hello!
i just found this project, and am very intrigued! privacy is a huge thing for crypto, and one of my main issues with it!
i looked up bridge mining etc. and came across the FAQ on the secret bridge site. there, regarding missing coins, is stated:
'If, for any reason, there is an outage, error, or other issue with the swap, the bridge operators are ready to step in and manually restore funds.
i am not the most knowledgable person unfortunately, regarding how this all works exactly. but to me, this implies a potential bottleneck for the censorship resistance?
could someone please explain to me how this isn’t the case?
sorry for being somewhat lazy
Hello @SHTR
Let the boffins explain the workings but will comment on one piece of your subject matter.
Just inquiring as to if you use FB , twitter or the FIAT banking system ?
If so then Crypto , any Crypto is guarding your personal privacy more than the above mention mediums.
Just an observation to think about SHTR
All wrapped coins, even on Ethereum, are essentially IOUs. Secret is no different. You’re depositing your funds to an account and getting a token that you can exchange.
Some are totally centralized. If you sent me all your eth and I gave you some tokens for them, you may be pretty uncertain if I’d honor the exchange back out. Secret and many other projects use a consortium of trustworthy members to run these swaps, so it isn’t up to one person.
If these members all collude then sure, they could censor your transactions. But this is true of any wrapped asset. Technically its true of the networks as a whole, as well. If all the Ethereum miners got together they could censor your transactions.
The bridge is run by five trusted organizations, each with separate interests, and each with their reputation on the line. It would take collusion of three to corrupt the pool or censor you. It’s true that this could be improved to a wider group, but also realize the bridge is young and also not the main point of Secret whatsoever. It’s simply the first application on the network.
