Singapore, Singapore, April 18, 2023 (GLOBE NEWSWIRE) — Poly Network, the global cross-chain protocol, attended the Hong Kong Web3 Festival on April 15th, 2023, at sub-stage 2. The festival, which was co-hosted by HashKey Group and Wanxiang Blockchain Labs, featured over 100 crypto projects as exhibitors and 300 distinguished industry leaders, venture capitalists and senior executives from finance institutions as speakers.
Poly Network’s Core Ecosystem Contributor, Dr. Luke Liu, was a keynote speaker at a “Cross-Chain” themed panel discussion, along with globally renowned cross-chain technology experts and leaders of the Cosmos ecosystem development team. The panel discussion explored the security of Web3 interoperability protocols, which offer core infrastructure and promising development opportunities for the multichain Web 3.0 ecosystem.
Interoperability protocols are essential to the establishment of interaction standards for assets, data, applications, and consensus across different blockchain networks. Thus, security of these interoperability protocols is one of the top priorities for Web 3.0, and the critical pre-condition for the security guarantees provided by potentially heterogeneous networks to propagate.
Poly Network’s security research and case studies on reported attacks in the past two years pointed out the need for a security risk model for interoperability protocols. Poly Network has worked on delivering security guarantees and programming models for Web 3.0 interoperability protocols. The research has focused on the potential attack surfaces of interoperability protocols for Web 3.0 projects, developers, security researchers, and more importantly, facilitated the optimization and application of existing security solutions in the multichain ecosystem.
Poly Network’s programming model has provided new paradigms for the development of multichain applications that synergize with advanced security technologies to deliver more improved practical security guarantees than simply relying on auditing processes that commonly take place when the development has been finalised.
Poly Network emphasised the importance of security specifications in ensuring the security of Web3 interoperability protocols. Due to the lack of well-defined security specifications, it is often non-straightforward for security solutions based on code analysis and formal verification to fit in the context of interoperability protocols. The main capabilities of existing security technologies are largely limited to address business-level security demands, making it the case that audited projects are still vulnerable to external hacks. Poly Network has recognized the significance of this and has made it a primary focus of its future work. By creating detailed security specifications, Poly Network aims to prevent security risks and provide a more secure environment for the multichain ecosystem. Through its continued research and development, Poly Network strives to provide better security solutions for Web3 interoperability protocols and promote the overall security of the blockchain industry.
Poly Network integrated 35+ blockchains, such as Ethereum, Aptos, Polygon, Avalanche, Fantom, BNB Chain, Arbitrum, Optimism, OKC, Neo, Zilliqa, and Metis. The protocol enabled cross-chain asset transfers worth over USD 16 billion.
“We were excited to attend the Hong Kong Web3 Festival and share our research on the security of Web3 interoperability protocols. We actively looked for researchers, developers, and partners to push the development of critical research and products. Welcome aboard to the Poly Network ecosystem!” said Dr. Luke Liu, Core Ecosystem Contributor for Poly Network.
About the Web3 Festival
The inaugural Hong Kong Web3 Festival (12–15 April) is a digital asset-focused conference co-hosted by the HashKey Group and Wanxiang Blockchain Labs and organised by W3ME at the Hong Kong Convention and Exhibition Centre. The event will draw more than 10,000 offline attendees and will also feature over 100 crypto projects as exhibitors and 300 distinguished industry leaders, venture capitalists and senior executives from finance institutions as speakers. Hong Kong Web3 Festival 2023 will be held in sync with the Hong Kong International Innovation and Technology Exhibition (InnoEX), organised by the Hong Kong Trade Development Council (HKTDC). Together, this series of events are branded as the Business Week of Innovation and Technology (BITWEEK) hosted by HKTDC.
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About Poly Network:
Poly Network is a global cross-chain protocol that aims to promote blockchain interoperability and the development of Web3.0 infrastructure. Its blockchain and cross-chain bridge technology have been uniquely designed to facilitate communication and enable transactions between heterogeneous chains, including mainstream public chains from the protocol layer. To date, Poly Network has integrated 35+ blockchains, such as Ethereum, Aptos, Polygon, Avalanche, Fantom, BNB Chain, Arbitrum, Optimism, OKC, Neo, Zilliqa, and Metis. Since its launch, the protocol has enabled cross-chain asset transfers worth over USD 16 billion.
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