Multisigns. One small step away from hacking

One of the most important features was that industry insiders shared the security problems. So much bombshell that they offer different alternatives for securing your funds.

The most recent hack of this technology is the withdrawal of $100,000,000 from Horizon Bridge.. Because of the hack, many flaws and weaknesses in the multisignature administrator key system were revealed. Two anonymous crypto project managers also expressed concerns about using this technology in bridges, the incentive is the same, security problems.

To elaborate, in multisig a transaction is confirmed by multiple blockchain participants. Although other blockchains work the same way, but if you don't go into details, in multisig the percentage of human factor has a greater impact, and that's not so secure. 

Moonbeam founder Derek Yu: "There are weaknesses in the multisig approach that put you at hacker risk. All it takes is one small slip and you're in big trouble." He also called multisignatures the standard at the moment, but clarified that it is not golden :D. As an alternative, he named the same hype PoS (Proof of Stake) on which they're trying to translate Ether.

In his turn, Evan Shapiro, CEO of Mina Foundation, shared Derek's opinion and confirmed that there are much more stable and safe ways to protect crypto in bridges at the moment. The ideal option sounded the possibility of blockchains checking each other out, but that is incredibly resource-consuming, and not technically possible.

In conclusion, the technology has a right to exist, but it depends too much on trust and has obvious technical gaps. Anything can be hacked, because the right number of people can compromise any technology, as was the case with Horizon Bridge.