One of the many goals when cryptocurrency (CC) was first invented was to create a secure digital transaction system. Blockchain technology has been used and remains. Blockchain systems have been designed to be immune to the problems common in online financial systems using legacy technologies – issues such as account hacking, authentication of counterfeit payments and phishing fraud websites.
The blockchain itself operates on peer-to-peer global record networks (distributed registries) that are secure, cheap, and reliable. Transaction records around the world are stored in blockchain networks, and because these records are distributed throughout the 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 will require the conspiracy of most of the entire network – – millions of observers. BUT – what if the website looks like a gateway to a legitimate cryptocurrency exchange or crypto-wallet product, but is it actually a website designed to trick you into disclosing information? You have no Blockchain security at all – you just have another phishing scam, and you need to protect yourself from all this.
MetaCert says it is dedicated to protecting Internet users, and its core security product can be used to protect businesses from a number of malicious threats, and they now have a product designed to ensure the safety of CC enthusiasts. This new product is called “Cryptonite” and is designed to be installed as an add-on for the browser. Current browsers rely on SSL certificates, which show users a small lock in the browser’s address bar. Users have been told for years that SSL certificates assure you that a website is genuine – not so fast – phishing sites also use SSL certificates, so users can be fooled into thinking that a website is legitimate if it is not. Once added to your web browser Cryptonite will show a shield next to the address bar. This screen will turn from black to green if the website is deemed “safe”. MetaCert states that 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 good, but more security may be needed in the future as technology moves forward at an ever-increasing rate. Quantum computing (QC) is on the horizon, which is very promising. QC is touted by many as one of the biggest technological revolutions of the modern era. Using the power of quantum mechanics, quality control machines will be able to perform much more complex tasks and reach previously unattainable speeds. 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 both on and off positions simultaneously, called “superpositions”. This ability is in two simultaneous states – this 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 accelerating. The first quantum computer was released in 2011 by California-based D-Wave. The D-Wave machine was equipped with a processor that contained 16 blocks of quantum computing 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. 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, they certainly call for better security, as these machines will also be able to help hackers in their nefarious affairs. Security and safety will always be needed in the cryptocurrency space, as in all other online spaces.