The Steemit Crypto Academy Week 5: All About Blockchain Security

in SteemitCryptoAcademy2 months ago (edited)

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INTRODUCTION

Before we venture into the topic of discuss let us first define or describe the term crypto currency

In the simpliest of ways we can refer to cryptocurrency as a digital asset structured to function as a medium of exchange which uses cryptography to secure,execute and perform its transactions, so as to regulate or control the creation of an additional units, and to confirm or validate the transfer of assets.

Problems be_ deviling crypto currency

Crypto currency is an e- money platform and just like every other e- money it has its own challenges and problems that try to stand as an hindrance to its smooth operation, amongst them are as follows

THE ISSUE OF HACKERS

Although so many people term this operation in different ways but one of the name of this operation is called cryptojacking and it is a situation where hackers aim to make use of the processing power of the phones of users which in turn assists them to mine crypto, causing the phone of the user to slow down drastically.

cryptojacking eqally takes place on computers, and the issues with hacks that is associated with this is that they are difficult to spot. The hacker saps the rewards, while on the part of the victim he or she as the case may be may begin to notice the slow pace of their device, often times the victim is not always informed on what is going on.

EXCHANGE SECURITY ISSUES

The issue of echange hacks has been a major nightmare that has led to the ever rising rate of fear amongst users. One of the most famous hacks to have taken the scene in recent years is the Mt Gox . When the exchange was invaded and ravaged by hackers, in other words when it was hacked,the extent and the impact of what transpired caused it to be liquidated as it filed for bankruptcy because it lost about 750,000 of users Bitcoin, coupled with 120,000 of its own Bitcoin according to the speculations. Mark Karpeles the C.E.O, was later tried for fraudulent practices and embezzlement.it is possible for exchanges to be hacked in a several ways. One of the ways include, malware,phishing attacks and traditional hacking.Things like giving awaye your password, clicking links on email scams and the rest can lead to a massive lose of cryto currency.

Although this issue can easily be check mated so long as the user carries out security practices that are best siuted. His or her selection of preference in exchange is also very vital. It is of neccecity that one chooses an exchange that puts the security especially that of its customers as a priority.

AN ATTACK CAUSED BY OWNING A MAJOR SHARE OF ABOUT 51%

THIS attack is one of the cyber-attack that takes place on the blockchain, a situation in which a group of miners are in possession of about 51% of the network’s mining hash rate.

The implications of this implies that this group will pose an papable risk to
the network of crypto currency. In an evident or a scenerio where such is captured that is a group gaining such huge control, it implies that there is a great tendency of manipulating transactions through the means of mining blocks that are not legitimate or perhaps by other means.

Although it is hard to obtain such massive and huge influence over a network but for it to occur two parties who each have 25.5% of computational power on the network must engage in a merger in other to achieve the suppose 51% . In reality this seldomly happens but that doesn't mean it is not a cause of concern.

Talking about personal experiences, the blunt truth is that I have never had one and I hope and pray not to although this could equally be due to the fact that i am new into the system but sincerely it is an experience that i would never wish for anyone especially that which patterns to the lose of cryto assest.

Thank you Prof for this insightful lecture i deeply appreciate u Sir
Cc: @steemcurator02
Cc:@gbenga

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Thanks for being a part of this week's class. You have done well explaining the 51% attack as well as cryptojacking. While doing this, I want to call your attention to aligning your sub-topics well. You could make them bold using the
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