Skip to main content

Market Overview

Ethereum Founder Vitalik Buterin Acknowledges All ETH L2s Have 'Backdoors'

Share:
Ethereum Founder Vitalik Buterin Acknowledges All ETH L2s Have 'Backdoors'

Ethereum (CRYPTO: ETH) founder Vitalik Buterin has acknowledged the presence of what he termed "training wheels" in the current Ethereum Layer 2 (L2) solutions.

These "training wheels" refer to backdoors that allow developers to intervene and modify the protocol in case of bugs or other issues.

Buterin's comments shed light on the ongoing debate about the security and decentralization of L2 solutions on Ethereum.

Layer 2 solutions, commonly known as "roll-ups" or "L2s", have been developed to address the scalability issues of the Ethereum blockchain.

These solutions aim to process transactions off-chain, thereby reducing the load on the main Ethereum chain and speeding up transaction times. 

Also Read: Price Manipulation Attack Exposes Zunami Protocol To $2.1M Loss

However, the presence of backdoors in these solutions has raised concerns about their security and decentralization.

Buterin stated, "The Rollups and Layer twos that exist on Ethereum today... basically all have what I call training wheels, like some kind of backdoor that lets developers come in and like say, stop and change the protocol if they see that some kind of bug has happened."

While these backdoors are intended to serve as a safety mechanism, allowing developers to intervene in case of issues, they also present potential vulnerabilities.

If exploited, these backdoors could compromise the security of funds or data stored within the L2 solutions.

Read Next: Bald Token Creator Cashes Out $12M In ETH After Price Collapse

Join Benzinga's Future of Digital Assets in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
Photo: Shutterstock

 

Related Articles ($ETH)

View Comments and Join the Discussion!

Posted-In: Blockchain Technology Crypto Community Ethereum Network L2 Layer 2 solutions Off-chain transactionsCryptocurrency Markets

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com