Blast Addresses Concerns About Security and Operations
The development team behind Blast, a newly launched Ethereum Layer-2 solution, has responded to negative claims about the protocol’s security and operations. These concerns were raised by Jarrod Watts, a developer relations engineer at Polygon, who questioned Blast’s proposed aim, user asset safety, and accessibility.
According to Watts, Blast operates an upgradable security contract managed by a ⅗ multi-sig authorization model. While upgradable contracts are common in L2 solutions, Watts points out that this arrangement is usually temporary. In Blast’s case, it is a permanent security model that could potentially jeopardize user assets if a malicious third party gains majority control of the contract keys.
Watts also argues that Blast does not qualify as an L2 solution because it lacks a testnet, transactions, bridge, roll-up, and any proof of data communication with Ethereum. Additionally, users are currently unable to access the yields on their deposits as the platform does not have a withdrawal feature.
Blast’s Response to Security Concerns
In response to these concerns, Blast defends its upgradable security model as superior to an immutable contract in terms of complex operations. The development team acknowledges that no smart contract can be completely bug-free and emphasizes the potential risks of bugs in immutable contracts for blockchain networks.
Furthermore, Blast assures users of the strength of its multi-sig model. They explain that all five keys are kept in cold storage and managed by separate individuals in different geographic locations.
Hot Take: Blast Addresses Security Concerns Amidst Growing Attention
The development team behind Blast has responded to concerns raised about the security and operations of their Ethereum Layer-2 solution. These concerns were brought up by a developer from Polygon who questioned aspects of Blast’s security model and whether it qualifies as an L2 solution.
While Blast defends its upgradable security contract and emphasizes the potential risks of bugs in immutable contracts, critics argue that this arrangement poses a long-term threat to user assets. Additionally, the absence of key features like a testnet and withdrawal functionality raises doubts about the platform’s functionality.
As Blast gains attention with a significant Total Value Locked within days of its launch, it remains to be seen how these concerns will impact its reputation and adoption in the crypto community.
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