Friday, February 3, 2023

Risk Harbor and Socket Create First-Ever Bridge Protection Product

NEW YORK - December 13, 2022 - (Newswire.com)

Risk Harbor and Socket are excited to announce the launch of 'Bridge Protection', a first-of-its-kind guarantee for bridge transfers to secure the whole bridging space.

This innovation fills a massive gap in the industry by creating a security-first approach to bring more safety and reliability to bridges. By safeguarding protocols and users from any bridge risk, we believe bridge protection can catalyze the adoption of the multichain ecosystem.

Bid Farewell to Unreliable Bridging

Bridging infrastructure is the core component of any cross-chain protocol. However, it is still in the early stages, with over 2 billion dollars already lost to hacks, bugs, and attacks.

Bridge Protection eliminates all bridge-related concerns that currently afflict the ecosystem by ensuring that:

  • The sender always receives funds at the destination even if the bridge goes down 
  • No more hidden bridging losses, the sender will receive the exact amount quoted in full 
  • If the bridge delays the said transfer, bridge protection will kick in and send funds 

What does this mean for the ecosystem? 

Users will be able to do secure bridging with an upper bound on time, meaning for the first time their bridging experience will be stress-free. 

Developers can finally concentrate on what matters most (i.e developing their multichain use case with the best UX) while their protocol enjoys complete immunity to the bridge infrastructure itself.

Chains can accelerate their ecosystems by helping in the bringing experience of their users and attract them from any chain without any worries.

Bridge technology is frequently complex and time-consuming to develop. So until we have more secure and reliable implementations, bridge protection acts as a turnkey infrastructure bridges can rely upon to take care of your users.

Conclusion 

Bridge Protection is the long-awaited solution for the industry, from wallets and exchanges to DeFi protocols and institutions. Bringing premier Risk Harbors industry-leading risk management together with Socket's bridge infrastructure is the perfect solution to help accelerate widespread blockchain adoption!

About Risk Harbor

Risk Harbor is a risk management marketplace for Web3 that utilizes a completely automated, transparent, and impartial invariant detection mechanism to secure users against blockchain risks, hacks, and attacks.

About Socket 

Socket aims to unify the multichain ecosystem by connecting all chains and enabling seamless asset and data transfers between them. It allows developers to build with interoperability as a core part of protocol logic, empowering them to build unified, multichain apps. 


Contact Information:
Sriram V
Head of Marketing
[email protected]
(91) 7904143317


Press Release Service by Newswire.com

Original Source: Risk Harbor and Socket Create First-Ever Bridge Protection Product
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