Hacking may sound cool, but the misconception of the hooded Avenger taking it to the establishment doesn't work when you attribute it to cryptocurrency. In essence, Decentralized Finance (DeFi) attempts to separate itself from the established banking and governmental structures, so if you breach the security of a crypto coin, you're just robbing everyday people.
This article will discuss some of the major hacks in DeFi history and why cryptocurrency security measures are more critical than ever. This article will also discuss how XRP and Cardano (ADA) have approached securing their projects and how presale meme coin DogeMiyagi (MIYAGI) looks to safeguard the futures of its growing community.
The Dark History Of Hacking
One of the main selling points of digital finance has been its assurance of security, professing that blockchain technology provides a shield from breaches. Last year, over $20 billion worth of cryptocurrency was stolen from users, and 2023 could yet be worse.
There are a few high-profile hacks that stick out in the history of crypto security breaches. The first one was the Coincheck hack when back in 2018, Japanese crypto exchange Coincheck revealed that $547M worth of NEM had been stolen after a 'hot wallet' was hacked. The Ronin Network hack in 2021 recorded a loss of $614M, and the network revealed that a hacker had accessed the private keys needed to authenticate transactions and ran rampant on the exchange.
XRP: The Signature Coin
XRP is the native coin of Ripple that runs on the XRP Ledger, a secure blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz. After the underlying blockchain’s success, the designers created the payment protocol Ripple and used XRP as its native coin to facilitate transactions on the network.
The main security measure that XRP enforces is cryptographic signatures. Any XRP transactions must be signed using cryptographic techniques, ensuring that only the account owner can initiate the transfer. This reduces unauthorized transactions and spoof attacks, and also, you get to practise your fancy signature.
Cardano: The Countess Of Crypto
In 1815, the Countess of Lovelace Augusta Ada King was born. Fast forward 200 years, and the native coin of Cardona ADA came to life in her honour. Augusta Ada King is commonly known as the first computer programmer, and this decentralized proof of stake (PoS) blockchain aims to follow in her innovative footsteps.
Related Topics: #PR