Why do you need a cross-chain bridge?

With the development of blockchain technology, many public chains with considerable capital have emerged on the market, and the asset scale of these public chains is still increasing. However, different chains are like isolated islands, assets on different chains cannot be freely exchanged and circulated, and many emerging public chains still lack infrastructure.

Therefore, each public chain needs to introduce assets on other chains into its own public chain through a Cross chain bridge development, thereby breaking the information island between chains.

For example, 70% of the user’s assets are mined in Ethereum, and 30% are mined in the Polygon chain. If the mining income on the Polygon chain is higher, the user wants to transfer the assets on the Ethereum to the Polygon chain. However, at present, the exchange only supports the withdrawal of MATIC tokens on the Polygon chain, and does not support the expression of other assets in the Polygon chain.

When there is no cross-chain bridge, the user’s assets cannot be interconnected, just like putting money on two isolated islands, and the conversion process is complicated:

First, the assets of Ethereum should be put into the exchange, sold on the exchange and exchanged for MATIC tokens, then the MATIC tokens should be withdrawn to the Polygon chain, and then exchanged for the assets needed by users through the centralized exchange. Can participate in mining. This process is cumbersome, inefficient, and takes a long time. Therefore, a Build a cross chain bridge is required to allow assets to directly cross-chain.

Therefore, the choice of a cross-chain bridge should be comprehensively considered in terms of asset security, cross-chain experience, cross-chain transaction fees, and cross-chain efficiency.

Based on the above market pain points, BHEX Chain BBS, the world’s first cross-chain bridge that supports heterogeneous cross-chain of arbitrary assets, came into being, becoming a leader in the cross-chain field.It can support the cross-chain and circulation of any heterogeneous chain and homogeneous chain ecological assets, and is fully compatible with various cross-chain technologies and standards. Realize the interoperability and integration of blockchain applications between different chains.

What innovative genes does BHEX Chain BBS have in the security era of decrypting cross-chain bridges?

First, ensure the security of encrypted assets

Recently, three cross-chain bridge projects suffered from hackers one after another, with a total loss of more than 628 million US dollars, which caused a shock in the industry. First, the cross-chain bridge project Chainswap was hacked successively and lost about $8 million. After that, Anyswap was also attacked, the v3 cross-chain fund pool was affected, and 2.4 million USDC and 5.5 million MIM were lost. Poly Network, which was hacked on August 11, lost as much as $611 million, making it the largest DeFi hack to date.

Attack Case 1

In July 2021, a critical vulnerability in the Bridge Smart Contract Development Services of the cross-chain asset bridge project ChainSwap (ASAP) was hacked. Originally, aiming to achieve decentralization without manual control. However, due to a logical flaw in the code, that is, cross-chain assets only need one signature instead of multiple signatures, so that addresses that are not whitelisted can automatically increase their quotas and thus be attacked.

Attack Case 2

In July 2021, the v3 version of the Anyswap multi-link router was attacked. The main reason for the attack was that the signature used repeated R values. During the attack, the attacker reversely deduces the private key of the account through two transactions signed by the same account with the same R value of the RSV signature, and then steals the funds of the account. Since the account can be reused on BSC, ETH and FTM, the assets on multiple chains of the account have been stolen.

Attack Case Three

Recently, the cross-chain protocol Poly Network was attacked by hackers again, with at least $611 million in stolen assets. In this round of attacks, hackers attacked from vulnerabilities in smart contracts and keys. According to the analysis of the BlockSec security team, the attack may be caused by the leakage of the private key used for cross-chain signature or the logic loophole of the signature program. According to the analysis of the SlowMist security team, it is possible that the cross-chain contract Keeper has been modified to the address specified by the hacker, so that the hacker can withdraw any amount of funds from the contract.

Judging from the attacks on the three cross-chain protocols of Chainswap , Anyswap , and Poly Network , the reasons for the attacks are that, first, there are loopholes in the smart contracts and the protocols themselves, and second, the management of cross-chain private keys is not in place.

BHEX Chain BBS cross-chain bridge does not need to deploy smart contracts on the chain

At present, the vast majority of cross-chain solutions in the market adopt the method of deploying smart contracts on the chain, and there are many security risks. Hackers will use the flaws in business logic in smart contracts, such as permission verification, as well as security risks in other parts of the chain to attack. The BHEX Chain BBS cross-chain bridge solution adopts the MPC cross-chain solution. Any cross-chain assets of users have an independent cross-chain custody address, avoiding the deployment of smart contracts on the chain, and the verification logic and security of assets. The exchange is basically the same.