Exploring the 'crypto' in cryptography.

Coingabbar13 Oct, 2022Business

Cryptocurrency and blockchain technology is known for their decentralized nature and the security they provide. The technology behind blockchain maintains a distributed ledger that allows users to produce a decentralized, user-centric environment that the users govern. The blockchain has the ability to create a user governed utopia that a central authority will not have the power to control. This technology can be a powerful tool if used carefully, but when single handedly used, blockchain has a lot of shortcomings. While blockchain is an algorithmically decentralized and safe concept, practically speaking, security is the biggest concern. For example, a DeFi DApp is prone to infinite minting attack if hacked. Likewise, a wallet is prone to multiple attacks if a user interacts with a malicious website or just clicks on a wrong advertisement on the internet. Therefore, security is the biggest concern in this upcoming fintech world.