Crypto has created a lot of loud personalities.
Then there’s @RichardHeartWin
Luxury watches. Ferraris. #HEX. #PulseChain. One of the most loyal communities in crypto.
Love him or hate him, nobody ignores Richard Heart.
@graminitha1 breaks it down👇
PulseChain is better than zcash $zec. Why? Well Zcash was just emergency patched, and the network down for many, because a vulnerability was discovered, and patched, but its impossible to know if it was ever exploited, unless an exploiter confessed. It's a funny property of most privacy coins, that you can't detect if someone inflation bug (minted a bunch of free coins) or not, because you can't actually count up the total supply.
PulseChain is safer software. Ethereum is PulseChain's testnet, and it's a wonderful test net!
PulseChain $PLS is superior software, with more security and functionality than $XRP, $DOGE, $ADA, $BCH, $XLM, $LTC. But all those are worth billions and billions. What's more likely, PLS moves up in rank or they move down?
With Ethereum $ETH as PulseChain's testnet, the security is so cozy.
Richard Heart teaches you how bridges work. Example. Chain A to Chain B.
Coins lock on Chain A.
MAGIC
Coins mint on Chain B.
What's this MAGIC step?
Chain B doesn't know what's happening on Chain A, so TRUST must be introduced.
You have to TRUST validators to not collude with each other to lie about what happened on Chain A.
Validators could lie about how much went in on chain A, and inflation bug chain B, then some could bridge back the inflated coins and empty the original coins locked on Chain A.
What if a validator dies?
What if a validator gets hacked?
What if a validator tries to get others to collude with him to lie?
What if a validator holds his validating ransom.
Some people think that there should be a timelock over the power to try and fix the above problems. LOL.
What's the counter balance to the above problems? More trust. You might want some mechanism to add / remove, subtract the quantity of validators needed.
In the end, every single bridge has social risk, just like every single chain has social risk. They're computers, run by humans, on networks, and none of those 3 things is perfect.
You can only buy down the risk of the original sin of chain B not knowing the true state of chain A, by spreading validation geographically, and across parties and hope for the best, but you can't completely eliminate the risk. The largest hacks in crypto history have been bridge hacks.
So now ask yourself, why in this bearest of bear markets does Richard have to teach you about bridges and risks again, for the umpteenth time? As though something has changed? I've been telling you these same exact things over and over again. But I guess some need reminding, or prefer to talk about risk in every thread about benefits. Makes you wonder.
TLDR: All bridges are risk, and when done well, that risk appears to be far lower than centralized exchange risk.
You're welcome for the education. Again.
P.S. Some people have swapped bridged in tokens for native tokens, and enjoyed the experience.
P.P.S. I think some folks find it far easier to post negatively than positively. If y'all one of those, work on yourself. Consider it personal development.
DeFi didn't get hacked. AdminKeyFi got hacked. HEX, PulseChain, PulseX, & ProveX coins have no admin keys. Stop calling admin key crap and DAO controlled by a few dudes (admin keys, but with extra steps.) DeFi. It's not DeFi. Oh, and Arbitrum seized $70M of the hackers coins, and another chain introduced privacy (but with a view key they say they'll hand to the government if asked right.)
Some small portion of you figured out the solution. Follow me, learn from me, be saved. I can't save you from others choosing to click red instead of green, but I can teach you what's real and how to do things better. Much, much better.
Congratulations idiots! Shout out to KelpDAO for getting hacked for $280M today. Great work with that 1/1 signature setup.
Shout out to Drift Protocol getting hacked for $285 last week.
All you idiots could stop giving your money to other idiots that don't understand security.
But you won't lol. Because you're dumb.
HEX 2,330 days flawless operation. No admin keys.
PulseChain 1,073 days flawless operation. No admin keys.
PulseX nearly the same as PulseChain. No admin keys.
ProveX, quite new and the token has no admin keys.
It's like, when will you silly billies get it? We actually do things better here, and have been doing so for over half a decade.
Reward greatness already. It's here waiting for lift off.