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What Every African Crypto Enthusiast Must Know About Blockchain In Cyber Security

Josh Strong

I'm a Content Creator.  Mar 1, 2023
What Every African Crypto Enthusiast Must Know About Blockchain In Cyber Security


 Right from the birth of cryptocurrencies in the late 80s up until the advent of bitcoin in 2009, user education has been an integral part of the cryptocurrency and blockchain technology ecosystems, and that doesn’t appear to change at any point in time. On January 2nd, the CEO of Binance, Changpeng Zhao, emphasized the importance of education for crypto users in his tweet about the New Year and its dos and don'ts. He tweeted:


“Will try to keep 2023 simple. Spend more time on less things. Dos and Don’ts.

1. Education

2. Compliance

3. Product & Service

4. Ignore FUD, fake news, attacks, etc.

In the future, would appreciate if you can link to this post when I tweet “4” ”


User education is so important that crypto exchanges spend millions of dollars hosting physical and online awareness campaigns and meetups. In the light of that relevance, we will examine how blockchain security works and how to scale past hackers.


How Does Blockchain Security Work?


It is no secret that blockchain has recently been demystified and brutally unmasked as a technology that is not impenetrable to hackers. Most of its praise came from the exploits of its built-in security features, which make it difficult for hackers to penetrate. While it is possible for a cryptocurrency hacker to steal tokens from wallets and exchanges, it is also possible for a blockchain to be taken over by attackers through 51% attacks. Despite the success of some culprits, the truth remains that blockchain technology is extremely difficult and nearly impossible to hack. Why?

Recognize that the security of cryptocurrencies is improved by the use of advanced encryption and consensus mechanisms. This implies that numerous users, known as miners, must independently validate each transaction before it can be deemed trustworthy. Proof-of-work (PoW) and proof-of-stake (PoS) consensus procedures enable members to validate transactions without the need for external assistance. All transactions on networks like Bitcoin are made publicly accessible. This lowers the frequency of harmful behaviors like transmitting transactions that are invalid or twisted.


Although it is possible to hack a blockchain, this is unlikely to happen on major networks like Bitcoin or Ethereum due to the security precautions in place. Due to the high cost of a 51% attack, many cryptocurrency hackers turn their attention to crypto wallets. Hackers were able to successfully empty Solana-based wallets in 2022 because of a bug in Slope wallets. Furthermore in 2022, FTX saw one of the worst hacks in recent memory when attackers emptied wallets on its exchange. Hackers can obtain personal user information through "phishing" attacks in addition to targeting cryptocurrency wallets. These notifications frequently appear and ask for the user's wallet's private key so that hackers can access the funds.

Cross-chain bridges were initially created to convey tokens from one blockchain to another but have now become regular platforms for cryptocurrency hacks. In October 2022, Binance was hacked to the tune of $570 million. According to Investopedia, a cross-chain bridge, the BSC Token Hub, was exploited by hackers, resulting in the creation of extra Binance Coins (BNB) and the withdrawal of 2 million BNB tokens.


Blockchain Security Tips

  • To add a second step to the sign-in process, use two factor authentication with an app like Google Authenticator.
  • Never share your wallet’s private keys, as they give anyone access to the funds in your wallet.
  • Do your research and beware of small and unknown crypto projects because they are easy targets for hackers.
  • Use hardware crypto wallets, as they have a lower risk of hacks because they store private keys offline.


Conclusion


It is critical for African crypto users to stay informed about the risks and concerns associated with blockchain technology, as well as cyber security best practices. Join me on my journey into the world of cybercrime as I dissect and evaluate some of crypto’s most scandalous hacks and network compromises. I remain your most excellent discussant, Josh Armstrong. You can find me on Twitter or LinkedIn.

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