'In any complex financial system, risk will likely never be zero, but users must be protected where possible,' the Flare Networks CEO noted.
Integrating Decentralized Cross-Chain Communication Makes Bridges 'Substantially Safer' — Flare CEO
To date, sufficiently secure and decentralized mechanisms to acquire and confirm state between disparate blockchains, apart from rollups, have not been built. A single solution likely does not exist. Instead, potentially multiple, different solutions will suit different use cases.HP: BCN: What do you think made cross-chain bridges quite notorious in 2022 and are there any innovations that could help restore users’ faith in bridges? Also, can bridging solutions give users a fair degree of protection against the risk of losing their assets?[The years] 2021 and 2022 have witnessed large-scale cross-chain experimentation. As a result, cross-chain bridges received their first real stress tests.
BCN: How can the non-smart contract chains be connected with one another and is it possible to upgrade or to make crypto assets like bitcoin compatible with the defi world?Blockchains are siloed public databases that cannot natively read or report external transactions. At Flare, we are working on two general models to upgrade non-smart contract chains: payment triggers and bridging.
BCN: So what novel opportunities and use cases do you foresee if non-smart contract assets can be used for defi and Web3 activities?, and dogecoin. Wide-scale usage of non-smart contract assets in Defi would mean greater liquidity for the market and reduced reliance on centralized services for users.
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