The Multichain security model, mechanism and the platform’s future
Multichain has always held security as its top priority and wants to demystify its security model and adopted measures for users.
Its security design is effectively resilient to hacks and guarantees a solid, robust base model for future development.
Decentralized finance has grown in adoption and complexity during the last few years as the multichain ecosystem has taken shape. This has driven further growth for cross-chain bridges despite an increase in attacks: Approximately 10 hacks happened in 2021.
This year is no exception, with four attacks on bridges that include Qubit, Wormhole, Meter and Multichain. There is a need for bridge security and to understand the advancements underway.
Open-source: The Cross-Chain Router Protocol
Multichain’s Cross-Chain Router Protocol (CRP) is an open-source protocol, free to access and use. The code and its development are on GitHub.
Multichain is open-source. Compared to closed-source code, security concerns can be examined in open-source models and offer transparency to alleviate concerns. Open-source code isn’t always perfect, but neither is any software. Being open-source allows hackers to understand how to mount an attack, but the code can eventually become bulletproof through extensive testing.
Multichain guarantees that its CRP security issues are immediately disclosed and patched. An active bug bounty program encourages active code review and vulnerability disclosure. Thanks to the community, the platform was alerted to contract vulnerabilities in a January incident and fixed the issues immediately while managing to salvage 50% of the losses.
The Multichain CRP has a large and seasoned developer community incorporating the code with ever-growing confidence and trust. The code is tested by several developers, strengthening its reliability, and their ideas and suggestions are often added to the project’s core libraries. On the community side, developers and users discuss the CRP and guide new joining projects. That is the beauty of open-source — where the whole is greater than……..