As blockchain technology develops, serious challenges threaten their reliability and fairness. The new initiative, BITE Protocol, aims to address these issues by providing a higher level of security and confidentiality.
Issues with Traditional Blockchains
Blockchain users often fall victim to attacks known as Maximal Extractable Value (MEV), where miners or validators exploit their advantage to manipulate transactions. Since 2020, users have lost nearly 2 billion dollars due to these attacks. Beyond financial losses, traditional blockchains also suffer from a lack of confidentiality, creating distrust among users.
Introduction of BITE Protocol
BITE Protocol offers a solution to security challenges by encrypting transactions at the consensus level. This technology encrypts transaction details, making them inaccessible to miners and validators until execution. This enhances fairness and protects user privacy by preventing any forms of transaction manipulation.
Future with BITE: Phases and Applications
BITE Protocol has a clear four-phase implementation plan that includes processing encrypted transactions on decentralized exchanges and within smart contracts, as well as integrating other encryption features to significantly enhance privacy. These phases open new applications, including protection against fraud in auctions and gaming applications.
BITE Protocol represents a significant step forward in blockchain security, ensuring a higher degree of trust and confidentiality. This innovation could fundamentally change the approach to blockchain usage across sectors, from finance to gaming.
