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Interview

by Terence Zimwara

11 hours ago



INNOVATION IN CRYPTO MOVES FASTER THAN GOVERNMENTS, NEEDS SELF-REGULATION, SAYS
SERIAL INNOVATOR




Although the blockchain industry owes much of its success to so-called bridges,
these are far from perfect solutions, argues Justin Wang, the founder and CEO of
Zeus Network. While they help address the problem of liquidity segmentation that
afflicts the Web3 industry, Wang insists that they pose significant security
risks.


KEEPING THE INNOVATION FLYWHEEL SPINNING

Wang said the fact that many users have been burned while utilizing bridges
scares prospective users, stymying blockchain adoption. The Zeus Network founder
believes no one has been able to build a perfect model that can guarantee the
safety of users’ funds, hence the growing security incidents involving bridges.

Nevertheless, the CEO said developers should keep working on finding better
solutions, even as this seems a lost cause. In written responses shared with
Bitcoin.com News, Wang expressed confidence that a foolproof model guaranteeing
the security of users’ assets will eventually be found. Additionally, he said
the developers’ quest to find newer or safer solutions will not only inspire
others but also help keep “the innovation flywheel spinning around, furthering
progress in the industry.”

Meanwhile, Wang suggested that regulators are likely to continue experiencing
difficulties in influencing or controlling the crypto industry because the usual
restrictions or requirements imposed on traditional finance cannot easily be
enforced in a decentralized world. He also cited the pace of innovation in the
crypto industry, which he said makes it difficult for notoriously slow
regulators or governments to keep up.

He added that since it requires globally agreed standards to effectively
regulate the crypto industry, the prospects of regulators succeeding are very
slim because it is difficult to reach a global consensus on this. Elsewhere in
his responses, Wang shared his thoughts on where the blockchain industry will be
in five years.

Below are Wang’s answers to all the questions sent.

Bitcoin.com News (BCN): Blockchain bridges have helped break down the dividing
walls between chains, allowing them to interact freely. However, these bridges
are vulnerable to risks such as centralized thefts, cloning, and smart contract
attacks. How would you rate the achievement of bridges, considering the
solutions they provide alongside the risks they pose?

Justin Wang (JW): There’s no denying the transformative and impressive
achievements of blockchain bridges, which have paved the way for what the
industry now calls a multichain world. Without bridges, we wouldn’t have been
able to solve the liquidity fragmentation problems that arise from having so
many decentralized networks, and without that, DeFi adoption wouldn’t have taken
off and the Web3 world wouldn’t be where it is today.

But as useful as bridges are, they’re far from being a perfect solution. They’re
better than the alternative, which is going through a centralized exchange, but
they pose significant security risks and a lot of users have been burned because
of them. And that has probably stymied blockchain adoption, to a degree, because
many people are wary of using them. The bridge landscape is vast and varied and
it has given birth to some genius innovations, but no one has really been able
to come up with a perfect model that can guarantee the safety of its users’
funds.

BCN: Some research data confirms that hackers have stolen over $2.83 billion
from cross-chain bridges, amounting to nearly 50% of the total value stolen from
decentralized finance (defi). Equally concerning is that more than 200 platforms
have been hacked in less than three years. Do you think the extent of the
vulnerability among cross-chain bridges, both in volume and frequency, is enough
for developers to seek foolproof methods to achieve interoperability, or is it a
dead end?

JW: It’s essential for developers to keep working for better solutions. If
crypto is to become mainstream, regular consumers will require a foolproof model
that guarantees their assets are secure, or they won’t risk it, it’s as simple
as that. And someone is going to find a way to meet those requirements. It’s
important for innovation in general, too. By working towards newer, safer
solutions, developers inspire others to build on their ideas and that keeps the
innovation flywheel spinning around, furthering progress in the industry.

BCN: Your project, Zeus Network, is an interoperability protocol that enables
seamless transactions between the Bitcoin and Solana blockchains. However, it is
not a cross-chain bridge. Can you briefly explain what Zeus Network is about and
how it differs from the cross-chain bridges we have seen in the past few years?

JW: Zeus Network is more than just a bridgeless, cross-chain interoperability
layer. It is a pluggable and programmable infrastructure that’s designed to
serve the entire Web3 ecosystem. It consists of two key components — ZeusNodes
to maintain the integrity of assets, and the Zeus Program Library that provides
a programmable interface for dApps to build on top of. What we’re doing is
merging key aspects of two of the best blockchains in the industry – Solana’s
high-performance infrastructure and Bitcoin’s strong foundational security and
vast liquidity – to create an extremely powerful synergy.

With the Zeus Program Library, developers can integrate their decentralized
applications and services from any blockchain with the Solana Virtual Machine,
so they can create custom protocols that can interact with dApps on any other
chain. Cross-chain transactions are secured using Zeus Network’s novel fraud
proofs and programmable signatures, eliminating the risks posed by smart
contract vulnerabilities and centralized theft.

BCN: Network security is one of the fundamental risks of interoperability
protocols in the blockchain industry. How would your network tackle the security
situation and not exist as another interoperability solution that is vulnerable
to external attacks?

JW: Zeus Network has created an innovative consensus mechanism in which
serialized Bitcoin and Solana transactions are stored within a proposal
management program, where they’re retrieved by verifiers from the Solana
network. Within this system, the verifiers focus solely on verification,
separated from the on-chain transaction proposal process. They implement a
threshold signature mechanism with Bitcoin taproot utilizing the Schnorr
signature, a concept that’s compatible with Solana’s Ed25519 signature
algorithm.

By performing signature aggregation off-chain, we provide significant efficiency
gains over traditional on-chain voting, enabling the smooth broadcasting of
signed transactions to Solana. We have implemented further measures to fortify
security, combining the assumption of honest verifier behavior with fraud
proofs. Once transactions are processed, there’s a challenge period during which
any node can submit a proof-of-fraud as evidence of malicious activity. A
successful challenge results in the slashing of any malicious nodes to ensure
the security and integrity of all cross-chain transactions.



BCN: The safety of users’ funds has been a cornerstone for regulators as they
develop rules for the cryptocurrency industry. Widespread losses due to security
breaches could give authorities more reason to increase oversight of supposedly
decentralized networks. Should the responsibility now fall to blockchain service
providers to develop robust security measures that minimize the need for
regulatory intervention?

JW: It’s debatable if regulators can actually impose their rules on the crypto
industry, but in any case, it’s in the best interests of blockchain service
providers to ensure users have good reasons to trust in their ability to keep
their funds safe. They have a responsibility to themselves, to further
accelerate adoption, and a moral obligation to protect the users who place their
trust in them.

BCN: To what extent should the industry permit regulatory interference to
balance a decentralized ecosystem and an uncontrolled tech society prone to
anarchy?

JW: Crypto operates independently of governments, and the kind of regulations
you see in traditional finance, such as capital requirements, investment
restrictions and background checks, cannot easily be enforced in a decentralized
world. This is true because Satoshi Nakamoto designed Bitcoin, on which all
crypto is based, to operate independently of governments, free from their
influence.

Moreover, innovation in crypto moves faster than the speed at which governments
can try to rein it in. Political negotiations and disagreements cause delays in
the passage of any efforts to introduce regulation. And in order for regulation
to be effective, it needs to be implemented globally, which is impossible
without international consensus.

Instead of external regulation, what will be helpful is self-regulation. The
honest crypto builders, developers, investors and users should strive for
greater transparency. Crypto projects need to demonstrate how they have their
user’s best interests and safety at heart and show how they can protect them
within a decentralized framework. It’ll require lots more innovation, but that
is where crypto’s path to mainstream adoption lies.

BCN: Today’s blockchain industry differs significantly from that of ten years
ago, considering the numerous developments aimed at improving the sector and
promoting adoption. Where do you see the industry in the next five years?

JW: Crypto is well on the way to becoming an integral part of the global economy
and I believe this will accelerate as Web3 becomes more prominent. We’ll see
sustained growth in DeFi, driven by institutional adoption of tokenization and
real-world assets, which are the future of the financial trading and investment
landscape, and this will give rise to more innovation around yield farming, even
with traditional assets.

I think we’ll see more big companies come to accept crypto, and not only for
payments. Organizations are already beginning to recognize the value of holding
digital assets themselves, both to diversify their investment portfolios and
also so they can actively participate in decentralized markets. The successful
Bitcoin ETFs in the U.S. show there’s a big appetite for this.

Driving this growth will be advances in blockchain interoperability, which are
essential for fostering trust in a multichain world. Interoperability paves the
way for safer interactions between different cryptocurrencies and networks,
encouraging the adoption of crypto and other assets, such as NFTs. That’s
exactly what we’re focused on doing by bringing Bitcoin’s liquidity to Solana.
We chose to build on Solana because we think its rapid, secure and user-friendly
infrastructure is just what developers need to build consumer-facing Bitcoin
applications that can scale and drive mass adoption.

Not only will adoption grow, but we’ll see tighter integration between
blockchain and AI too, as decentralized networks will emerge as the foundation
of more open AI ecosystems demanded by organizations and governments as an
alternative to proprietary models.

What really excites me is that these trends are underway now, and they’ll
accelerate to the point where crypto becomes a standard way of doing business
for many organizations in the years to come.

What are your thoughts on this interview? Share your opinion in the comments
section below.

Bitcoin.com News is seeking a News Writer to produce daily content on
cryptocurrency, blockchain, and the digital currency ecosystem. If you are
interested in becoming a key member of our innovative global team, apply here.

TAGS IN THIS STORY

Blockchain, Cross-Chain Bridge Hacks, decentralized finance, Innovation,
Non-fungible tokens, Regulation




TERENCE ZIMWARA

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He
has written extensively about the economic troubles of some African countries as
well as how digital currencies can provide Africans with an escape route.



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