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    Gnosis Co-Founder Proposes Plan to Scale back Dependency on Ethereum

    Latest News

    • Koppelmann identifies dangers within the present GNO-Ethereum construction.
    • The co-founder proposed an answer to vary the GNO “supply of reality” to the Gnosis chain.
    • The brand new proposal will permit the neighborhood to implement the DAO vote within the code.

    Gnosis co-founder Martin Koppelmann has steered a change within the blockchain’s protocol to make it extra impartial and enhance the safety of GNO, the mission’s native token.

    Throughout a dialogue on the Gnosis governance discussion board, Koppelmann Recognized a safety danger concerned within the present construction of the protocol. The recognized danger includes GNO tokens from a bridge contract used to symbolize claims between GNO and Ethereum.

    Although GNO was initially minted on Ethereum, Koppelmann thinks the present construction may depart holes that might change into potential safety points, as surprising occasions may result in a distinction between the 2 token classes.

    In line with Koppelmann, relying on bridges to mint limitless GNO tokens is dangerous, contemplating that they’re nonetheless a possible course of hacks and bugs. He was particular to the risks it posed for GNO because of the extent of its relevance to the consensus of the Gnosis chain.

    Gnosis is a privacy-focused side-chain on Ethereum with the native utility token GNO. Koppelmann famous that whereas GNO was initially minted on Ethereum, the tokens originate from a bridge contract, therefore his considerations.

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    Bridges are instruments used to switch tokens throughout blockchain networks. They’re comparatively new to the blockchain trade and have confronted a number of challenges of their childhood. Per a number of experiences, over $2 billion was misplaced or stolen from cross-bridges in 2022, as they claimed an unfavorable popularity as a safety weak spot for the crypto trade.

    Koppelmann targeted on the ten million GNO tokens provide on Ethereum, suggesting that 7 million of them ought to be burned. He famous that that is presently unachievable because the code can’t be enforced or carried out mechanically via a wise contract by assembly predetermined situations.

    He proposed an answer to vary the GNO “supply of reality” to the Gnosis chain. In line with him, this can permit the neighborhood to implement the DAO vote within the code.

    A part of Koppelmann’s proposed answer contains elevating the GNO provide on Gnosis to three million. He additionally steered withdrawing the best from the bridge to mint new tokens and making a separate new GNO-minting contract for withdrawals occurring from the Ethereum blockchain.

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