One of the many purposes for which cryptocurrency (CC) was first invented was to create a secure digital operating system. The technology used was and still is Blockchain. Blockchain systems are designed to be resilient to problems common with online financial systems that use older technology – such as account hacking, fraudulent payment authentication, and website phishing scams.
Blockchain itself works on peer-to-peer global ledgers (distributed ledgers) that are safe, cheap and reliable. All over the world, transaction records are stored on blockchain networks, and since these records are distributed to the entire community of users, the data is inherently immutable. No piece of data can be changed without changing all the other blocks in the network, which requires the agreement of the majority of the entire network – millions of controllers. BUT – what if a website appears to you to be a gateway to a legitimate cryptocurrency exchange or crypto wallet product, but is actually a website designed to trick you into disseminating information? You don’t have blockchain security at all – you just have another phishing scam that needs to be protected against.
MetaCert is a company that says it’s dedicated to keeping internet users safe, and its core security product can be used to protect businesses from a number of malicious threats, and now they have a product designed to keep CC enthusiasts safe. This new product is called “Kryptonite” and it is designed to be installed as a browser add-on. Current browsers rely on SSL certificates that show users a small padlock in the browser’s address bar. For years, SSL Certificates have reassured users that a website is authentic – not so fast – phishing sites also use SSL Certificates, so users can be fooled when the website is not legitimate. Once added to your web browser, Cryptonite will display a shield next to the address bar. This shield will change from black to green if the website is considered “secure”. MetaCert says they have the world’s most advanced threat intelligence system with the world’s largest database of secret URLs for security.
Staying safe is always a good thing, but as technology advances at an ever-increasing pace, more security products may be needed in the future. Quantum Computing (QC) holds great promise on the horizon. QC is considered by many to be one of the greatest technological revolutions of modern times. By harnessing the power of quantum mechanics, QC machines will be able to take on more complex tasks and achieve previously unattainable speeds. Traditional computers are based on a binary model, using a system of keys that can be represented by either 1 or 0. called ‘superpositions’. The ability to have two at once is what makes QC faster. Google announced more than two years ago that their quantum prototype was 100 million times faster than any other computer in their labs. The development of this technology is advancing at an ever faster pace. The first commercially available quantum computer was produced in 2011 by California-based D-Wave. D-Wave’s machine is equipped with a processor with 16 quantum computing units called QUBITS. Since then, industry leaders such as IBM and Microsoft have announced their own quantum programs. This trend will lead to an exponential increase in the number of QUBITS that these new machines can handle over the next few years. While quantum computing has the potential to provide significant advances in many fields and innovative solutions to some of the most complex problems, it will undoubtedly create a need for improved security, as these machines will also have the power to aid hackers in their nefarious work. deeds. As in all other online spaces, protection and security will always be required in the cryptocurrency space.