buterin has expressed concerns about the security of cross-chain bridges. He believes that the future is more likely to be multi-chain rather than cross-chain, as native assets are more secure. He also notes that if protocol interoperability extends beyond two bridged chains, the risks will become exponentially greater.
There are currently layer-0 protocols in development that aim to bring interoperability between chains. However, it will take time to prove their robustness. Other cross-chain solutions are also being worked on. It remains to be seen which approach will ultimately be the most successful. We are still in the early stages of this technology, and only time will tell where the future lies.
Exchange | Furo | Docs | Discord | Twitter | Telegram | Newsletter | YouTube | Github
