Paradigm, one of the initial investors in Blast, expressed disapproval of the protocol’s choice to introduce a bridge before establishing its Layer-2 functionality and withdrawal capability.
Paradigm has raised concerns about Blast’s approach to marketing its protocol. The startup, in which Paradigm is a seed investor, has faced criticism from the VC firm for what they perceive as issues in both communication and implementation.
Dan Robinson, the head of research at Paradigm, voiced his disagreement on the social media platform Twitter. He specifically pointed out his reservations regarding Blast’s choice to introduce a bridge before its layer-2 network and the decision to restrict withdrawals for three months.
Paradigm isn’t the only one expressing concerns about Blast’s recent launch. Jarrod Watts, a developer relations engineer at Polygon Labs, highlighted a significant security risk due to Blast’s centralized nature.
Watts pointed out that Blast uses a 3/5 multi-sig system, meaning that if an attacker gets hold of three out of five team members’ keys, they could potentially steal all the cryptocurrency deposited into Blast’s contracts.
Watts also clarified that Blast shouldn’t be considered a layer 2 solution. Instead, it acts as a platform that accepts funds from users and stakes those funds into protocols like LIDO, without utilizing any bridges or testnet.
- MILK PREDICTION. MILK cryptocurrency
- ALU PREDICTION. ALU cryptocurrency
- Ripple’s (XRP) Resistance Fail: Why Technicals Suggest Holding Might Be Smarter
- Bitcoin Bulls Step Back as Price Nears $49,000 Peak
- Top gainers and losers
- FOTA PREDICTION. FOTA cryptocurrency
- Nigeria Urged to Regulate Crypto to Combat Financial Crimes
- Best coins for today
- FIRE PREDICTION. FIRE cryptocurrency
- South Korea Plans Expulsion of Non-Compliant Crypto Exchanges