Blockchain Technology, world's most secure technology based on cryptographic algorithms such as SHA-256.Blockchain is making world more transparent and reliable ,then why people have fragile wallets.Cyberattacks have increased more than 30% from last year and mainly crypto-related crimes.Earlier many times a question comes to mind "How crypto-crimes are performed ,is hacking possible to cryptocurrencies ".
Every attack on crypto has a great impact on its reputation of blockchain and bitcoin.Investors are now afraid to invest in ICO's because of such cyber attacks. Haim Pinto ,CTO of Israel's largest Bank Hapoalim said that blockchain is "still in a hype cycle."
THE BANK OF ENGLAND is adopting blockchain technology for Real time gross settlement by making changes with ledger by replacing it with Distributed Ledger technology.Russian banks have stated blockchain as reliable and mature enough for global banking and financial institutions.
All these news and ideas makes me feel optimistic for blockchain technology ,These ambitious uses of blockchain technology has made me crypto enthusiast.
"Not a day goes without hearing about ICO and mining scams",said Finkelsteen.Reputation of cryptocurrency is diminishing ,markets are now bearish ,people always think to take out money from exchanges ,significant losses have occurred to investors.Analytics don't work on cryptocurrencies ,the thing which is solely responsible for price of BTC is news and reputation,if these cyber attacks on cryptocurrency continues future of these token becomes fragile.
CryptoJacking -
A Cyber attack form in which attacker uses victims processing power to produce or mine cryptocurrency.A malware or worm is used to attack computers and smartphones to use their computing power to extract tokens in the form of Cryptocurrency.One of the main cryptocurrency which was widely mined with help of malware was "Monero" which was powered by Coinhive they use to provide proof-of-work Captcha for verification which uses computing power to generate hashes.Website owners can insert this javascript in their website and generate passive income from their users without ad system,they can also adjust hashing rate and amount of power to be obtained from users.
$1.2 billion in cryptocurrency has stolen since 2017 which are more than 1200 tokens.Bad guys have used this technology in very ways such as Drug Trafficking and money laundering because of which reputation is now decreasing day-by-day.We need a transparent and scalable token which be controlled by embassies to empower this world in a new way.
image src -https://alumni.berkeley.edu/sites/default/files/styles/960x400/public/blockchain.jpg?itok=5iePSvtK
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