As the cryptocurrency is used everywhere, there is a need to apply the latest security measures to protect digital wallets. Each user assesses the risks and chooses ways to protect his crypto assets. But everything changes when you work with the exchange and completely trust it with your money. The exchange is obliged to do this well and take care first of all about the security of its platform.
According to a recent analysis of ICORating crypto exchanges by independent analysts, only 16% of 135 crypto exchanges, whose daily trading volume exceeds $ 100,000, received the highest security rating.
Recently, New Zealand Crypto Exchange of Cryptopia, suspended the service, claiming that a major hack was discovered which resulted in the theft of more than 16.1 million dollars.
In other cases, no less well-known to the public, the attacks of rogues led to a disruption of the infrastructure of the exchange, to an increase in costs. Companies had to spend additional funds on compensation to customers, to restore their reputation, repair servers, and so on.
Each platform should consider as its duty the security of financial transactions at its base. The blockchain technology itself is designed so that you can reliably share assets in an environment with zero trust. Best thing is the blockchain itself already provides opportunities for secure transactions via smart contacts. It is wondering why the crypto exchanges do not deal with security issues properly, they don’t want to be responsible for user assets when ready-made solutions exist to anticipate thefts and similar stories.
The MyWish company stands at the origins of the service to save financial assets from the very beginning of the use of cryptocurrency as a payment system.
The templates checked by developers will help to create a protective smart contract both to a well-known exchange and to any user of cryptocurrency. Lost Key contract protects not only individuals but also can help exchanges and financial organizations.
The MyWish team offers to select and create test contract on any proposed blockchain: Ethereum, Bitcoin and NEO. The other day new Lost Key contract on the TRON blockchain has released. If you are waiting for TRON smart contracts as well as his admirers, do not forget to get tokens to work with the TRON blockchain, participate in the TRONISH Airdrop (https://tron.mywish.io/join_tronish_airdrop)
What is and how Lost Key contract works? Read the article for details. https://medium.com/@VladimirTikhomirov/the-enormous-challenge-of-losing-access-to-wallets-d317b27a7f12
The administrations of the exchanges do not bear serious responsibility; therefore, they can afford to be frivolous about security. In the absence of regulation, everybody wants the exchanges to take responsibility to ensure the safety of the assets of their users in advance, creating a secure smart contract.