To celebrate the spooky season, we are sharing the Tectum Halloween Special. In this article, we will take everyone down the memory lane of the times when DeFi went through dark phases. This is not to scare anyone – far from it. The team understands that this niche is filled with fear, uncertainty, and doubt, and we do not want to breed it.
The aim is to show how resilient Web3 is and how Tectum is solving the problems that brought about the near collapse of the industry. This way, our community members will get reassurance that they are in safe hands. That said, let’s get spooky – shall we?
Earlier in October 2022, the Binance Smart Chain bridge was exploited. After that incident, everyone believed it was the end of attacks on blockchain bridges. A report from Certik shows that $1.3 Billion was lost to cyberattacks on crypto bridges. A recent example was Euler Finance, when a hacker carted away $197 million from the Ethereum lending protocol.
One of the major concerns with blockchain bridges is the exchange of information. To solve this problem, Tectum Blockchain uses zero-knowledge proof that permits different interacting networks can confirm or decline transaction requests without sharing too much information. Instead, the node operators must solve a complex mathematical equation.
Earlier this year, Shiba Inu token decided to launch its native blockchain. However, there was a moment of panic with users not able to migrate their $SHIB tokens to the new network. Despite the fears, it turns out that the blockchain had an excellent, but the Shiba Inu team downplayed the network traffic they would receive.
Tectum is setting up the servers for hosting Tectum Labs that will help new and existing projects scale growth. It is also an opportunity for more Web3 startups to launch their project on the fastest blockchain in the world. At 1.3 million transactions per second,
Despite being one of the most compliant exchanges, Coinbase was not spared from the clutches of the SEC. Although the institution claimed to be doing its regulatory duties, the unending court cases made it seem more like a witch hunt. At some point, they were just clutching at imaginary straws. Regardless of what was true, the exchange suffered significant damage as there were fears from several customers.
To protect users, Tectum takes the necessary steps to comply with the relevant authorities. However, our compliance with regulatory bodies is never at the expense of users. Besides security, zero-knowledge blockchains like Tectum ensure that people can transact in anonymity. No one, not even the Tectum team, can reveal your identity, and user privacy is secure.
Finally, our Blog covers the educational need to improve people’s knowledge about crypto regulations. Tectum is using this Halloween special as another opportunity for people to use the resources we provide and improve their knowledge. It is not just about Tectum, but for community members to
Many theories have come out regarding why the crypto exchange collapsed. However, one thing stands out from all the probable causes – the exchange having control over users’ assets. The only reason the trading platform executives were able to mismanage customer holdings was because they had leverage.
Most blockchains entrust the management of investor holdings to a Decentralized Autonomous Organization, which votes on various decisions. However, DAO members consist of humans who can make mistakes or make the wrong decisions. To prevent any form of mismanagement, Tectum gives holders of SoftNote Bills 100% control of their assets. This means that they can withdraw it at any time they want. They do not need the permission of a DAO to approve their withdrawal.
As explained in SoftNote 101, SoftNote Bills are not a replacement for Bitcoin or other cryptocurrencies. They are more like a suitcase for securely and anonymously storing or transferring blockchain tokens.
We wish everyone a wonderful Halloween celebration. Share your thoughts on the Halloween special on our social media platforms. Let us know if there are other happenings in Web3 that we did not cover.
