Colleagues, co-founders of the Gemini crypto exchange Tyler and Cameron Winklevoss have been granted a patent for “Systems and methods for storing digital math-based
assets using a secure portal”. Digital asset ledgers will be used to protect users from “double-spend” cyber-attacks. Unlike traditional paper currencies,
cryptocurrencies have the
potential to be copied and rebroadcasted. This leads to the opportunity for
nefarious cyber criminals to spend the same cryptocurrency twice. Multiply this
type of transaction known as “double-spend” by 100s of thousands of transactions
and the value of crypto jacking easily runs into the millions of USD. Bottom
line: How effective will the new crypto key storage system be in preventing
illicit “double-spend”? Our readers along with the global crypto ecosystem will not know the answer until this system is
designed, developed and battle tested in the real world. Yes, we will be
tracking this matter closely. Send us your thoughts today! Lawrence – Cryptocurrency
Academy (https://cryptocurrencyacademy.blogspot.com/)
Our mission is to provide Training and Certification programs to enable Cryptocurrency, Blockchain and FinTech traders and investors worldwide to achieve their career goals.
Subscribe to:
Post Comments (Atom)
-
Colleagues, crypto time warp attacks occur when miners collude to report incorrect timestamps that are farther apart, messing with the ...
-
Crypto Traders, gain a competitive advantage in cryptocurrency and Bitcoin trading with three complementary programs. First, the Certified C...
-
Colleagues, we have written extensively about the CBDC initiatives underway in China (PBoC), US (US Federal Reserve) and the UK (Bank of...
No comments:
Post a Comment