By Nathan Ferguson
Several people have “what if”-type questions regarding cryptocurrency and more than half of the time the respective attack is preferred to revisit. At present, Vitalik Buterin (the founder of Ethereum) has provided a unique solution for this situation, as he considers the smaller chains’ security.
Size does not matter that much
In a thread of Reddit, Vitalik Buterin provided the idea of shared security by determining whether an illegal actor could target a small chain via purchasing up to half of the tokens, or the staking tokens thereof. He asserted that autonomous L1s as well as side chains are liable to lose everything they have. However, a better form of security might be enjoyed by side chains. In the end, the Ethereum founder stated that launches were relatively safe and the chances for the assets to be stolen were next to nothing, as the launches utilized proofs detecting the events’ validity.
In addition to this, it is not only about the size. Buterin proposed that there are some security hazards linked with the assets being introduced on a platform and then utilized over some other chains. He moved on to mention that this is known as shared security. In his words, if the assets are being held on a smaller chain along with the provision of some adequate improvements, it is safer than carrying these things out on the larger chains.
Vitalik additionally provided a table presenting the diverse combination that in his consideration would deliver most as well as the least security to the holders of the assets. He went on to discuss that the StarEx, ZkSync, Arbitrum, Optimism, and Ethereum were either secured on the behalf of Ethereum or will get that status shortly. Nevertheless, Ethereum Classic and Avalanche did not get categorized under the zone of shared security.
Vitalik Buterin and proof-of-work
The Ethereum founder spoke some severe words about the BSV (Bitcoin Satoshi Vision). Classifying the chain of security as weak in the security setup of BSV/BSV, he asserted that the proof-of-work mechanism thereof, as well as the big blocks, caused the chain to be conveniently attackable. In this respect, the BSV is not solely inviting criticism. Vitalik Buterin formerly slashed BCH (Bitcoin Cash) and termed it to be a failure. But, the security of BCH was not the reason for it instead it was the community of the project.