In a significant advancement for blockchain, Circle Research, in collaboration with Stanford’s Applied Cryptography Group, has unveiled two groundbreaking open-source projects.
According to the official announcement, these initiatives address the persistent challenges of on-chain theft and the limitations of current blockchain-based financial systems.
The Future of Safer On-Chain Transactions?
Jeremy Allaire, CEO of Circle, announced the launch of these projects, highlighting their potential to “revolutionize” the security and versatility of blockchain transactions. From 2021 to 2023, nearly $10 billion was lost to illicit theft and attacks on blockchain platforms.
2023 has been a particularly difficult year for decentralized finance (DeFi) platforms. In November 2022 alone, the industry lost around $300 million from exploits and cyber-attacks, raising concern from entities within and outside the nascent sector.
In the official announcement, Circle makes the case for implementing a way to apply “transaction reversibility” for on-chain payment methods. The stablecoin issue believes that leveraging this feature can mitigate security risks across the industry.
In that sense, Circle and Stanford have introduced solutions that could redefine the landscape of money transmission. The first project is a detailed Recoverable Token…
