One of the many goals when cryptocurrency (CC) was first invented was to create a secure digital system for transactions. The technology used was Blockchain, and it still is. Blockchain systems are designed to be impervious to problems often found in online financial systems using outdated technology — such as account hacking, fake payment authentication, and website phishing.
Blockchain itself operates secure, cheap and reliable global peer-to-peer recordkeeping networks (distributed ledgers). Transaction records around the world are stored on blockchain networks, and because these records are scattered over the entire user community, the data is inherently resistant to modification. No piece of data can be changed without changing all the other blocks in the network, which would require the complicity of the majority of the entire network — millions of guards. But – what if a website appears to provide you with a portal to exchange cryptocurrency or a crypto wallet product, but is it really a website designed to trick you into divulging information? You don’t have Blockchain security at all – you just have another scam, and protection from all this is needed.
MetaCert is a company that says they are dedicated to keeping internet users safe, their flagship security product can be used to protect organizations from a range of malicious threats, and now they have a product designed to keep CC enthusiasts safe. This new product is called “Cryptonite” and is designed to be installed as a browser add-on. Current browsers rely on SSL certificates that display to users a small padlock in the browser’s address bar. Users have been told for years that SSL certificates assure you that a website is authentic – not fast – phishing sites use SSL certificates as well, so users can be tricked into believing a website is legitimate when it isn’t. Once added to your web browser, a Cryptonite shield will appear next to the address bar. This shield will turn from black to green if the website is deemed “secure”. MetaCert says they have the world’s most advanced threat intelligence system with the world’s largest databases of security-rated URLs.
Staying safe is always a good thing, but more safety products may be needed in the future as technology moves forward at an ever-increasing pace. Looms quantum computing (QC), which shows promise. Many consider QC to be one of the biggest technological revolutions of the modern era. By harnessing the power of quantum mechanics, quality control machines will be able to perform more complex tasks, achieving previously unattainable speeds. Conventional computers are based on a binary model, using a system of switches that can be turned on or off, represented by 1 or 0. QCs differ in that their switches can be on and off at the same time, which are called “overlays”. This ability to be in two simultaneous states is what makes QC so much faster. More than two years ago, Google announced that its quantum model was 100 million times faster than any other computer in their lab. The development of this technology is moving forward at an increasingly rapid rate. The first commercialized quantum computer was produced in 2011 by California-based D-Wave Corporation. The D-Wave machine is equipped with a processor containing 16 quantum computing units called QUBITS. Since then, industry leaders such as IBM and Microsoft have announced their own quantum software. This trend will dramatically increase the number of QUBITS that these new machines can handle over the next several years. While quantum computing has the potential to make significant advances in many areas, and to provide innovative solutions to some of the most complex problems, it will certainly generate the need for improved security, as these devices will also have the ability to help hackers with their insidiousness. Actions. Protection and security will always be needed in the cryptocurrency space, as with all other spaces on the Internet.