Fun

News Feed - 2023-09-11 01:09:35

Brayden Lindrea4 hours agoArbitrum’s fraud proofs haven’t been used in the two years since it launchedOffchain Labs co-founder Ed Felten said there were one or two fraud challenges submitted on a version of Arbitrum running on the Ethereum proof-of-work fork after the Merge, which was defeated.1079 Total views17 Total sharesListen to article 0:00InterviewJoin us on social networksNot a single fraud proof has been submitted on Arbitrum since it first launched its mainnet with the built-in security feature in August 2021, according to Ed Felten, co-founder and chief scientist of the Arbitrum-building Offchain Labs.


Operating as an Ethereum layer-2, Arbitrum’s interactive, multi-round fraud proofs work by allowing a layer-1 verifier contract to decide whether the challenger’s fraud-proof submission is valid. If so, the fraudulent validator’s stake is slashed.


Fraud proofs are submitted by challenging validators when they considers another validator to have fraudulently or otherwise incorrectly assembled an incoming batch of transactions into the next block.


However, Arbitrum’s mainnet is yet to see a fraud-proof attempt let alone a successful challenge, Felten told Cointelegraph at Korean Blockchain Week on Sept. 4:“Not on mainnet. We did have one or two on Ethereum proof-of-work (PoW). After the Merge, [...] there was a version of Arbitrum running on the Ethereum PoW fork, and somebody did try to steal all the data, and there was a successful challenge which defeated that.”


Felten said few fraud proof attempts have been made because malicious-intended validators risk losing their entire stake.


“If any one person notices it and disputes your claim then you will surely lose your stake, so there’s a stronger disincentive to try,” Felten added.Both Arbitrum and Optimism operate as optimistic rollups!

However, Optimism and Arbitrum differ in their approaches to fraud-proof mechanisms.

Arbitrum: multi-round → longer confirmation times, more secure

Optimism: single-round → faster

4/ pic.twitter.com/mp0Nj86Fxz— The Smart Ape (@the_smart_ape) September 1, 2023


Felten said there’s currently a permissioned set of validators — roughly 12 — that participate in the fraud-proof game.


He also added that Arbitrum is rolling out a new iteration of the fraud proofs called “BOLD” protocol — (Bounded Liquidity Delay) — which he says gives Arbitrum a faster guarantee for challenges.“In the current version [...] an adversary who’s willing to sacrifice multiple stakes can arrange to cause ‘N’ weeks of delay if they’re willing to sacrifice ‘N" stakes [...] But the BOLD protocol says no matter how many stakes they sacrifice, they’ll be defeated in about eight days.”


Related:Arbitrum founder says Stylus is a game changer for EVMs


Arbitrum’s BOLD protocol was rolled out by Offchain Labs on Aug. 4.After months in dev, we’re announcing BOLD (Bounded Liquidity Delay), a new dispute protocol that enables permissionless validation for Arbitrum chains, potentially removing the need for permissioned validation, dramatically improving decentralization. https://t.co/SHegVRGqXf— Offchain Labs (@OffchainLabs) August 3, 2023


Felten said Arbitrum’s fraud proof feature will soon be permissionless, allowing anyone to push towards ensuring the correctness of the chain when challenges are made.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:DeFi Dad, Hall of Flame: Ethereum is ‘woefully undervalued’ but growing more powerful# Altcoin# Fraud# Security# Ethereum# DeFi# Layer2# ArbitrumAdd reactionAdd reactionRead moreHow to send and receive payments on the Lightning NetworkCrypto VC: Risk and investment strategies with Shima CapitalHuman vs. AI: Who is better at crypto investing?

News Feed

Biggest Movers: SAND up by 12% on Wednesday, Hitting a 10-Day High
Biggest Movers: SAND up by 12% on Wednesday, Hitting a 10-Day High SAND surged by as much as 12% on Wednesday, as prices moved to a ten-day high during the session. The rise comes
Brazilian Voting Authority Might Include Blockchain Tech in Future Elections
Brazilian Voting Authority Might Include Blockchain Tech in Future Elections The Brazilian voting authority (TSE), has publicly declared it is studying blockchain as a technology t
Fraud victims want China to recover $4.3B worth of Bitcoin seized by UK police
Ezra Reguerra46 minutes agoFraud victims want China to recover $4.3B worth of Bitcoin seized by UK policeUnited Kingdom authorities found 61,000 BTC when it raided a house rented by money launderers in 2021.294 Total vie
Tim Draper’s Venture Studio to Triple-Down on Blockchain Projects With a $25M Fund
Tim Draper"s Venture Studio to Triple-Down on Blockchain Projects With a $25M FundAt the LA Blockchain Summit, the blockchain and fintech venture studio Draper Goren Holm announced
Electricity Consumption of Russian Crypto Miners Spikes 20 Times in 5 Years, Research Finds
Electricity Consumption of Russian Crypto Miners Spikes 20 Times in 5 Years, Research Finds Power needs of cryptocurrency miners in Russia have grown significantly since 2017, with
TON introduces gasless fees with new smart wallet
Josh O"Sullivan10 hours agoTON introduces gasless fees with new smart walletThe W5 smart wallet will allow gasless transactions on the TON blockchain using USDT and Notcoin, enhancing user experience and accessibility.10
Bitcoin, Ethereum Technical Analysis: ETH Hits 3-Week Low as Bearish Momentum Increases Following The Merge
Bitcoin, Ethereum Technical Analysis: ETH Hits 3-Week Low as Bearish Momentum Increases Following The Merge Ethereum moved to a three-week low on Friday, as market sentiment remain
ERC20 wallet drainer receives UK business registration
Christopher Roark4 hours agoERC20 wallet drainer receives UK business registrationA developer of the Nova Drainer phishing protocol has officially registered as a business in the UK.694 Total views1 Total sharesListen to
Content Subscription Service Onlyfans Adds Ethereum-Based NFT Profile Feature
Content Subscription Service Onlyfans Adds Ethereum-Based NFT Profile Feature The internet content subscription service Onlyfans has announced the launch of a feature that leverage
Nigerian Banks Still Distributing Old Naira Banknotes as Demonetization Date Approaches
Nigerian Banks Still Distributing Old Naira Banknotes as Demonetization Date Approaches With just a few days left before old Nigerian naira banknotes are removed from circulation,
David Attlee12 hours agoBlockFi asks court for permission to convert trade-only assets into stablecoinsThe bankrupt crypto lender’s request marks another step toward the return of users’ funds, which the company bega
Facebook’s Libra Just Got Its First Major Supporter in Congress
Amid a sea of scorn, one U.S. Senator is praising Libra. Sen. Mike Rounds (R-S.D.) wrote a letter to Libra Association member Anchorage, a South Dakota-based trust company, endorsin