Connect with us

Blockchain

How Blockchain is Disrupting Secure Messaging

Avatar Of Rajesh Khanna

Published

on

How Blockchain Is Disrupting Secure Messaging
google news

Blockchain is evolving into a new foundation for the internet. What began as a closed web is transitioning into an open source system driven by decentralized systems. Every sector is now adopting this technology to better serve its customers. Social communication, in particular, is seeing a lot of promise from blockchain solutions. Popular messaging apps like Instagram and Meta have joined the Web3 bandwagon, offering blockchain solutions like cryptocurrencies, and NFTs.

On the other hand, a wave of new blockchain-based messaging apps are emerging with innovative solutions. Security, privacy, secured micro-payments, and enhanced user experience are some of the key offerings of these upcoming projects. Blockchain is opening doors to unexplored trillion-dollar opportunities in the communication sector. This technology’s permissionless, trustless, and open-source nature promises to eliminate legacy problems that have plagued the messaging application.

The Current Messaging Landscape

The majority of today’s communication happens through social media applications. With almost 2 billion users, WhatsApp tops the list, followed by Messenger (Meta) and Wechat, which have 1.3 billion and 1.2 billion users, respectively. Internet penetration, easy accessibility, and smartphone penetration have significantly contributed to this massive growth. Platforms now provide unified channels of communication combining features like micropayments and media transfer.

Despite these rapid developments, a few critical issues have been ignored. Privacy and security have been the major concerns for users.  The majority of existing messaging applications have poor security measures. WhatsApp, for example, brags about its end-to-end messaging encryption technology. But, it can be easily bypassed if the user backs up their data to a cloud server.

Another major concern has been user privacy. Many social media companies have been accused of gathering user data without their consent and then utilizing it to target advertisements. Facebook–Cambridge Analytica data scandal is one of the greatest examples of this. Cambridge Analytica, a British consulting business, gathered personal data from millions of Facebook users without their consent in 2010 that was then used for political advertising.

Furthermore, censorship has been a source of concern for users. People who oppose a certain viewpoint, whether political or anti-company, have had their accounts banned. Ultimately, platforms have become more business-focused than user-focused, which is precisely what blockchain intends to solve.

Prioritizing Security and Privacy with Blockchain

Blockchain technology promises to overcome the majority of the current messaging problems. The first is by providing a secure infrastructure for platforms. Everything on the blockchain is encrypted and the data stored on it cannot be altered. Moreover, it employs complex consensus mechanisms that guarantee hack-proof systems. Users need not worry about their account getting accessed by any third party.

Another key benefit of the technology is the ability to maintain privacy. The majority of user interaction on the blockchain occurs through Web3 wallets, which are non-custodial and totally anonymous. Even crypto transactions on the blockchain are anonymous and permissionless. Anyone can transmit any amount of funds to any region of the world without fear of central authority. Moreover, crypto payments eliminate fiat limitations by providing borderless transactions, low fees, and blockchain validation.

This is not merely theoretical. In fact, new projects are already providing blockchain-based communication services. TokLok is one such blockchain-based messenger that enables individuals and businesses to communicate in a convenient and secure manner. Its non-public messenger lets users choose who they want to interact with.

The app also provides message encryption, with the content being removed from the system once the user has read it. Furthermore, no information about users or their correspondence is collected or stored by the application. The ecosystem is powered by its native $TOL utility token, which gives lifelong access to the app as well as other benefits.

Laying the Groundwork for a Safer Future

The emergence of blockchain has been a boon to numerous businesses, including the messaging industry. The technology promises to overcome all of the existing issues with social media in an efficient and cost-effective manner. While security and privacy are the primary advantages, it also improves user experience. Platforms like TokLok, which provide decentralized communication services, are already laying the framework for the future of communication. Blockchain is the new internet revolution transforming users into owners.

 

 

google news
Advertisement

Blockchain

CertiK Uncovers Suspicious $2.4M Payments Into Tornado Cash

Avatar Of Rajesh Khanna

Published

on

Certik Uncovers Suspicious $2.4M Payments Into Tornado Cash
google news
  • The money movement is linked to the October 2021 BXH Exchange breach.
  • GitHub reinstated the Tornado Cash code in “read-only” mode.

On Saturday, crypto security company CertiK said that it had uncovered a suspicious $2.4 million payment into the cryptocurrency mixer Tornado Cash. Information suggests the money movement is connected to the October 2021 BXH Exchange breach. It resulted in a loss of $139 million. Although the U.S. Treasury’s Office of Foreign Asset Control (OFAC) has placed sanctions on the crypto mixer. However, the exchange is still being used to move money.

The theft of over 4,000 ETH worth $139 million from the BXH Exchange at the end of October is likely connected to the transfer of funds.

Hackers Defying Sanctions

The address 0x158F5 is held by a third party and used the Binance Smart Chain and Avalanche staking contract’s privileged method to retrieve staked tokens and withdraw cash. The tokens were then transferred to Ethereum using the address.

CertiK reports that the staking contract holding the funds and locations was previously released by a Telegram group formed by persons affected by the BXH Exchange. Tokens with a bridging ERC-20 standard were converted to ETH at the address in question. To date, almost $2.4 million in value has been transferred into Tornado Cash, represented by 1865 ETH tokens.

Even after the Office of Foreign Asset Control at the U.S. Treasury banned suspicious transactions on Tornado Cash in August, the service is still accepting them. The crypto mixer platform has just received a transfer of 500 thousand DAI from EOA 0x0B789. The money transfer was associated with an exploit in DAO Maker.

After receiving confirmation from the Office of Foreign Asset Control of the United States Treasury, GitHub reinstated the Tornado Cash code in “read-only” mode.

Recommended For You:

Tornado Cash Back on GitHub Despite Sanction by U.S

google news
Continue Reading

Blockchain

Whale Alert: 270 Million XRP ($130M) Bought by Whales

Avatar Of Rajesh Khanna

Published

on

Ripple (Xrp) Price Jumps To New Four-Month High
google news
  • The largest ever buy was on the Bitso crypto market for 54.1 million XRP.
  • XRP prices have increased by around 50% during the last week.

The native XRP token of Ripple has seen the most growth over the previous seven days. While Bitcoin and Ethereum have both had big price declines recently, XRP has seen a sharp increase. The current price increase of XRP may be attributed to a number of factors. Whales hoarding Ripple tokens is one instance.

Tokens worth around $130.2 million in XRP, almost 270M XRP have been transmitted from several cryptocurrency exchanges to many unknown addresses in the past 24 hours, according to data from Whale Alert. The largest ever buy was on the Bitso crypto market for 54.1 million XRP. Approximately $27.5 million worth of XRP coins were purchased by Whale all at once.

High Volatility Expected After Judgement

However, whales have been buying up XRP on the Bitstamp platform to the tune of nearly $84.1 million. To their XRP holdings, whales have just added more than $41.4 million over many trades. Meanwhile, a massive transaction involving 132 million XRP (about $62.1 million) was also spotted by the whale tracker.

Since the SEC and Ripple submitted their summary judgement papers, there has been a dramatic increase in the whale stockpiling of XRP tokens. The current increase was caused by new court documents. It also noted a surge in the number of active addresses holding between 1 and 10 million XRP tokens in late 2022.

On the other hand, XRP prices have increased by around 50% during the last week. Since word of the case’s resolution circulated favorably across the market, this is the result. At this moment, the price of XRP is $0.5015 as per CMC.

Recommended For You:

XRP Investors Optimistic Following Summary Judgement Filing

google news
Continue Reading

Blockchain

California Governor Vetoes Crypto Regulation Bill

Avatar Of Rajesh Khanna

Published

on

Following Aftermath Of Recent Slump Bitpanda Announces Workforce Layoff
google news