Bitcoin is Ready for the Bull Run, Are You?
The Imperative of Secure Crypto Technologies
As the crypto community gears up for the Bitcoin bull run, a shadow looms over the excitement: the threat of crypto hacks.
This week, CoinDesk reports that an exploit of Ledger’s Github library resulted in a loss of $484,000. This is not trivial, as it highlights a situation that perfectly characterizes the state of cryptocurrencies: a sense of security that is often greater than reality.
And what could be more secure than a hardware wallet? Especially one from Ledger, a name synonymous with reliability in the crypto space. As Bitcoin gains ground, attracting more investors and increasing volumes, one might ask:
Are existing investors and those to come during the imminent bullish phase properly prepared for the security challenges that come with cryptocurrencies?
Pumping and Crashing (Your Investment)
The market’s uptrend is shadowed by growing security risks. Each crypto bull market has historically led to a surge in hacking incidents, inflicting ever more severe damage. Data from Chainalysis illustrates this trend: crypto hacks amounted to approximately $100 million in 2016, soaring to $3.8 billion in 2022.
Cryptocurrency is the fastest widely adopted technology in history, with millions of users worldwide. As a bull run looms on the horizon, the adoption rate of cryptocurrency is set to disrupt everything in its path, but if Bitcoin is ready for the bull run, what about you?
Is Safety Really Comes First?
How is it possible that the blockchain ecosystem, one of the world’s most advanced technologies, finds itself in this absurd situation where news of hacks often overshadows technological advancements? You might think I’m pushing it, but in 2023 alone, no fewer than 26 hacks were reported, and the year isn’t over yet.
While the crypto news often mentions North Korean or Russian hackers, the primary responsible for this situation are well known but rarely pointed out by journalists: developers.
Think of Bill Gates or Steve Jobs; do you really think Microsoft or Apple would have become such giants if their solutions had caused billions of dollars in annual losses? Can you imagine them at the head of their industries if their tech generated more losses each time the user base grew? Effective and secure technology was key to their leadership in the tech industry!
In programming, certain best practices and methods significantly reduce potential risks to the point where they become negligible!
So are there developers who have demonstrated their expertise and can, in fact, be considered “trustworthy”? Is there a blockchain ecosystem whose security standards are so high that no hacking has ever been reported? Never?
The Crypto Safe Haven?
A “crypto safe haven” exists in the hostile crypto environment, an ecosystem that has remained hacker-proof. Callisto Network, born from the Ethereum and Ethereum Classic communities, has established itself as a vanguard in blockchain security. The dev team has secured over 330 crypto projects through security audits.
The good news doesn’t end there; they have their blockchain platform and have finally decided to build their own ecosystem.
Why is this significant? Because Callisto Network has been around since 2018 — yes, you read that correctly, almost 6 years. After having contributed to the success of other platforms for six years, they are now leveraging this wealth of experience to build their solution and create the safest ecosystem in the blockchain world.
A Solution in a Market Attractive to Cybercriminals
While this article doesn’t explore this project in depth, those who prioritize security and find this discussion relevant can easily find more information online, here is what you can read on their website:
Callisto Network conducted over 330 smart contract audits across platforms like Ethereum, Ethereum Classic, and EOS. In addition, they’ve developed the ERC 223 token standard and CallistoNFT standard, enhancements over existing standards that address flaws and offer new capabilities.
The message is clear: In a market that is becoming increasingly attractive to cybercriminals, a solution exists.
Callisto Network (CLO) is available on Gate.io, 1inch, Uniswap, Pancakeswap, and SOY Finance.
Disclaimer: This article is a contribution from a member of the Callisto Network community. The views and opinions expressed in this piece are those of the author and do not necessarily reflect the official policy or position of Callisto Network.
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