Tech Talks Daily 2144: DFINITY - How to Put an End to Blockchain Hacks
In the space of three days, Solana lost about $4.5 million worth of tokens to hackers while the Nomad protocol was drained of $200 million. Zooming out, ChainAnalysis estimates that $2 billion in cryptocurrency has been stolen from cross-chain bridges across 13 separate hacks so far this year.
Dominic Williams, the founder of DFINITY Foundation shares his take on the prevalence of blockchain hacks and the fundamental infrastructure flaws behind their regular recurrence. It's Dominic's assertion that these hacks will continue so long as trusted intermediaries reign supreme in the blockchain world. Until the industry steps away from centralized MetaMask-style wallets, hacks of this nature will continue.
The DFINITY Foundation is building the Internet Computer Protocol (ICP). This set of protocols allows independent data centers worldwide to band together and offer a decentralized alternative to current centralized internet cloud providers.
Dominic highlights why hacks keep happening in blockchain and how the industry can best approach the problem. Dominic also shares his opinions on the bear market and what we can expect from the DFINITY Foundation.