The development team behind the recently launched ethereum Layer-2 solution, Blast, has released a statement refuting negative claims about the protocol’s security and operations. These advances occur amid the high level of attention that currently surrounds the L2, with a reported Total value locked of $443 million earned within four days of trading.
Blast is not an L2 solution, users’ assets are at risk – Polygon Developer
in a series of publications At
Launched on November 21, Blasts claims to be a layer 2 solution that offers users native returns on eth and stablecoin deposits. Unlike most blockchains with an immutable smart contract, Watts stated that this ethereum-based L2 operates an updatable security contract managed by a multi-sig ⅗ authorization model.
While updatable contracts may be common with L2 solutions, they are generally a temporary arrangement, allowing developers to fix bugs in the early days of a protocol’s operation.
In the case of Blast, Watts highlights that this is L2’s permanent security model, meaning that if a malicious third party gains majority control of 3 out of 5 of the keys in the contract, they could implement changes that could threaten the security of user assets.
Furthermore, the Polygon engineer also believes that Blast does not qualify as an L2 solution, stating that the protocol does not have a testnet, transactions, bridge, roll-up or any proof of data communication with ethereum. Jared Watts points out that Blast only offers returns on user deposits, which are currently inaccessible to investors as the platform has no withdrawal function at the moment.
Explosion responds
In a separate post on X, Blast responded to these concerns raised about the security of users’ assets on its platform. First of all, the development team, while maintaining that Blast is still L2, praised The updatable security model is superior to an immutable security contract in terms of complex operations.
Blast noted that you can never be sure that a smart contract is completely error-free. Therefore, the development of bugs in immutable smart contracts can be considered lethal for blockchain networks.
Additionally, the development team assured users of the robustness of the multi-sig model, which provides access to the updatable security contract. They stated that, as with common practice for platforms using a multi-sig model, the five keys are kept in cold storage, which is managed by separate people in different geographical locations.
Total crypto market valued at $1.407 trillion on the daily chart | Source: TOTAL chart on Tradingview.com
Featured image from Dreamstime, Tradingview chart
