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Ethereum co-founder, Vitalik Buterin has shared his latest take on the matter of blockchain security. Users, investors, and traders in the cryptosphere should note that there are a lot of concerns in the ecosystem. Among all the concerning factors like security and privacy, 51% attack is an essential one. While observing the security of smaller blockchains, Buterin introduced the concept of shared security by wondering that any sly actor could attack those chains by acquiring more than half of its tokens, or its staking tokens.
The concept of shared security
The Ethereum co-founder has introduced the concept of shared security. Vitalik Buterin claims that independent L1s and side chains could lose everything. Notably, such side chains could potentially enjoy slightly better security.
On the other hand, Buterin highlighted that roll ups were much more secure and assets could not be stolen, as the concept uses proofs to check the validity of events. Hence, it is not just about the size.
Use of different blockchains pose risks
He suggested that cryptocurrencies issued on one platform which are then used on the other chains could pose security risks. Following which, Buterin shared a table to explore the different combinations he felt would provide the most and the least amount of security.
Additionally, it is worth noting that Ether, Optimism, Arbitrum, ZkSync, and StarkEx were either already secured by ETH blockchain or soon to be the same. However, blockchains like Avalanche and Ethereum Classic did not fall under such a shared security zone.
Proof-of-Work goes Ka-POW
Vitalik Buterin has some strong words for Bitcoin Satoshi Vision [BSV]. According to him, the blockchain is weak even in a security setup. Ethereum co-founder claimed that BSV’s PoW consensus mechanism and large blocks made the chain vulnerable.
Following the fact, BSV is not alone in receiving criticism. Previously, Bitcoin Cash also received a slam being called as mostly a failure. However, the reason for such claims is not its security but its community.
In the DeFi ecosystem, users are often using BCH and BSV type assets to avoid high gas fees. But Buterin’s post might prompt users to think of the security consequences of their actions.
