Bitcoins, Ethereum and ripple are the most common crypto coins that we hear around. They are famous and they are creating waves in the finance and investment category, as more people are sneaking in to create some returns for their time and money invested.
Well, when there are few people flocking to reap benefits, why are few more not into the game? Well, there is a scare of getting hacked!! Oh, yea hacking is another big issue, with these online sites and web pages. Well, here are some excerpts from my website about the safety of the platform.
So, are we protected from terrific hackers? Well, here we list our problems and the solutions that you may look at and consider implementing them.
The problems that may arise, concerning the safety:
- Hacking of the admin account
- Violating the access to the server where coins are stored
- Misuse of privileges
- Breach of security from the external trading or investing platforms
How to work on that:
Hacking of admin account:
The admin account is the single account that holds the details of the coin holders and their complete link. If this account is hacked, the theft can happen to many accounts. The Bitcoin and crypto is a blockchain technology, where each one is interlinked and chained. If address A is exposed, it will have a link to address B, and that’s where the whole system is disrupted. Hence, we need to provide layers of security before you get into the business.
Most of the cryptocurrency platforms don’t have any identification verification happening at eth backend, hence its mandate to have one. having a second level of identification verification can help avoid the breach. Like uploading documents of KYC, bills and others can help in authorising the right person and keep the hackers at bay.
What admins can do:
Admin of the platform built that handles the cryptocurrencies should follow these tips to keep their platform away from hackers and provide the best service possible.
Privileges and responsibilities should be limited. Not everyone should be given an access to all the things on the net. Since bitcoins are actually not governed by nay authorises, is easy for hackers to enter. But, as a platform, the website or online portal should bar the entry of hackers in the first place, by introducing some stringent measures. The measures can be anything to protect its investors and customers, like having a separate database for investors, keeping ledger offline and having firewall settings.