Destroy the exchange! What is a private key?

A new account has been opened due to hacking into a medium account; this is an article that was written on 11May2019.

What comes first when you block chain?

The first thing to emphasize in any technology is safety, professionalism, reliability, transparency, and so on.

The most important feature of a block chain is decentralized data, which is highly decentralized and can not be tampered with. That’s why people are emphasizing that block-chain technology is a safe alternative to the current technology.

But as you saw in the title, the private key broke the exchange? What is the private key and how does it have the power to bankrupt the exchange?

Amuse news, where you can easily solve everything you are wondering, start right now.

The final approval process for cryptographic transactions requires a “private key.” Private keys can not be talked about except in a block-chain transaction because the key can not be lost if it is lost or leaked. .

First of all, we will briefly describe the private key, which is the encrypted virtual key that identifies the individual, that is, the password of the individual. Currently, the wallet has a personal key set with a serial number for each purse that is in use at the current currency exchange, so people without keys can not deposit or withdraw their wallets.

In particular, cryptography based on block chains is made up of decentralized virtual assets, so it is difficult to claim ownership of a wallet if the key is lost or stolen.

In the case of a typical bank, you can visit your branch to reissue your card or change your password. However, if you lose your private key in a password, there is no way to find it.

It is the safest and the most dangerous password.

In fact, in February, the domestic coin exchange Coin Bean suddenly declared bankruptcy. At that time, Coinbein pointed out the loss of the private key and the moral hazard of the executive and filed for bankruptcy.

According to testimony from the person concerned, the cipher executive officer deleted the cipher key for 520 cipher bits in November, lost the paper wallet password containing 101.26 indium, and so on. Cryptographic assets that are currently inaccessible due to loss of private key are estimated at approximately 2.35 billion won.

Thus, several backup schemes are being pursued to supplement the problem of private keys recently.

CoinBase, a US cryptographic exchange, has a function to back up private keys to cloud storage in its wallet, and Samsung Electronics supports a kind of password-protected wallet “key store” that can store private keys in its Galaxy S10 mobile phone. We are. In addition, Root One Soft, a subsidiary of the two trees, has released a “Custody” wallet called “BitBerry,” which does not provide users with their private keys and assets directly.

It is a bigger expectation about what kind of change will bring about the private key that is gradually evolving from the disadvantages and the way of keeping the money of the password money later.

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