One of the biggest hacks in the history of crypto occurred this week. The exploit, which took place through the Wormhole bridge, saw over $300 million in assets seized by a bad actor. The event exemplifies an ongoing issue that plagues the entire industry — something leveraged against cryptocurrency and DeFi by those who oppose crypto. But, a Quant (CCC:QNT-USD) update could help to prevent such a hack from occurring again. As Quant ushers in its new overledgers, QNT crypto bulls say the network could make crypto a lot safer.
To explain the significance of Quant’s new upgrade, one must first understand the Wormhole exploit. Wormhole is a blockchain bridge — a service one can use to move assets from one network to another. Most popularly, it is used between Solana (CCC:SOL-USD) and Ethereum (CCC:ETH-USD).
On Wednesday, a hacker was able to exploit a series of smart contracts on the bridge into validating a false transaction. The hacker was able ultimately able to steal 120,000 wrapped ETH, worth $326 million. Since taking the funds, one third has remained on Solana where it is being mixed for other assets, and the other two-thirds is on the Ethereum network.
It is through this bridge that the hacker was able to seize the assets. Hackers take advantage of bridges because they are weaker points between networks, and they are oftentimes the scene of the crime when it comes to crypto hacks.
QNT Crypto Rises as Investors Seek Blockchain Bridge Alternatives
So, how could investors expect this longstanding trend of hack to end? Well, one way is through a new technology, separate from bridges, through which one can move their assets. Quant is a project that has offered such an alternative for years now. Today, it’s coming into the spotlight, and the QNT crypto is benefitting.
Quant is a project that emphasizes interoperability on a huge scale; the project aims to connect every network on the globe to one another. It aims to do this not through bridges, but through Overledger.
Overledger is one of the first ever blockchain-dedicated operating systems. Through Overledger, a user has instant, seamless access to any blockchain network. It has uses for both end-users and developers as well; users have the luxury of accessing any number of blockchains within a single application programming interface (API), and developers can create and deploy multi-chain applications.
The Overledger network offers a layer of added security when moving assets from one chain to another. As such, it’s a viable alternative to bridges and other methods of interoperability. In the wake of the Wormhole exploit, QNT crypto bulls are making that especially known. The crypto is enjoying a fair bit of chatter across Twitter today, and investors have been gravitating toward it as a result. QNT is up 11% today.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.