December 13, 2018

Security Is The Number One Obstacle In Crypto’s Future

Security Is The Number One Obstacle In Crypto’s Future

In the second half of the year, people not only eagerly anticipate the coming year-end functions, and endless holidays; they also begin the process of looking ahead onto the coming year. Perhaps you have not yet begun looking out to 2019 and beyond, however, while there is still time to draw out timelines, there is also other questions to consider. One of the most important being why does any of this matter anyway; well the CEO of Binance had an interesting train of thought in an interview recently. CEO Changpeng Zhao went on to say that the primary hurdle that Cryptocurrencies and Blockchain technology will face within the future is the growing need for enhanced security in the Cryptocurrency sector.

Consequences Of Hacks

One of the unfortunate factors clouding many peoples view of Cryptocurrencies is the fact that hacking of crypto exchanges and wallets had risen proportionately as Cryptocurrency popularity also rose within the world media. On the one hand, it is almost dead certain that the partnering with governments and relevant subsectors of the government such as the U.S. SEC, bills and rules will be established to construct a suitable framework for Cryptocurrencies. However, the path to blocking the actions of malevolent hackers is a slightly trickier road.

The interviewers of Zhao probed him asking if the main deterrent for many potential Cryptocurrency advocates is the security of their investment. The acting chief of Binance then Zhao went on to state that security is not just necessary for Cryptocurrency to have greater market appeal. No, without a far greater initiative in security then crypto and blockchain startups will cease to exist within the next few years. These wise words come at an extremely relevant time during the year, just recently major exchanges such as Bancor suffered a significant hack and lost a total of $23.5 million last month.

The consequences of events such as the attack on Bancor prompted many governments the world over to react and mobilize significant legislation in order to protect their citizens from any potential monetary loss. These reactions to and against Cryptocurrencies by governments are the number one challenge to present itself towards the crypto industry as a whole, according to Zhao. Zhao then went on to add, that at present the systems that are in place are not as streamlined and optimized for performance as they could potentially be.

A Sliver Of Optimism

Yet, all is not doom and gloom, Zhao does go on to share that there are certain members of the crypto and Blockchain communities who are stepping up and attempting to provide innovative solutions to these problems. Moreover, Zhao shared that he firmly believed that the hurdles presented would be overcome sooner rather than later.

The Trust Wallet

In other Binance news, Zhao shared that the newest offering from Binance, the Trust Wallet would be a standalone product in their arsenal, however already existing users of Binance can choose to make use of it. Trust Wallet will be linked to their other fresh project, Binance Chain. Big things are certainly happening over at Binance, and to think all of this started thanks to a little train of thought.

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