Connect with us

Bitcoin

Digital Assets Are Facing An Increasing Security Threat; How Can Corporations and Individuals Mitigate this Risk?

Avatar Of Rajesh Khanna

Published

on

Digital Assets Are Facing An Increasing Security Threat; How Can Corporations And Individuals Mitigate This Risk?
google news

As the world comes of age in the digital landscape, many industries are evolving to integrate digital solutions. Most notably, there is an emerging asset class dubbed ‘digital assets’ which is now a fundamental asset in several companies. Digital assets are typically components that businesses use to grow their online presence; this includes resources such as websites, social media accounts, business processes and applications, to mention a few. 

That said, the latest type of digital assets are blockchain-related instruments. According to a definition by TokenSoft CEO Mason Borda, digital assets are a digital representation of valuable items on a blockchain network, 

“A digital asset is a digital representation of something of value, for which ownership is verified and recorded on a distributed ledger.”

While blockchain is still a nascent technology, there are many use cases that have proven to fit the traditional finance model. Digital assets feature at the top of this list. Today, it is possible to keep the record of an off-chain asset such as social media identities on a blockchain network. Even better, individuals and corporations can leverage this type of digital asset to access a larger part of the crypto ecosystem. 

However, it is not all roses, digital assets come with a large security threat to all stakeholders. At the very least, this type of asset can be compromised by malicious players who have established a fort in the digital economy. 

The Security Threat on Digital Assets 

With more organizations switching to digital ecosystems and remote working, there has been an increase in security threats over the past year. According to Check Point’s mobile security report of 2021, 97% of firms faced a mobile security threat in 2020 while at least 46% of organizations had an employee who downloaded a malicious application. 

In most cases, the attackers were looking to compromise valuable digital assets such as company strategy or clients’ information. Some of the most notable approaches used by these malicious players include credential stuffing, phishing attacks, ransomware attacks, data breaches and IoT exploitation. 

Coming down to the blockchain and crypto industry, attacks on Decentralized Finance (DeFi) protocols have also surged significantly. Crypto intelligence firm Cipher Trace recently released a report, revealing that DeFi accounted for 76% of the hacks, with the biggest one being the Poly Network where the attacker drained $600 million. 

Given that DeFi has positioned itself as the future ecosystem of digital assets, the security trends are worrying for both veterans and newbies. So, what can be done to change the narrative? Luckily, the tech industry is never short of innovations. There are several ways corporations and individuals can protect their digital assets. The next section of this article features some of the most fundamental approaches to protect one’s digital assets. 

Protecting Digital Assets in the New Era of Innovation 

As the adage goes, change in most cases is often inevitable. Likewise, preparing for change can distinguish winners from losers. The new era of innovation calls for individuals and corporations to take charge of their digital assets, not only by effective management ,but also implementing the right security measures. 

  1. Encryption Tools 

Encryption secures data through several mathematical techniques coupled with a password and a key that allows the receiver to decrypt the message. While the concept stems from cryptography, encryption can be used as a way to secure digital asset property. Companies that own digital assets can leverage this technique to encrypt valuable information, allowing access only to stakeholders who have the decryption key. 

There are two types of encryption that one can choose; symmetrical and asymmetrical. The former is when both the sender and receiver have a similar key that can decrypt the encrypted information. Meanwhile, the latter involves the use of a public and private key which means that only the receiver can decrypt the most valuable information. The latter approach is more predominant in blockchain ecosystems with off-chain wallets serving as the best example. 

  1. Decentralized Blockchain Identifications 

As mentioned earlier, blockchain technology has introduced an ecosystem where records can be stored on distributed ledgers. This type of identification has since been dubbed ‘decentralized identifiers’ (DID); ideally, identities stored on a blockchain network can be verified and authenticated to prove they belong to a particular individual or company. 

So far, there are several innovations working on DIDs, but some are taking the game a notch higher through biometrically-secured faceIDs. One such ecosystem is Avarta, a blockchain-powered platform that seeks to provide traditional and crypto companies with established standards of authentication and proof-of-identity. 

The Avarta DID solution also features a multi-sig wallet and a multi-chain decentralized identity management platform, enabling users to authenticate their identity and access various DeFi services. Notably, Avarta’s FaceID serves as one’s private key which means that only the user can decrypt the underlying information (wallet address and seed phrase). 

  1. User Authentication Tools 

User authentication tools have grown in popularity with notable mentions such as the Google two-factor authentication (2FA). At the core, this type of security measure involves adding an extra layer of security that requires users to provide or verify more information besides their passwords. 

For instance, a Google 2FA on protecting digital assets will require an individual or firm to verify a specific operation through the user authentication tool. There are also 2FA solutions pegged on one’s mobile number, allowing the user to verify through a randomly generated code that is sent to the number upon a login request. 

Though 2FA has been around for sometime, more companies are implementing this measure following the shift to remote working. Stakeholders in some industries have gone an extra mile to adopt more rigorous 2FA functions, some of which require the users to verify through physical attributes such as fingerprints and iris scans. 

Wrap Up 

The digital asset landscape is on fire and will likely continue to grow as we usher in the new era of innovation. According to an analysis by Zion Market Research, the digital asset management industry is expected to hit $8.1 billion by 2024, marking a CAGR of 18.4% since 2018. Going by this trajectory, it is evident that more corporations and individuals are seriously considering investments in digital assets. 

That being the case, security is not a negotiable issue in a space where billions are expected to trickle in. The current stakeholders of the digital asset industry have an enormous task to play in enhancing security measures to make the sector more lucrative and sustainable in the long term. 

google news
Advertisement

Bitcoin

Top Main Reasons for The Rise of Bitcoin Casinos Around the World

Avatar Of Mahesh Ck

Published

on

Bicoin
google news

Blockchain and cryptocurrency technologies are evolving at a breakneck pace, and every day we learn of new applications for them. The rise of bitcoin casinos is experiencing widespread adoption and more users are wishing to use it for their online gaming activities. Gambling is one of the most significant businesses that has been affected by this cutting-edge technology. Experts predict that the worldwide gambling market will surpass $565 billion by 2022, or almost $68 for every person on the planet. On the other hand, the Bitcoin and iGaming already have a mutually beneficial connection. Currently, gambling-related transactions make up around 50% of all bitcoin transactions.

We shall discuss the application of blockchain technology and cryptocurrencies in gaming in this post. So, if you’re interested in learning how cryptocurrency and gambling are connected and whether it’s worthwhile to play Bitcoin games, keep reading. We’ll investigate each of these.

The Secret success of Bitcoin Casinos Around the World

First off, in countries where gambling is outlawed, cryptocurrencies like Ether and Bitcoin make it considerably simpler for users to access the market. For instance, in the majority of Asian nations, banks and, consequently, regulatory agencies may be suspicious of any transactions utilizing $5 deposit online casino sites.

However, there are certain challenges with using cryptocurrencies in Asian nations as well. As a result of the Chinese government’s recent draconian limitations on cryptocurrency transactions, many miners are leaving China for other nations like the US, where there is a more steadfast stance toward digital assets. The South Korean authorities has also started to view cryptocurrencies with skepticism. Authorities are taking digital assets from affluent individuals accused of utilizing cryptocurrencies for illegitimate transactions and tax avoidance.

Second, a lot of online gamblers just don’t want their in-game purchases to show up on their bank bills. Additionally, it is a cryptocurrency that makes it simpler to deposit and receive money while also offering privacy.

Finally, consumers may verify that games are secure and impartial thanks to the usage of cryptocurrencies and blockchain technology. Since all bitcoin transactions are recorded using blockchain technology, there is less opportunity for fraud and levels of operator confidence may be greatly raised.

Cryptocurrency
bicoin

Why gamblers will keep using cryptocurrencies

  1. Better Security

One of the best things about cryptocurrency for online gamblers is that it lets them gamble on casino sites in a safe, secure, and reliable way. Instead of giving out personal information, you will only have to give the address of your wallet, just like when you transfer a certain amount of money online. This is what makes Bitcoin-powered casinos so appealing: you can verify your identity and cash out your winnings without giving out any personal information.

  • Anonymity

One good thing about gambling with cryptocurrency is that you can do it without anyone knowing who you are. If you want to gamble without telling anyone who you are, you might like cryptocurrency gambling. When you use traditional ways to pay, like bank transfers or credit cards, there is a record of the transaction that can be used to find both parties. Cryptocurrency transactions are hard to track, which protects the identities of both parties. You won’t see your casino transactions on your monthly bank statement, like you do with other transactions.

Because these platforms don’t ask each new user for a lot of information, signing up is much faster. This way, you can play casino games without giving out any personal information. This makes it easy to start playing right away, without having to fill out forms or give your contact info.

Also, it speeds up payments, since technical features aren’t the only thing that affects how fast you can send money. Transactions can also take longer if they need more information.

  • Better Services

People are going to crypto casinos mostly because they have high-quality games and services. People are going to crypto casinos more and more because they offer fun games like poker and roulette. Only crypto casinos have these games, which makes them a big draw for players who want to play them.

Players are also drawn to crypto casinos because their customer service is better than that of traditional casinos. When players choose a new casino site, they want good customer service, so they shouldn’t look any further than crypto casinos if they want a site with great customer service across the board.

  • No Chargebacks

Chargebacks cause businesses to lose a lot of money. This is when a customer pays for something with a credit card, gets the item, and then reports the charge as being fake to get their money back. With crypto payments, there is no chance that this will happen. Once they are on the blockchain, they can’t be changed or taken back. That means a chargeback can’t be made without the company’s permission.

  • Decentralization

Cryptocurrencies use blockchain technology, which means that there is no need for a central authority and users can trade with each other. Because of this, they have become popular among players who don’t want to deal with the complicated banking rules that come with making an account and putting or taking money out of it.

  • Low Transaction Fees

From the point of view of someone who has a licence to run an online gambling site, accepting crypto payments is also a good idea. Merchants can often negotiate better rates for traditional payments, but paying fees to payment service providers still takes a big chunk of their income. But when you pay with cryptocurrency, things are a bit different. Some of the best cryptocurrency payment gateways charge as little as 0.5%, which is a lot less than their competitors that use fiat currency. By letting people pay for things on your site with cryptocurrency, you can get a big chunk of your income through a payment method that saves you a lot of money on processing fees.

  • Instant Transfers Without Border Limits

Most likely, not all of your customers will be in the same country. So, if you accept cryptocurrency as payment, your international clients will be able to make and receive payments and transactions instantly across borders. The transaction is done in a few seconds and is private, secure, and can’t be changed. The best part is that you can send crypto payments even if you don’t have a bank account or credit/debit card. This means that everyone can buy things online and play games.

When you use cryptocurrency, you don’t have to wait for it to be processed or cleared, and you definitely don’t have to pay international fees. Anyone with an internet connection can send a transaction in cryptocurrency whenever, to whomever, and for however much they want.

google news
Continue Reading

Bitcoin

Bitget KCGI 2022 Officially Begins alongside Extended Registration

Avatar Of Mahesh Ck

Published

on

Bitget
google news

Singapore, 19 May, 2022 –  Leading global derivatives exchange, Bitget, today announced its bi-annual trading competition – King’s Cup Global Invitational (KCGI), has officially begun. Due to overwhelming response since its launch, the deadline for registration has been extended. While the actual competition will still commence on May 20, 10:00 (UTC +8), participants can continue to register for the competition from May 20, 10 :00 (UTC +8) to May 24, 10:00 (UTC+8). KCGI 2022 will officially conclude by June 10, 10:00 (UTC+8). 

When registration for KCGI 2022 officially opened on May 9, a record number of 500 registrants were recorded, signifying a positive response for the long-awaited return of the trading competition for the Bitget community. As details of the competition continued to emerge, including the doubled prize pool as well as a variety of gifts offered as prizes, the number of users continued to increase. To date, more than 3,000 registrants have been recorded, representing a 500% increase since launch day. In light of such an overwhelming response from the community, and following the momentum of last year’s popularity, the registration window has now been extended by four days to May 24. Users with at least 300 USDT in their futures account at the time of application will be eligible to participate in this year’s KCGI.

During KCGI’s initial debut in 2021, more than 10,000 users participated. Responses from the community were largely positive, with more than 88% of users indicating that they would participate in the next edition of KCGI, and more than 79% of users stating they would share this initiative with other fellow traders. Trading competitions have proved to be innovative and interactive avenues to build and expand existing communities within the crypto space. By offering a separate opportunity and environment for users to engage in, alongside the possibility of earning fruitful returns, also reiterates the flexibility and endless possibilities available to traders within the space. 

Commenting on the official commencement of the competition, Bitget’s CEO, Sandra Lou said, “Leveraging on the growing influence of trading competitions, as well as the successful run of KCGI, we will continue our efforts in introducing more rewarding and enticing initiatives for our users to participate in. Most importantly, we look forward to giving our users more options when looking to diversify their investment portfolio. 

Sandra continued to add, “We are extremely heartened to see the overwhelming response from users during the initial round of registration. With this unprecedented move of extending the deadline, we are looking forward to seeing the competition unfold. Let the games begin!”

For more information on KCGI, please visit https://www.bitget.com/en/kcgi/spring/2022 

About Bitget

Established in 2018, Bitget is one of the world’s leading cryptocurrency exchanges. Currently serving over two million users in more than 50 countries around the world, Bitget accelerated its mission to promote decentralised finance in 2021 with a 500-strong workforce spanning over 20 countries. 

Since Bitget’s official launch in the crypto derivatives market in June 2019, the platform has now become one of the world’s largest crypto copy trading and derivatives exchanges, and is ranked in the top five globally by CoinMarketCap and CoinGecko for derivatives trading by volume. Bitget’s flagship product, One-Click Copy Trade, has attracted more than 20,000 copy traders, innovating the experience for crypto derivatives traders worldwide.

Adhering closely to its philosophy of ‘Better Trading, Better Life’, Bitget is committed to providing comprehensive and secure trading solutions to users globally, aiming to be the portal that transcends Web2 and Web3, that connects CeFi and DeFi, resulting in an expansive bridge to the vast web of crypto. In September 2021, Bitget announced its sponsorship of world-renowned football team Juventus as its first-ever sleeve partner and PGL Major’s official esport crypto partner soon after. Partnerships with the leading esports organisation, Team Spirit, and Turkey’s leading and long-standing football club, Galatasaray, were also announced in early 2022.

For more information, please visit:

Official website: https://www.bitget.com/en/

Telegram: https://t.me/bitgetEN

Twitter: https://twitter.com/bitgetglobal

LinkedIn: https://www.linkedin.com/company/bitget-global/

google news
Continue Reading

Bitcoin

Famous Futuristic George Gilder Weighs BSV Over BTC at Summit

Avatar Of Rajesh Khanna

Published

on

Bitcoin (Btc) Prices Hold Steady After A Severe Turmoil
google news
  • The Summit is held annually to help investors discover new market trends.
  • Gilder highlighted the advantages of BSV over BTC to the current issues.

As per renowned futuristic George Gilder, a “dynamic Bitcoin” that has “really created a miracle in recent months,” BSV is on the verge of becoming the de facto standard for all global currency in the next five to ten years. The Famous futurist gave an online “Six Predictions Summit” presentation to a group of financial experts, highlighting the advantages of BSV over BTC as the answer to the current economic and technical issues.

Framework for New World Order Required

According to Gilder, “immutable, unhackable” Bitcoin and the blockchain have produced freedom from political control currency. “Dual hacking crises” (technology hacking and economic hacking) affect today’s globe. Still, they may be addressed by establishing a new global economy and laying a framework for new world order.

The Six Predictions Summit is held annually to help investors discover new market trends. Due to current travel and other constraints, this year’s event was hosted online instead of in person. Renowned investing trend spotters Jim Rickards, James Altucher, Ray Blanco, Zach Scheidt, and Alan Knuckman joined hosts Doug Hill and Matt Insley on the show.

George Gilder has referenced Bitcoin’s “digital gold” myth at several points. Aside from noting that “the original Bitcoin, BTC” and Bitcoin Satoshi’s Vision or BSV are distinct, he reaffirmed gold’s usefulness as a long-term store of wealth.

Gilder said:

“Bitcoin Satoshi Vision has really created a miracle in recent months, rather than the static Bitcoin, which people hold on for dear life. It’s a dynamic Bitcoin that moves with the advance of technology.”

Despite the fact he called BTC “Bitcoin”, “the original Bitcoin” was not the answer he was talking about. The asset was regarded by him as being of no use to anybody except speculators, terming it as static.

google news
Continue Reading

Bitcoin

Is the Future of Real Estate in the Metaverse?

Avatar Of Rajesh Khanna

Published

on

Is The Future Of Real Estate In The Metaverse?
google news

Although the metaverse is not a new concept, it has recently gained much more attention. Many are now becoming familiar with the idea, and are looking into what its future offers and how they can be a part of it. The metaverse will completely transform the current way of life for the average individual, affecting work, trade, entertainment, leisure, exercise, social interactions, and everything in between.

Apart from the retail players, big tech companies are also getting into the space. Facebook, the world’s most popular social media platform as of 2021, has recently rebranded to “Meta”, showing its commitment to this new space. According to an official announcement, rebranding was necessary because the company is shifting its focus to bring the metaverse to life. Footwear and apparel giant Nike is also preparing for the metaverse and has signified interest in creating its own space, as well as Adidas, another powerhouse brand.

The metaverse will transform many aspects of life by improving interpersonal interactions, establishing communities, and helping businesses grow. The climate required to create and operate a successful business will also change considerably. Firstly, the metaverse will allow businesses, regardless of size, to establish digital stores for their goods and services. A significant advantage of these capabilities for the average company is that opening a physical store is no longer necessary. This could significantly reduce overhead costs without having to sacrifice customer reach. In a virtual world, a company can tap into wider audiences beyond the physical boundaries imposed in a real-life setting.

There are also multiple metaverse use cases for the entertainment sector. For example, entertainment brands could use metaverse locations to preview music to excite virtual fans, holding mega concerts to listeners around the world. Furthermore, fans may also get the chance to meet and interact with their favorite celebrities, an opportunity rarely possible in the real world.

Additionally, people can gather for leisure activities in virtual parks to play or bond over shared interests and ideas. These locations could replicate attractions available in the real world, engaging all different types of users in the process. For instance, people can build teams based on varying activities, including everything from traveling, virtual combat, or playing chess. The metaverse will offer a slew of new opportunities for individuals and brands alike.

One of the less obvious but very promising advantages of the metaverse is the opportunity to capitalize on virtual real estate. Regardless of sector or industry, the shift to the metaverse still requires individuals and businesses to establish a presence on the metaverse; this is where virtual real estate comes in and plays its part.

All metaverse offerings, including commerce, healthcare, entertainment, and other sectors, must set up shop somewhere in the metaverse to reach their desired base. Individuals can also invest in virtual properties for various reasons, In parallel to the traditional real estate market, Investors can earn profit by purchasing properties and leasing them to businesses and other franchises. Investors can also simply buy virtual properties, hold them into the future, and later flip them for a potential profit. With 500 million dollars sold just in real estate in the metaverse, last year projections state that it will double this year!

The key to making the best out of a real estate investment is getting in early. As with everything else, early buyers catch on quicker and are in a better position to make a profit if and when the value increases. Investors are able to pick their property at floor price in a strategic approach that will allow the potential for a larger profit as well as an easier sale just as investors do in the traditional real estate setting. Users looking to get into digital real estate in the metaverse can start their virtual portfolio and begin with Ethereum Towers.

Ethereum Towers

Ethereum Towers is a community-centric vertical megastructure set in the Ethereum Worlds metaverse. Consisting of 4,388 separate apartments, Ethereum Worlds is a major player in the space available to investors interested in taking an early chunk of the metaverse real estate market as it grows. The apartments in the structure are in two identical towers, each with 101 stories. Each apartment is an NFT on the Ethereum network and is available as an ERC-721 token.

All owners in the Ethereum Towers can use their apartments however they please. Each owner can personalize their space how they wish, giving them full autonomy over their digital real estate asset. For this, the Ethereum Towers offers a marketplace with a wide range of accessories, furnishings, and ornaments that owners can purchase and set as preferred. Since each apartment is available on the Ethereum blockchain as an NFT, ownership is guaranteed and easily verifiable.

Due to the deliberate design, Ethereum Towers apartment owners and guests can explore the social benefits of a large community with similar interests. All residents partake in a virtual social experience supported by meaningful interpersonal interactions. Each tower possesses communal areas where owners can meet and interact, regardless of any preconceived boundaries that would limit interaction in the physical world. Through these interactions, users can build a strong sense of belonging and establish friendships along the way.

Perhaps the most significant advantage to Ethereum Towers is the investment opportunity it offers. In the metaverse, unlike in the real world, digital property assets usually have a much lower entry barrier, making it much easier for interested investors to get involved before the masses. The value of the apartments are projected to increase over time as meta living becomes more popular, providing early adopters a chance to capitalize on being first movers.

Getting In Early

Investors that have been able to identify ideas that dramatically impact the functionality of the future have always prospered. Those who understand the impact and utility around the metaverse too will have a major headstart within the benefits that this realm will offer. With Facebook being one of the largest and most successful companies taking action to rebrand itself as “Meta,” this should give investors a clear idea that a new significant era is on the horizon.

 

google news
Continue Reading

Bitcoin

Popular Analyst Predicts Major Breakout for Ethereum (ETH) on the Cards

Avatar Of Rajesh Khanna

Published

on

Ethereum To Reach $20 Trillion By 2030 As Per Ark Invest Ceo Cathie Wood
google news
  • Ethereum’s price has rebounded from a two-month decline in the last week.
  • Partisans are bullish on ETH 2.0 and are targeting a price of $8,000 shortly.

Since its January lows, the price of Ethereum has risen almost 50%. The Ethereum blockchains native token, Ether, has recently shown indications of resurgence. The altcoin is benefiting from several fundamental factors.

ETH/USDT: Source: TradingVIew

Ethereum’s price has rebounded from a two-month decline in the last week and has already reached the $3,000 mark. Cryptocurrency analyst Benjamin Cowen predicted a significant breakout for Ethereum (ETH) this week. According to him, the ETH price range between $2,000 and $4,000 represents a major re-accumulation zone for a medium-term runway of higher prices.

Upcoming ETH 2.0 Crucial

It’s also predicted that the network’s different offerings would show greener candles. Additionally, Partisans are bullish on ETH 2.0 and are targeting a price of $8,000 shortly. As the price of ETH continues to rise steadily, the fear and greed index for Ethereum weighs more heavily on the greed side of things.

Every obstacle on its path to the $3,200 mark on the daily chart has been overcome by Ethereum. Bulls are fully expecting the next price drop to be taken out by them. Aiming for the $3,600 level, investors have successfully crossed the 50 SMA and the bearish sloping line.

More than 45 percent of Ethereum’s value has been wiped off since its all-time high on November 10. Since its November high, Bitcoin, the world’s most valuable digital currency, has fallen by more than half. However, prices reversed their downward trend in February.

However, if pricing fails to hold above $2,800 in the next few trading days, we might witness a further decline below $2,400. According to CoinMarketCap, the Ethereum price today is $3,195.23 USD with a 24-hour trading volume of $13,485,593,739 USD. Ethereum has been up 3.84% in the last 24 hours.

google news
Continue Reading

Bitcoin

THORChain (RUNE) Price Surges Around 40% in Last 7 Days

Avatar Of Rajesh Khanna

Published

on

Thorchain (Rune) Price Surges Around 40% In Last 7 Days
google news