Concord Protocol has introduced a bounty price $1 million for returning the funds that had been maliciously extracted from Horizon Bridge. Moreover, Concord Protocol has dedicated to not advocate felony fees for returning the funds and sharing exploited data.

The announcement was made by the official Twitter deal with of Concord Protocol, the place followers shared a combined response to this transfer.

Some appreciated the providing of a bounty, saying that figuring out how the community was hacked was extra essential, and accompanying it with a assure of not advocating felony fees was a much-needed protect.

Nonetheless, others didn’t make this announcement in a superb spirit. Many followers imagine that whoever was behind the assault have to be punished in order that one other comparable incident shouldn’t be inspired.

A follower replied, saying that even when the attacker got here ahead, the identical attacker may compromise one other system once more. One other follower highlighted that the details about the assault was extra necessary.

Concord Protocol was knowledgeable in regards to the assault on June 23, 2022, following which the staff instantly complained to all of the related authorities, specifically the FBI, change companions, and cyber safety companions.

All of the groups agreed to work in the direction of figuring out the offender and retrieving the stolen funds.

Concord underlined the significance of investing extra in decentralized bridges as individuals have began shifting in the direction of Web3, a section solely primarily based on decentralization. A number of transactions had hit the community, with eleven efficiently extracting funds price $100 million.

Concord Protocol is an open and quick blockchain that runs Ethereum purposes with 2-second finality and 100 occasions decrease charges. It facilitates the switch of tokens throughout 5 chains, specifically Binance and Ethereum.

Each sort of chain could be linked by the protocol. Whether or not Proof-of-Work or Proof-of-Stake, each could be linked utilizing Concord Protocol’s bridges. The platform features on three pillars of rules, specifically:-

• Scalability
• Safety
• Decentralization

The pillars or rules talked about above allow the platform to steadiness the reference to safe and random state sharding. It has a complete of $1.09 billion of worth locked with transaction charges going as little as $0.0001.

Concord goals to supply customers freedom from being jammed at a sure chain, due to this fact selling interoperability to revolutionize the way forward for Web3.

It has set a roadmap, with the short-term goal being to deliver the finality all the way down to 1-second from 2-second by the top of the fourth quarter of 2022. Different aims to be completed by the identical time are:-

• zkSync rollups
• Decentralized ops
• ONE annual convention
• Non-public authentication

After 4 years, Concord is eyeing to deliver the perfect outcomes of Zero-Data Proofs to manufacturing and decentralize governance by hundreds of DAOs.

The investigation is ongoing within the matter of the Horizon Bridge hack, with the neighborhood ready for extra particulars on it. The neighborhood can also be ready for the replace on the bounty introduced by Concord Protocol by way of its official Twitter account.