One of the many goals when cryptocurrency (CC) was first invented was to establish a secure digital transaction system. The technology used is Blockchain, and it still is. Blockchain systems are designed to withstand the problems often encountered with online financial systems that use older technology – – problems such as account hacking, fake payment authentication and phishing scams.
Blockchain himself works on peer-to-peer global record keeping networks (distributed books) that are secure, inexpensive, and reliable. Records of transactions around the world are stored on blockchain networks, and because these records are distributed throughout the user community, the data is inherently resistant to change. No data can be changed without changing all other blocks in the network, which would require the agreement of most of the entire network – – millions of guards. BUT – what if the website looks like it provides you with a legitimate cryptocurrency exchange gateway or crypto wallet product, but is the website really designed to trick you into revealing information? You don’t have the security of Blockchain at all – you just have another phishing scam, and there is a need to protect yourself from all that.
MetaCert is a company that says it is committed to protecting Internet users, and its main security product can be used to protect businesses from a range of malicious threats, and they now have a product designed to protect CC enthusiasts. This new product is called “Cryptonite” and is designed to be installed as a browser add-on. Current search engines rely on SSL certificates that show 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 so fast – phishing sites also use SSL certificates, so users may be fooled into thinking a website is legitimate when it is not. Once added to your web browser, Cryptonite will display a shield next to the address bar. This shield will turn from black to green if the website is considered “secure”. MetaCert says they have the world’s most advanced threat alert system with the world’s largest database of confidential security URLs.
Staying safe is always a good thing, but more security products may be needed in the future as technology advances at an ever-increasing pace. Quantum computing (QC) is on the horizon, showing great promise. QC is hailed by many as one of the greatest technological revolutions of the modern era. By harnessing the power of quantum mechanics, QC machines will be able to take on much more complex tasks and achieve speeds that were previously unattainable. Traditional computers are based on the 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 in the on and off positions at the same time, called ‘superpositions’ . ‘ This ability to be in two simultaneous states is what makes QC much faster. Google announced more than two years ago that the quantum prototype they own was 100 million times faster than any other computer in their lab. The development of this technology is advancing faster and faster. The first quantum computer on the market was manufactured in 2011 by D-Wave from California. The D-Wave machine was equipped with a processor containing 16 quantum computer units, called QUBITS. Since then, industry leaders such as IBM and Microsoft have announced their quantum programs. This trend will lead to an exponential increase in the number of QUBITAs that these new machines can handle in the next few years. Although quantum computing has the potential to make significant strides 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 machines will also have the power to help hackers with their nefarious deeds. Security and safety will always be needed in the cryptocurrency space, as well as in all other online spaces.
Stay Tuned!