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RE: Some Blockchain Flaws Hindering The Mass The Mass Adoption Of Blockchain Technology

in LeoFinance3 years ago (edited)

Greetings, I hope all is well with you? Although you are correct in saying that "Blockchain security is almost not hackable," But, we have seen numerous instances where exchanges have been compromised and money stolen. Moving on to the DeFi system, Poly Network, a decentralized finance platform, was hacked earlier this year, resulting in the theft of millions of dollars.

Hacks are on the centralized ends.

There are some decentralized system that has been hacked before, in 2020 Bisq a DEX was hacked and funds were stolen..

Remember all this platforms are built on the blockchain technology.

As I indicated in my piece, no innovation is without flaws, but if these flaws can be addressed, a large number of people will accept blockchain technology.

Note: I'm a huge fan of this technology, but we must acknowledge its flaws. I'm sure that numerous solutions are being developed, and that with time, a large number of people will show up and adopt this technology.

I adore you so much and I appreciate you for stopping by.

Best regards: @mistural

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Considering that these hacks were exploitations of some holes in the algorithm's code, the blockchain itself is actually not harmed. So yeah, your points are valid, but the fact is that the blockchain isn't hacked in any of those cases.

Regardless, hacks are very big headache for cryptocurrency, but there are no perfect systems.