Hackers, Blockchain and the new way to exploit vulnerabilities
Currently, news involving hacks in the cryptocurrency sector has become quite recurrent. In order for us to know how to identify the process of this, it is necessary to understand how the foundation of each cryptocurrency works, we need to understand the blockchain. The difficulty of hacking the blockchain can be explained by the fact that it is a decentralized, collaborative and public network, where anyone from anywhere in the world can collaborate with this network in the simple step of installing software.
Therefore, any damage that one could intend to do to the blockchain would need to go through all the collaborating machines or, at the very least, on enough machines to damage the network’s performance. The point is that with the growth of altcoins, it is questioned whether their infrastructures would be able to fight hacker attacks.
To mitigate these problems, even though the cryptocurrency project already has developers who test for vulnerabilities, the role of White Hat Hackers is very important. developer. The White Hat Hacker, is a “good hacker”, who uses his skills to harm your company, but only hypothetically. Its real objective is to discover security holes in your system in order to protect your company from dangerous hackers.
The availability of code to replicate or improve has its advantages and disadvantages. It turns out that many of the codes are copied without proper scanning to identify possible loopholes in the code itself. So, to the extent that it allows “doubling” and then improving, it also allows only “doubling to double”, playing projects that are already consistent in the crypto market, only in another cryptocurrency.
Although many codes have weaknesses because they are mere copies of other projects, their arrangement allows us to create an environment with advantages. The bad projects go out of the market, while the good ones, stay in the market, but in constant test of new adversities.
This article was based on the Decentralized Debate of 08/07/2022, where the discussion about the cryptocurrency world is decentralized and current. Watch the full episode.