One of the many goals when cryptocurrency (CC) was first invented was to establish a secure digital transaction system. The technology used was Blockchain, and it still is. Blockchain systems are designed to be impermeable to problems often found with online financial systems that use older technology – – issues such as account hacking, forged payment authentication and fraud with website theft.
Blockchain himself works on global record keeping networks (distributed books) that are secure, inexpensive, and reliable. Transaction records 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 single data can be changed without changing all the other blocks in the network, which would require the collusion of most of the entire network – – millions of guards. BUT – what if the website seems to provide you with access to a legitimate cryptocurrency exchange or crypto wallet product, but is the website really designed to trick you into disclosing information? You don’t have Blockchain security at all – you just have another phishing scam and you need to be protected from all of this.
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 browsers 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 that a website is authentic – not so fast – phishing websites also use SSL certificates, so users may be fooled into thinking that 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 site is considered “secure”. MetaCert says they have the world’s most advanced threat notification system with the world’s largest databases with classified URLs for security.
Staying safe is always a good thing, but in the future more security products may be needed as technology advances, at an ever-increasing pace. Quantum Computing (QC) is on the horizon, showing great promise. Many consider QC to be one of the greatest technological revolutions of the modern era. Leveraging 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 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 in the on and off position at the same time, called “superpositions”. . This ability to be in two simultaneous states is what makes QC so much faster. Google announced more than two years ago that the quantum prototype they own is 100 million times faster than any other computer in their lab. The development of this technology is advancing at an ever faster rate. The first quantum computer on the market was manufactured in 2011 by the California company D-Wave. The D-Wave machine was equipped with a processor containing 16 quantum computer units, called QUBITS. Since then, industry leaders like 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 make significant progress 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 in their vicious attacks. Protection and security will always be needed in the space of cryptocurrencies, as in all other online spaces.