Do Blockchain Firewalls Represent the Next Generation of Internet Security?

Colleagues, amid the fanfare of R3’s recent launch of the first Blockchain-based firewall the fundamental question is whether Corda Enterprise does in fact represent a new era of improved network and Internet security? Corda states it is able to limit communication between Blockchain nodes operating in different environments, and with different informational needs from their network. in any Blockchain architecture each node uses point-to-point messaging to communicate with other peer nodes. It would be naïve to deploy the Blockchain node in the DMZ with a public IP address. By targeting specific nodes, an attacker can influence how consensuses are reached and possibly even halt the Blockchain operation. To provide additional security to the Blockchain nodes. One technique is to filter network traffic, thus implementing a firewall for Blockchain applications. Cisco projects they can provide access control functionality which can effectively mitigate flooding attacks from multiple sources at simultaneously. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)  

Are we seeing the emergence of a dualistic world order for Crypto Exchanges?

Colleagues, as if the crypto universe needs another twenty-five exchanges. Well the Philippine government appears to foresee economic growth and the opportunity to compete with the US, China, the Ukraine, India and South Korea. Formation of the special economic zone recently approved by the Cagayan Economic Zone Authority (CEZA) to serve both purposes. Bottom line questions: 1) Just how many crypto exchanges does the world need? and, 2) Can the Philippines financial and regulatory environment attract top-tier exchanges? The Cryptocurrency Academy is pro-competition, yet we question the ever-increasing number of exchanges around the globe … when in fact the five largest exchanges manage some 75% of all crypto transactions (see Crypto Coin Charts). We see the emergence of a dualistic crypto exchange world order whereby the 5-10 largest exchanges control the majority of “first-world” transactions in a reasonably secure and transparent manner. And in contrast, a multitude of micro- and/or specialty- exchanges process transactions for the “darker” side of the crypto world with little regulation and appeal to traders who seek to keep their transactions away from public scrutiny.  Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

Bittrex & Invest.com: Does the Cryptocurrency World Need Yet Another Trading Exchange Platform?

Colleagues, US-based Bittrex and invest.com, a fintech startup based in London plan to launch a new EU-focused crypto trading platform. Skeptics abound as these same two firms had a false start earlier this year with the Zodiac exchange that was aimed at the retail market. The exchange in question has yet to be launched and information online regarding the platform has been sketchy at best. According to Crypto Coin Charts the five largest exchanges based upon overall trading volume are: Binance, BitFinex, HitBTC, Houbi and Coinbase GDAX. In aggregate these exchanges process some 75% of all cryptocurrency transactions worldwide. From a macro perspective the crypto segment is still in its infancy and the need for innovation is great. The Cryptocurrency Academy believes that a bona fide next gen platform which can manage multiple currencies with a high degree of security, speed and usability is needed. Bottom line question: Is the crypto world better off improving existing exchanges or developing new “purpose-built” exchanges? You make the call. Post a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

Is the new Ethos Universal Crypto Wallet truly Universal, Convenient and Secure?

Colleagues, the Cryptocurrency Academy applauds the introduction of the Ethos Universal Wallet. The goal of a wallet which enables traders and investors alike to manage all their cryptocurrencies and tokens from one mobile device is a noble endeavor. This wallet was initially launched on Android with plans to introduce an iOS version in the near future (date – to be determined. Universality, security and convenience are three critical success factors for any crypto wallet. With new cryptocurrencies and next gen versions of existing currencies continuously coming to market only time will tell just how universal this wallet really is. A mobile app-based wallet surely is convenient. However, the fact that this is a software-based wallet raises significant security concerns in comparison to hardware wallets, particularly the Ledger Nano S, Trezor Bitcoin and the KeepKey wallets. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

Are We Approaching an Era Where Cryptocurrency Transactions Can Increasing Be Tracked?

Colleagues, money laundering, illicit drug transactions and nation-states seeking to side-step trade sanctions have all sought refuge via the use of cryptocurrencies. However, the emerging crypto world order may in fact be an era in which such transactions can in fact be tracked. The cyber security struggle between good and evil is playing out before our eyes as central banks (e.g. US Federal Reserve) and regulatory entities (e.g. the US SEC) seek the upper hand against crypto cyber criminals. Firms such as CipherTrace, Chainanalysis and Bitfury are introducing tools designed to gain insight into crypto transactions. Bottom line question: Which side of the crypto privacy vs. transparency ecosystem will succeed? The Cryptocurrency Academy predicts that not unlike other cybercrime and warfare, this will be a long-term dilemma whereby each side develops new technologies and tactics that the other will thwart or mitigate. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

The BetterHash Crypto Protocol Seeks to Pre-Empt Highly Centralized Stratum Mining

Colleagues, this is a follow-up to our recent post about alternative Bitcoin mining protocols. Well Bitcoin core developer Matt Corallo has officially launched BetterHash which offer a decentralized alternative to Stratum the most common BTC and much more centralized protocol used by AntPool and Bitmain. The goal is to give miners more control over block templates and help mitigate the risk of a government ordering a locally-operated mining pool to censor transactions. Moreover, BetterHash’s sub rosa plan appears to be to prevent Stratum in general, and Bitmain in particular, from achieving a 51% majority stake in BTC mining. So how well will BetterHash be accepted and potentially pre-empt Stratum-Bitmain’s control over BTC mining?  You make the call. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

Can a $2m Incentive Help Buglab Enhance Cryptocurrency Exchange Security?

Colleagues, the Coincheck, Bitgrail, Coinsecure and Coinrail cryptocurrency exchanges have all fallen victim to cybercrime thefts in 2018 alone. So what can be done to increase exchange security and bolster both crypto trader and investor confidence? Well, our friends at Buglab holding a hacking contest to uncover vulnerabilities in their platforms with a $2m BGL token prize. They are an Ethereum-based platform which helps exchanges around the globe resolve security weaknesses in digital solutions such as web apps, DAPPS, smart contracts and IoT. Major software and IT vendors such as Google, Apple and Microsoft commonly hold such security bake-offs to stress-test the integrity of their solutions. Crypto exchanges are often believed to be the weakest link in the emerging cryptocurrency ecosystem. The key question is which bugs can be identified combined with strong mitigation techniques? Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)