Ripple X Developers Creating a Cross-Chain Bridge to Address Hacking
The team behind the XRP ledger (XRPL) has joined forces with the Ripple development lab to launch a cross-chain bridge to improve interoperability within the blockchain ecosystem and address malicious attacks. The dedicated developers shared the XLS-38d with the leading internet service provider Github. The cross-chain report was shared on February 23 to examine whether the proposed XRPL meets the global standards.
Community Speculation on Cross-Chain Bridge
As per Github findings, the XRPL report outlined the procedure and conditions the developers must follow to execute the new cross-chain bridge project.
The developers plan to conceal digital assets centered on one blockchain in the XRPL account. During the transition, the standards developed will safeguard the locked token from losing the value that will later be issued to another blockchain.
The XRPL report was formulated by a tech engineer at RippleX, Mayukha Vadari, with his counterpart Scott Determan.
On February 23, Vadari conveyed essential information on Twitter concerning the security of the XRPL in mitigating hacks.
In response to his tweet, the Twitter community became interested in the XRPL functioning and questioned its potential to address a hack. Vadari argued that his team invested more effort in research on bridge security. He stated that the XRPL report had focused more on security concerns.
In his recent tweet, Vadari considered the hackathon program suitable for upholding bridge security.
Scope of XRPL Standard
A follow-up tweet from Vadari revealed that the developers are seeking a sustainable security audit.
The developers agreed that the cross-chain bridge would act as a signer list. Following an embroiled dialogue, the developers were compelled to develop an emergency action in the event of a bridge hack. The signer list provides the most secure fund transfer method that will be useful amid an emergency transaction.
Recently, cross-chain hacks have become a news highlight due to hackers’ spiking appetite to exploit the bridges in the decentralized finance (DeFi) world.
A recent study from Chainalysis revealed that hackers had drained over $2 billion in cross-bridge exploits. Based on the Chainalysis results, cross-chain hacking activity gained momentum in the previous trading year. It was reported that the bridge attacks constituted 69% of the stolen investors’ assets.
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