Cryptocurrency theft has boomed over the past couple of years and this is no hoax. Over USD 1.40 billion was stolen in the first five months of 2020. If thefts continue to rise at this rate, 2020 may well become the second-costliest year in the history of crypto – lagging slightly behind last year’s record of USD 4.5 billion.
Hackers Continue To Outpace Defenders
According to CipherTrace, although cryptocurrency developers, wallets, and exchanges are working hard on strengthening their defenses, hackers continue to outpace them with their innovative tricks and tactics.
Take what happened with Binance, the world’s largest exchange, back in May 2018. Over USD 40 million worth of crypto assets were stolen by hackers who used a lethal cocktail of phishing, viruses, and other attack vectors. The hackers were able to get in and out with the digital assets in a matter of minutes before anyone could put a finger on what was going on. And this is usually the case!
These transactions happen so quickly that the assets are long gone even before anyone guesses that they may no longer be sitting on the handsome pile they had just a couple of moments ago.
Although this is what the general trend has been like in the past, one cryptocurrency, BTCV (Bitcoin Vault), has been able to produce a security solution that not only slows down transactions but also allows users to reverse them.
A New Concept
Till now, the one problem many crypto users were facing was that they did not have time or the tools to nip the attack in the bud. As decentralized blockchains are immutable, which means that the data that has been entered cannot be erased or reversed. Any transaction made on the blockchain is permanent and viewable to anyone.
After studying this loophole in the system and the nature of the attacks, BTCV developers started working on ways to enhance the safety features of the coin. And, after an entire year of research and development, BTCV was able to launch its 3-Key Security Solution.
Powered by three private keys, this security solution gives users time to react to an attack. It also provides them with the tool and authority to cancel any unauthorized transaction within the 24-hour window, which was previously impossible to do.
A Promising Future
The use of the three-key technology promises mass adoption, as it solves the problem of losses to theft. In recent years, individuals have lost vast amounts of wealth because their devices were lost or stolen and transactions were executed. In other cases, plain carelessness has led to the loss of funds where the sender executes a transaction that contains an incorrect address.
Many people have been hesitant to join the cryptocurrency world because they dread the fact that there is no possibility to reverse or cancel transactions that have been initiate. This is a luxury they enjoy only with the traditional banking system.
Bitcoin Vault is the coin of choice for people with doubts emanating from the irreversibility of cryptocurrency transactions. Both the sender and the recipient are at ease when they know that fund transfers can be cancelled.
Credit: Bitcoin News