Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: DearMary on March 15, 2023, 09:59:39 AM
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seeks a solution from within the Bitcoin blockchain.
Most bridge protocols use central storage to back assets on the receiving blockchain, creating a target spot for hackers. The lack of developer expertise compared to the complex nature of creating a bridge that works across multiple networks causes security vulnerabilities, making cross-chain bridges the largest attack surface of the DeFi space.
To make DeFi more resilient to exploits, a new approach removes this weak link between blockchains. Mintlayer is a layer-2 blockchain on the Bitcoin network that aims to connect its sidechain to the Bitcoin community with as little friction as possible. Users can build any type of existing DeFi application on Mintlayer without compromising the core fundamentals of security and decentralization that the Bitcoin community is built on.
Mintlayer aims to eliminate token bridges, the largest attack surface of DeFi, which costs users billions of dollars every year. Instead of wrapped tokens, users can exchange their BTC for tokens on the Mintlayer blockchain via atomic swaps. By not requiring any sort of cross-chain bridges, wrapped tokens or pegging mechanism to use Bitcoin on its blockchain, Mintlayer eliminates the risks associated with bridges and third-party custody.