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Odysseus

๐Ÿ‘ค Speaker
162 total appearances

Appearances Over Time

Podcast Appearances

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

What does aerospace do that we can adopt?

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

They just have very concrete gates, like failure is not an option, right?

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

So formally verifying systems, having systems that are extremely simple, simplicity is directly correlated with security, means that you can understand it, you can audit it, you can formally verify it.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

And basically you have a lot of stages where you want to make sure that failure is not an option.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

The system can't fail.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

And if it fails, it's isolated to that subsystem.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

And you have multiple systems for redundancy.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Yeah, redundancy.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Yeah, so we've built effectively a very powerful circuit breaker that allows protocols to do runtime enforcement.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

So we enforce certain checks during the transaction as it's added to the block, effectively making sure that bad states or bad outcomes can't happen.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

But failure is not an option in these systems.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Like that's the new mindset.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Because so far we say, oh, it's a process-oriented mindset so far.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

We say we did audits, right?

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Or we did testing.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

We focus on the process.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

But nobody's really saying that failure is not an option.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

If you see auditors, never take liability.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

Protocols, never take liability.

Bankless
The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus

All the terms of service, they say this is alpha software, experimental software.