No one likes the idea of their money being unsafe. It would be heart-breaking to lose any amount of hard-earned cash. So, that is why when it comes to online platforms that revolve around money, people are extremely skeptical. They will want to know how their money is protected and what measures are in place to reduce the risk of their money being lost.
For ChainUP, this has become a major focus when developing cryptocurrency exchanges. How can ChainUP keep their development service simple and easy to use while also ensuring the platform remains secure? That is what we will be looking into today.
Reducing Risk On ChainUP
There are several measures in place to manage the risks associated with cryptocurrency exchanges. These look to encapsulate different areas of the exchange to provide cohesive coverage.
Analysis And Predictions
ChainUP makes use of an advanced prediction and analysis system that can track patterns of behavior of all users. It is able to analyze this data and identify any unusual behavior which will prompt the system to perform additional security measures, ultimately preventing fraudulent activities.
Audits And Authorizations
Regular auditing takes place on the ChainUP platform to ensure that all systems are working as intended. This preventative measure can make changes should any issues be identified. Everything from the smart contract code to the code security is scrutinized on a regular basis to keep things running smoothly.
Another way the system can minimize risk is through the use of segregated authorizations. Each team is given specific access to certain systems as a way to prevent malicious behavior. Systems such as the database, code and backend require separate credentials in order to access them and make changes.
Passwords are often seen as one of the weakest links when it comes to security. It is for this reason that a robust MFA (multi-factor authentication) system has been implemented to reduce the likelihood of accounts getting hacked. In fact, ChainUP has been working with Amazon’s AWS to improve SMS and email services such as MFA and OTP (one time passwords).
Keeping Risk In Check
These are just a few examples of how ChainUP has maintained its security in its two years of operation. Risk management is not an easy task, especially in the digital world of cryptocurrencies, and so this is an area that is reviewed and updated frequently to make sure that it is still performing optimally. At the same time, a balance must be maintained between ease of use and security. For now, you can rest assured that ChainUP is working to provide the best risk management services possible while still keeping their mantra intact.
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