xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Defi Review #4: AAVE The Defi Lending Services
AAVE is a decentralized finance lending service before decentralized finance even existed. It is an innovation lending service in crypto and one of the first kind. However, the lending service may only restrict to the crypto community and it may expand into the traditional financial field later. TL;DR AAVE is a crypto lending financial service which to provides lending services to the crypto community. They focus on security and smart contract lending may be the future of financial services. ...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Defi Review #4: AAVE The Defi Lending Services
AAVE is a decentralized finance lending service before decentralized finance even existed. It is an innovation lending service in crypto and one of the first kind. However, the lending service may only restrict to the crypto community and it may expand into the traditional financial field later. TL;DR AAVE is a crypto lending financial service which to provides lending services to the crypto community. They focus on security and smart contract lending may be the future of financial services. ...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
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Hi there!
This is crypto universe oversimplified!
Don't forget to check out the previous one:
https://medium.com/coinmonks/the-fourth-dimension-of-the-crypto-universe-f4f3a5d1718e
Today, we are talking about threats of the Crypto Universe.
There are two threats of Crypto: external and internal. In addition, there are two layers of security build-in for each cryptocurrency: cryptographic techniques (wallet with pair of keys) and consensus mechanisms (blockchain).
Hackers bring external threats. Not all hackers are evil, but some are.
Why can hackers steal from the Crypto Universe? The goals hackers want to achieve are:
To gain access to your crypto wallet
Attacking the blockchain
Attacking the smart contract
To gain access to your crypto wallet, they will steal your private key from your devices, online application, or even Crypto exchange platform.
To attack the blockchain, hackers can launch a Dusting Attack to overwhelm the blockchain through massive fraction transactions purposely or as a way to spam the network, similar to distributed denial-of-service (DDoS) attack.
Hackers will find loopholes in the programmed contracts to attack (modify) smart contracts and drain funds before they reach the blockchain. There are many known and unknown methods of the attack, impacting many decentralized projects, particularly in the Defi field.
Hi there!
This is crypto universe oversimplified!
Don't forget to check out the previous one:
https://medium.com/coinmonks/the-fourth-dimension-of-the-crypto-universe-f4f3a5d1718e
Today, we are talking about threats of the Crypto Universe.
There are two threats of Crypto: external and internal. In addition, there are two layers of security build-in for each cryptocurrency: cryptographic techniques (wallet with pair of keys) and consensus mechanisms (blockchain).
Hackers bring external threats. Not all hackers are evil, but some are.
Why can hackers steal from the Crypto Universe? The goals hackers want to achieve are:
To gain access to your crypto wallet
Attacking the blockchain
Attacking the smart contract
To gain access to your crypto wallet, they will steal your private key from your devices, online application, or even Crypto exchange platform.
To attack the blockchain, hackers can launch a Dusting Attack to overwhelm the blockchain through massive fraction transactions purposely or as a way to spam the network, similar to distributed denial-of-service (DDoS) attack.
Hackers will find loopholes in the programmed contracts to attack (modify) smart contracts and drain funds before they reach the blockchain. There are many known and unknown methods of the attack, impacting many decentralized projects, particularly in the Defi field.
There are also internal threats that happen within the organization.
To attack the Crypto internally, attackers need to dominate 51% of the network control or computational power as a 51% attack.
However, you do not need to control 51% of computational power to rug-pull people.
As long as you have control of the protocol, you can manipulate it in your favor through smart contracts.
Another threat is a single point of failure. It is an irreversible collapse of the cryptocurrency. It usually occurs in a centralized organization with corrupted leadership. It costs the future of the Crypto to grow and become sustainable. Decentralization is a way to prevent such an event's collapse.
They are more threats to danger the Crypto Universe.
Thanks for reading!
If you enjoy reading my articles, buy me a coffee here.
Photo by Sofia Sforza on Unsplash
There are also internal threats that happen within the organization.
To attack the Crypto internally, attackers need to dominate 51% of the network control or computational power as a 51% attack.
However, you do not need to control 51% of computational power to rug-pull people.
As long as you have control of the protocol, you can manipulate it in your favor through smart contracts.
Another threat is a single point of failure. It is an irreversible collapse of the cryptocurrency. It usually occurs in a centralized organization with corrupted leadership. It costs the future of the Crypto to grow and become sustainable. Decentralization is a way to prevent such an event's collapse.
They are more threats to danger the Crypto Universe.
Thanks for reading!
If you enjoy reading my articles, buy me a coffee here.
Photo by Sofia Sforza on Unsplash
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