Why Security Infrastructure of Crypto Space Needs A Serious Upgrade
Coinbase, one of the major crypto exchanges, disclosed a potential vulnerability for around 3500 customer passwords that were stored in plain text in logs on their internal server, as it was said in their blog post earlier this week. This issue proves there is no confidence that crypto projects can control user data, despite the official announcements that stored data was not “misused or compromised”. Any logs should contain plain text user passwords. Any developers should be able to track it. Such leaks may be particularly crucial in crypto world due to it’s thirst for independency from emails and phone numbers, when your wallet or account can’t be restored.
It is not the first data issue experienced by Coinbase. Just few months ago, in March, Coinbase revealed that they acquired Neutrino, blockchain analytics start-up to get control over the customer data, which their providers were selling to third parties.
The crypto space remains in its infancy, and a lot of infrastructure still needs to be built. Especially, security tools. With the huge attention towards cryptocurrencies, there is increased risk, and there is a need for a bullet-proof ecosystem, for both individuals and institutions. Taking into account the high stakes, there is a large demand for secure infrastructure.
HyperSphere consists of three major parts, designed to prevent data breaches in fintech and crypto space: DyDAG blockchain, patented cybersecure communication protocol SDNP (Secure Dynamic Network & Protocol), and HyperID identity part.
Crypto industry is pioneering decentralization, so our aim is to make fintech space become the field to first implement the new, emerging cybersecurity mechanisms. Implementing cybersecurity that protects user data at a higher level than any other industry, would be the first big shift towards wider adoption of cryptocurrency.
