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How Can Exchange Hacking Be Minimize?

Discussion in 'Bitcoin Investments | Discussions' started by gbolahan, May 31, 2019.

  1. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    During last month we heard a series of news about exchange hacking from binance to cryptopia(which led to the shut down of this exchange). This thread is open to discuss about how exchange hacking can been prevented or minimize with the aid of Blockchain.

    My first suggestion is that there should be a special protocol for generation of wallet addresses used by exchanges. This addresses should have an attributes and methods of preventing hackers from moving fund. Each mining node should act as police that will always check for malicious attack on these address by blocking movement of large amount of BTC from any address own by exchange and verification should be done before such move.
     
    Prezzy likes this.
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  3. Anastasiia

    Anastasiia Jackobian

    I think that no matter how secure the system will be, hackers will find a solution to hack it
    Unfortunately, it often happens. This system will always have to be in the process of improvement
     
    gbolahan likes this.
  4. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    Sure ,that is why we have versions for software to fix bugs
     
    Anastasiia likes this.
  5. Prezzy

    Prezzy Leader Protector

    Bro, this sounds OK but it also sounds like what the federal government would do
     
    gbolahan likes this.
  6. Prezzy

    Prezzy Leader Protector

    Remember this is Blockchain and things happen in a less controlled way.

    Well my own is that giving exchanges a different level of protocol or abilities without making the same available to all blockchain users is fundamentally wrong if not impossible because it has to do with modifying how the blockchain works (if am right).
    However, they can deploy more technology to apply more security on their funds.
     
    gbolahan likes this.
  7. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    Yea but Federal government is just an entity while nodes are entities. The definition of decentralized security is still maintain in case of nodes
     
  8. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    To implement, it will only be like normal fork[hard fork]
     
  9. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    Am thinking of a technology whereby more definitions will be given to cold wallet address to give it more security. Looking forward to that
     
    Prezzy likes this.
  10. Prezzy

    Prezzy Leader Protector

    As in?
     
  11. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    Functions, it should be capable to give more security to fund
     
  12. Filher

    Filher Upcoming

    I am not some expert on this topic, but it is not easy to create safe exchange, as hackers are extremely smart people who will find crack within any system. So, I think that solution should be very original. Maybe to look at what banks have already done for safety of internet or mobile banking ?