How IC's Direct Bitcoin Integration differs from Avalanche's Bridge
Ethereum's founder Vitalik previously pointed out that the Future of Crypto might be multi-chain and not Cross-chain.
I'd have to agree with him regarding the security loopholes arising in multiple domains of the cross-chain solutions, particularly the bridges.
It isn't surprising to me that bridge exploits in 2022 alone have crossed more than 1.2 Billion Dollars in thefts.
That also reminds me of Tornado cash and the sanctions imposed by US Government on the Protocol, leading to de-platforming and blacklisting of Tornado and Its users.
AVAX v/s ICP
As you can see from the pic above, AVAX just needs 6/8 Pre-commissioned permissioned validators to maintain its entire BTC Bridge.
AVAX uses Software Guard Extensions (SGX) to maintain the BTC Funds
SGX is a bridge's component.
A subnet is not a bridge IMO.
A subnet is not a bridge IMO.
Unlike the AVAX subnets, ICP's subnets are interoperable thanks to the Chain Key Cryptography and are governed by the community through the Network's open algorithmic governance on-chain DAO
AVAX mints and issues wrapped #BTC with keys held by wardens using software guard extensions ( which aren't very safe ).
Unlike the AVAX subnets, ICP's subnets are interoperable thanks to the Chain Key Cryptography and are governed by the community through the Network's open algorithmic governance on-chain DAO
AVAX mints and issues wrapped #BTC with keys held by wardens using software guard extensions ( which aren't very safe ).
AVAX mints and issues wrapped #BTC with keys held by wardens using software guard extensions ( which aren't very safe ).
In Contrast, #ICP's Smart Contracts will be able to create a #Bitcoin wallet and hold real #Bitcoin and use them.
In Contrast, #ICP's Smart Contracts will be able to create a #Bitcoin wallet and hold real #Bitcoin and use them.
The current threshold ECDSA Subnet will have 34 nodes, which will jointly sign the distributed threshold ECDSA signature to receive, hold or send a BTC.
The subnets are part of the ICP network and need to reach a consensus to update their state.