Whether you consider yourself a newcomer to cryptocurrency, an amateur investor, or an expert, it’s always helpful to get a download on the latest perspectives on keeping your crypto assets secure.
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It’s also important to understand that everything in cryptocurrency revolves around keys. When it comes to transacting with cryptocurrency, everyone needs a public key. Public keys are essentially what connect you and your cryptocurrency to the blockchain ledger. Alternatively, private keys are known only to you, and are the tool that you must use to verify or sign transactions involving your cryptocurrency.
Paul Puey is the CEO and founder of Edge, a multi-currency crypto wallet. He elaborates on the nature of blockchain security and the need for these keys, “One of the biggest misconceptions about blockchain technology is the belief that it helps make data secure. In actuality, data on a blockchain is inherently public and visible to everyone. However, the keys used to access a blockchain need to be very secure, as those keys are now money. Therefore, blockchains have not created a new form of security, they have motivated its creation.”
This “cryptographic achievement” as Erik Schmidt, Executive Chairman for Google once called Bitcoin and its underlying technology, helps keep your assets secure, allowing you to use them freely without fear of getting hacked or losing your funds. Another critical thing to keep in mind is that all of these keys are usually lengthy strings of numbers, so it’s essential to have a secure place to keep them, so they don’t get stolen, and so you don’t forget them.
People rely on various types of wallets to store and secure their cryptocurrency. There are a number of options for this, including hardware, paper, desktop, online, and mobile. No matter which option you chose it’s important to make sure it has some key traits to keep your assets secure. Puey shared some of the top features to consider when evaluating cryptocurrency storage options:
First and foremost you have to assess the safety of the storage option you’re considering. In most cases, decentralized options are going to be your best bet. Puey explains, “The problem with centralized security is that it takes everyone’s data and puts it in one place. This puts a massive bullseye on that central location for hackers and attackers to target. It’s a lot like a city or a castle. You might have really thick walls, but you’re still at the top of a hill waving a flag, and all it takes is one person, breaking one brick, to start a chain reaction that allows them to get in. It’s the same with centralized security.”
Wallet options that encrypt data on the user’s side are more secure than those that hold assets in a centralized location. Puey continues, “When it comes to Bitcoin and other cryptocurrencies, we’ve seen this create a huge loss of assets. Any time a wallet is hacked, those funds are lost for good, and there is no crypto version of the FDIC to restore them. So, it’s vital that funds are always secure.” The Mt Gox hack in 2014 is a prime example of how costly security errors can be.
With the diversity of currencies available on the market these days it’s essential to work with wallets that will allow you to quickly exchange your currency in case you have a desire to invest in one that is up and coming, or sell when prices start to get volatile. Puey shares, “We found that our users all around the world were clamoring for a private, secure, open-source, and easy to use multi-asset wallet they could depend on.”
That demand is driven not only by an increase in the volume of cryptocurrencies, but also the increased number of applications in which cryptocurrencies can be used. With the rapid growth of the dApp industry, has come an increased need for flexible, multi-currency storage.
Finally, any storage option you use must meet your needs and feel convenient. Otherwise, you aren’t likely to manage it as frequently as you should. A cryptocurrency wallet is just like your regular wallet: it holds your money and (if you are active in the cryptocurrency space) you will be using it frequently. If you will be using something so often, it’s reasonable to demand that it provide a certain amount of convenience.
Any good wallet should have simple, secure options for authenticating your identity. Puey explains how his company worked toward this goal, “We worked to provide an integration of three core offerings: a hyper-secure and private personal vault, a friendly user interface for blockchain networks and services, and an encrypted single sign-on solution for decentralized applications.” Any wallet you use should have these functions to make it easy for you to use on a regular basis.
When it comes to securing your cryptocurrency, be sure to work with reputable companies, ones that have been recognized as trustworthy by both media experts, and industry influencers. Be sure to vet every option and verify that the company is transparent about their technology, and participating in the community at large.
Chainlock makes Dash immune to 51% attacks, claims Ryan Taylor
Dash was recently in the news for the implementation of Chainlock, a protocol which helps the Dash network become immune to 51% attacks or a chain re-org.
Ryan Taylor, Dash CEO, was recently featured in an interview where he spoke extensively on Chainlock, New InstantSend and more. Taylor first spoke of how Dash is different from other cryptocurrencies and how it was focused on making “Point-of-sale” for users a more seamless process.
With the implementation of Chainlock on the Dash network, it can now settle payments instantly and can quickly be re-spent without any risk to the receiver.
In the interview, Taylor also spoke about the issues Proof-of-Work-based chains face. According to him, these chains follow the block that has “the most work associated with it,” and always go with the first block they see, even when there are two potential blocks. The validity of a block is confirmed only after the next few blocks are formed in the network.
He then spoke of projects using a checkpoint system, a system that carries its own cons. Taylor said that Dash had solved these issues. Dash has created a network that votes by itself on the blocks created. It does so through developed layers of a network called “Master Nodes.” These master nodes then randomly select 400 nodes to form a “Quorum,” members of which then vote when a block is sighted. The purpose of the voting is to term a block valid for it to be added to the network.
A block is only valid if 60% of the members agree to it. Later, a message is sent via the network and mentions the details of a block at a particular height, while also informing about any other block which is rejected.
When asked about the importance of Chainlock and reducing the chance of a 51% attack, Taylor said,
“The cost of attacking the Dash network for an hour isn’t just rent some hashrate like it is for all other cryptocurrencies, you also have to control 20, 25 percent of the coin supply before you could even attempt it. That makes Dash, probably, the most secure cryptocurrency, even more so than Bitcoin.”
Binance CEO Hosts Fifth Live AMA On Company’s Latest Objectives For Futures And Smart Contracts
Binance head CZ sat down for his latest edition of his famous AMA where he addressed numerous rumors and questions around Binance.
He said that while the arrival of institutional demand is one of the most cited reasons by cryptocurrency proponents for this year’s rally, individual investors are still playing a key role in driving the dramatic price gains. While both institutional and retail trading is growing at Binance, individual investors account for about 60% of trading volume which is the same proportion as the last year. This growth comes in part thanks to greater availability of margin trading.
Expanding on this, CZ said:
“So far, there’s more than $15 million borrowed for margin trading, so clearly there’s a very strong demand for that, and we’re happy to finally push the product out, and have more people use it.”
He even said that there is a possibility of a Future launch:
“The simulation market price will roughly follow the real Bitcoin price, which is the real contract price. We will do a simulation first. Then, in 10 to 20 days, we’ll make the futures testnet live.”
He was proud of the fact that the Binance DEX has been received with open arms by the crypto community.
“I think Binance DEX offers many many advantages. I mean in terms of technology, it is faster, cheaper etc, etc but also in terms of economics, when a project is on Binance, we help it market and provide a lot of service around it, which also helps promote the growth of our Binance DEX.”
Binance team is all set to burn off all the BNB tokens that were allocated to them in order to burn a mountainous 100 million BNB in total. CZ said that rather than linking BNB with market projects or holding BNB buybacks, the Binance team will be burning all of their tokens first, all the 2.4 billion USD.
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Justin Sun invites Donald Trump to Warren Buffet lunch
Just Sun has invited U.S President Donald Trump to the $4.6 million lunch that will be held with American business magnate, investor, speaker and philanthropist who serves as the chairman and CEO of Berkshire Hathaway, Warren Buffet later this month.
The invitation from Sun comes hours after Donald Trump lambasted the cryptocurrency space, stating that “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity…”
Trump’s tweets were met with plenty of resistance from crypto twitter who reacted to the comments by Trump. One of them being Tron and BitTorrent CEO Justin Sun.
Sun is set to have lunch with Warren Buffet later this month and will look to change the perspective on cryptocurrencies that Buffet holds. Buffet has also criticized the crypto space in the past.
While the offer in very generous and would be a great step forward, it is unlikely the president will actually attend.