At least $100 million worth of cryptocurrency was recently stolen in an exploit targeting the BSC Token Hub, a cross-chain bridge on the BNB Chain. The incident resulted in validators on the BNB Chain halting the network to prevent further exploits while the issue is resolved.
As the entire crypto ecosystem has grown rapidly, so have hacks, exploits, and theft incidents, with the majority occurring on DeFi protocols. Although this hasn’t gone unnoticed by builders and developers in the space, who are constantly working to improve on-chain security, there is still a ways to go before the wave of incidents subsides.
In the case of the BNB exploit, Binance and the BNB Chain validators took swift action to secure the network and prevent further damage. But, once again, this brings into question the state of security on decentralized blockchains.
Security-centric blockchains are a must
A comparable example to Binance’s BNB Chain is GateChain, a public and decentralized blockchain developed by Gate.io. While sharing many similarities in terms of purpose and usage, like serving as the foundation for a DeFi ecosystem and digital asset storage, GateChain has some very interesting security features.
Unique to GateChain are on-chain security innovations that allow wallet recovery and transaction reversal. For example, suppose a private key is forgotten, misplaced, or stolen. In that case, GateChain users can utilize a preconfigured on-chain vault account to regain access to their funds. Even more, if anyone, such as a hacker, gains unauthorized access to a wallet and tries to steal funds, transactions can be revoked using the vault account during a time-delay period.
One common goal
The blockchain industry is filled with developers racing to solve various use cases. Still, one goal everyone is undisputably united on is user asset security. And innovations in blockchain security, like GateChain’s, are a direct response to the need for more hardened asset safety in the wake of rising instances of theft. While there is still progress to be made in strengthening security, developers like the one’s behind BNB Chain and GateChain are working to evolve and improve safety and reliability for crypto users.
