TL; DR
Full story
Let’s acknowledge an ongoing problem:
(And no, it’s not Seb’s new habit of using the word “boisterous” in professional communications for laughs – although that’s a problem…)
It’s the ongoing transfer hacks in Web3.
Many people would argue that hacks are just the growing pains of a new industry – and they are! But it is clear that they must be stopped as soon as possible.
One solution is to create a decentralized exchange (DEX) that uses atomic swaps to facilitate exchanges.
…cool – what the hell does that mean?
Picture this: You’re in fourth grade and plan to trade baseball cards with a classmate.
Instead of having to trust each other to play fair, you give your cards to a buddy, who verifies that both cards are legitimate before completing the exchange.
Atomic swaps are much the same, but for crypto tokens – and they are verified by computer code, rather than by a (potentially corruptible) human intermediary.
Good news for Web3 security:
There is a company called Portal that has that just closed a $34 million funding round, with plans to create a DEX that supports atomic swaps.
We’d love to see it!
