Blast

Security

<div class="cryptonews">
 <p class="is-style-lead">Paradigm-backed network Blast addressed skepticism surrounding its blockchain model following a swift rise to over $300 million in market cap and promises of a token airdrop.</p>
 <p>Blast Bridge, an L2 network on Ethereum, pushed back on security concerns espoused by some in the crypto community due to the protocol’s smart contract architecture which safeguards assets using a <a rel="noopener noreferrer nofollow" title="multi-sig" href="https://thebittimes.com/tag/multi-sig.html">multi-sig</a>nature build.</p>
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    <p lang="en" dir="ltr">There are often misunderstandings when it comes to security. Security <a rel="noopener noreferrer nofollow" title="exists" href="https://thebittimes.com/tag/exists.html">exists</a> on a <a rel="noopener noreferrer nofollow" title="spectrum" href="https://thebittimes.com/tag/spectrum.html">spectrum</a> (nothing is 100% <a rel="noopener noreferrer nofollow" title="secure" href="https://thebittimes.com/tag/secure.html">secure</a>) and it's nuanced with many dimensions. There's smart contract security, browser security, physical security. Each dimension has separate attack vectors.</p>— Blast (@Blast_L2) November 24, 2023
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 <p>On Nov. 24 via an X thread, the project said no contract code security is completely airtight and that each smart contract design has its associated vulnerability. Blast pointed to other layer-2 blockchains like Arbitrum and Polygon that use <a rel="noopener noreferrer nofollow" title="multi-sig" href="https://thebittimes.com/tag/multi-sig.html">multi-sig</a> wallets to hold funds, adding that this option holds benefits if executed correctly.</p>
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> CoinGecko reports Arbitrum is largest L2 solution
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  <p>You want to make sure that each signing key of a multi-sig is independently secure. This helps make the multisig antifragile. Each key should be in cold storage, managed by an independent party, and geographically separated.</p> <cite>Blast L2 via X</cite>
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 <p>Blast stressed that veteran technical engineers comprise the five signatories for its <a rel="noopener noreferrer nofollow" title="multi-sig" href="https://thebittimes.com/tag/multi-sig.html">multi-sig</a> wallet. The project also shared plans to further bolster resilience and mitigate black swan events by initiating an upgrade to the underlying hardware wallet provider leveraged for its contentious <a rel="noopener noreferrer nofollow" title="multi-sig" href="https://thebittimes.com/tag/multi-sig.html">multi-sig</a> structure.</p>
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  <p>This will ensure that no single hardware wallet type is used 3-of-5 times, maintaining safety even in an unprecedented hardware wallet compromise scenario.</p> <cite>Blast L2 via X</cite>
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 <p>Blast captured attention as Tieshun Roquerre, aka Pacman, co-founder of NFT marketplace Blur, announced the L2 network after raising $20 million from investors like Paradigm. The deposit-only protocol offers native yield to users, promising an airdrop for early supporters and a mainnet launch in the near future.</p>
 <p>The one-way bridge zoomed to a market cap above $300 million as of press time following massive inflows into Blasts’s contract address. Additionally, Blast’s asset portfolio provided by DeBank showed millions held in Lido’s staked Ether (stETH) and Maker’s DAI, a defi stablecoin.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Coinbase’s L2 network Base loses over 16% TVL in a week
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/l2-blast-on-multi-sig-debate-security-exists-on-spectrum-nothing-is-fully-secure-tbt71559.html">https://thebittimes.com/l2-blast-on-multi-sig-debate-security-exists-on-spectrum-nothing-is-fully-secure-tbt71559.html</a></p>

L2 Blast on multi-sig debate: Security exists on spectrum, nothing is fully secure

TheBitTimes

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