One of the many goals when cryptocurrency (CC) was first invented was to create a secure digital system for transactions. The technology used was, and still is, Blockchain. Blockchain systems are designed to be impervious to the problems that often exist in financial systems online with outdated technology – issues such as account hacking, fake payment authentication, and fraudulent website phishing.
Blockchain itself operates global peer-to-peer recordkeeping networks (distributed ledgers) that are secure, cheap, and reliable. Transaction records are stored all over the world on blockchain networks, and because these records are spread over the entire user community, data is inherently resilient to modification. No piece of data can be changed without changing all the other blocks in the network, which requires the complicity of the majority of the entire network – millions of guards. But – what if the website appears to provide you with a gateway to exchanging cryptocurrencies or a cryptocurrency wallet product, but is it really a website designed to trick you into divulging information? You have no Blockchain security whatsoever – you just have one other scam, and protection from all of this is needed.
MetaCert is a company that it says is dedicated to keeping internet users safe, its flagship security product can be used to protect organizations from a host 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 an add-on to the browser. 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 you that the website is authentic – not fast – phishing sites use SSL certificates as well, so users can be tricked into believing the website is legitimate when it isn’t. Once you add it to your web browser, Cryptonite will show a shield next to the address bar. This shield will switch from black to green if the website is deemed “safe”. MetaCert says they have the world’s most advanced threat intelligence system with the world’s largest databases of confidential security URLs.
Staying safe is always a good thing, but more safety products may be needed in the future as technology advances at an ever-increasing pace. Quantum computing (QC) looms large. QC is considered by many 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, and achieve previously unattainable speeds. Conventional computers are based on binary model, with a system of switches that can be turned on or off, represented by a 1 or 0. The QC differs in that their switches can be on and off simultaneously, which are called “overlays”. This ability to be in two states simultaneously is what makes QC so much faster. Google announced more than two years ago 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 the California-based company D-Wave. 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 quantum software. This trend will lead to a massive increase in the number of QUBITS these new machines can handle over the next several years. While quantum computing holds the potential to make great progress in many areas, and to provide innovative solutions to some of the more complex problems, it will surely generate the need to improve security, as these devices will also have the potential to help hackers get treacherous in acts. Protection and security will always be needed in the cryptocurrency space, as with all other spaces on the Internet.