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How to ensure the security of encrypted assets through wallets?



After I learned all the encryption terms, another problem I encountered in the field of encryption was how to ensure security. There are different aspects to discuss when it comes to security in cryptocurrencies, but today I will focus on the types of wallets available, their level of security and how to safely store your coins.

But before we dig into the details, let's think about why security is important on the blockchain, and why we need to care about security.

Why do we need to care about security?

Blockchain is actually a technology that removes the middleman and conducts peer-to-peer transactions directly, and also provides a protocol that entities can fully trust without knowing each other. This means, you will benefit from a fast and secure protocol to facilitate transactions between you and another party without relying on middlemen such as banks, Paypal, etc. At the same time, this also means that if your wallet is stolen, lost or forgotten password, there is no other place for you to seek help, because all the responsibility is in your own hands --- That's why it's important to take all necessary steps to stay safe.

Data: The interest value of Google search-zce "how to buy NFT" reached 100. The global interest in NFT soared 426% in August: Jinse Finance reported that according to the analysis of Google Trends data by the Blockchain Center, in August 2021, the global interest in NFT Interest in non-volatile tokens (NFTs) increased by 426%. On August 1, 2021, the number of Google searches for the keyword "how to buy NFT" was 19, but by August 29, 2021, the number had risen to 100. Google measures search-zce interest in points, with 100 being the highest and 0 being the lowest. As the interest value of Google search-zce "how to buy NFT" has reached 100, this shows that it has set the largest search-zce volume so far in 2021. In addition, according to the national blockchain, Singapore has the highest interest in digital art works, with a Google search-zce value of 100, Australia ranks second with 86 points, followed by Nigeria (70 points). (finbold) [2021/9/8 23:10:29]

Two-factor verification

While this is not a wallet, I choose to talk about it here because it adds an extra layer of security to your exchange trading account. So far, I haven't come across any exchange that doesn't have 2FA as an extra layer of security.

Backtracking 3.12 How to Cross the Gap from Liquidation to Payback: At 20:00 on April 27th, Boge will be a guest in Jinse Finance's "Currency Observation Room" live broadcast room, and will share "Backtracking 3.12 How to Bridge the Gap from Liquidation to Payback ", please pay attention, if you want to join the group to watch the live broadcast, just scan the QR code of the poster to register. [2020/4/27]

Two-factor authentication, also known as 2FA, two-step verification or TFA (as an acronym), is an extra layer of security. It requires not only passwords and usernames, but something that is unique to that user, information that only they should know or have immediate access to — such as a physical token. This is great for keeping your account safe and your funds safe, so please don't use your trading account without 2FA.

Personally, I recommend using Google's 2FA, which can be found in the Android and Apple stores. You can use the 2FA security layer on any other account that supports this feature, such as Facebook, Github, etc.

Software wallet

Zhao Xijun: The key point of the central bank's digital currency is how to integrate with traditional currencies: Zhao Xijun, deputy dean of the School of Finance and Finance of Renmin University of China, pointed out that there are two issues involved in the view of "the key points and difficulties of digital currency research and development". One is whether the technology is mature. Bitcoin is actually the initial prototype of digital currency. From a technical perspective, Bitcoin has some flaws. Once the payment volume increases, payment difficulties or efficiency declines will occur. In addition, Bitcoin has experienced security issues such as being stolen. According to an internal seminar held by Mu Changchun, director of the Central Bank’s Monetary Research Institute, the central bank’s digital currency is very efficient and has a strong ability to pay, indicating that technical problems have been overcome. The second is how to integrate with the traditional currency and currency management operation system after the digital currency is introduced. The issuance of digital currency is based on the blockchain, and it has an upper limit. At present, its issuance scale depends on the computing power of the Internet. Although Director Mu Changchun also mentioned that the central bank's digital currency can now break through the upper limit of the blockchain, but after it is cracked, what will its issuance be like, and whether it can be smoothly integrated with our current RMB issuance? levels are arranged. (The Paper) [2020/4/22]

When it comes to software wallets, there are many options to choose from. While I haven't tried all of the existing wallets, I'll cover some of them that have made a name for themselves and that I've used software wallets for.

Voice | Accenture Report: Banks Are Currently Evaluating How to Use Blockchain Payments: According to bitcoinexchangeguide, a recent survey by Accenture found that nearly 90% of bank executives surveyed said their respective banks are currently evaluating the use of The idea that blockchain technology executes payments. Among the benefits that most executives believe blockchain has to offer include: lower processing costs, fewer errors, and faster business processing. The report also noted that 12 of China's 26 listed banks have implemented blockchain technology within their governance framework, including major banks such as Bank of China and China Merchants Bank. [2018/11/3]

Jaxx is a multi-currency Ether, Ether Classic, Dash, DAO, Litecoin, REP, Zcash, Rootstock, Bitcion wallet and user interface. Jaxx is designed to provide customers with a smooth Bitcoin and Ethereum experience. It is available on various platforms and devices (Windows, Linux, Chrome, Firefox, OSX, Android phones and tablets, iOS phones and tablets) and connects with websites through Firefox and Chrome extensions. Jaxx allows in-wallet transfers between Bitcion, Ether, and DAO tokens via Shapeshift, as well as importing Ethereum paper wallets. With a range of features and new currencies being integrated constantly, Jaxx is a great option for those who need a multi-currency wallet.

China Discipline Inspection and Supervision News: The biggest challenge for the development of China's blockchain is "how to let the supervision understand the blockchain and regulate it appropriately": China Discipline Inspection and Supervision News issued an article stating that the stage before the underlying technology of the blockchain has achieved a substantial breakthrough is precisely A period of strategic opportunity. If China's blockchain industry can cooperate closely, and the supervision can be properly tolerated and encouraged, China will lead the world in the blockchain field just around the corner. In fact, blockchain technology will eventually evolve into a model of "integrating supervision into technology". The hard-to-tamper, shared ledger and distributed features of blockchain make it easier for supervision to intervene and obtain more comprehensive and real-time supervision data. Let the regulators themselves participate in the technology, realize the regulation of the technology through the technology itself, and finally resolve the conflict between blockchain and regulation. [2018/3/6]

Exodus is a relatively new and unknown digital wallet that is currently only available on desktop. It realizes the storage and transaction of Bitcoin, Ether, Litecoins, Dogecoins and Dash through a very simple, easy-to-use, intuitive and beautiful interface. Exodus also provides a very simple guide to backup your wallet. One of the great things about Exodus is that it has a built-in metamorphic exchange that allows users to exchange altcoins for Bitcoin and vice versa without ever leaving their wallets.

Copay developed by Bitpay is proven to be one of the best digital wallets on the market. If you are looking for a digital wallet that is easy and fast to operate, then Copay can make it easy for users to access desktop, mobile or online through a user-friendly interface. The best thing about Copay is that it is a multi-signature wallet, so friends or business partners can share funds. Overall, Copay has something for everyone. It's simple enough for entry-level users, but has plenty of extra geeky features that will impress more experienced players as well.

Coinbase is a web-based online wallet that is a beginner-friendly version of GDAX. Users using Coinbase can easily transfer their funds to GDAX without any fees. In the same interface, you can make quick purchases with fiat currency. All in all, it's a great tool that provides all the necessary tools to get into cryptocurrencies. The downside of this service is that it is expensive and the available currencies are limited (Bitcoin, BitcoinCash, Ethereum, Litecoin).

Hardware wallet

Hardware wallets are slightly different from software wallets in that they store the user's private keys on a hardware device such as a USB. Although a hardware wallet conducts transactions online, its private keys are stored offline, which provides greater security.

Depending on your choice, hardware wallets can also be compatible with software wallets, allowing users to access the wallet from a web interface, making transactions appear easy.

Users only need to plug the hardware wallet into a computer or device that can be connected to the Internet and use a pin to transfer money more securely. The following is an inventory of the three most reliable hard wallets on the market that have been on the market for a long time.

Trezor is one of the pioneers in the hardware wallet industry, setting the gold standard in cryptographic security. Trezor is known for offering top-notch security that protects against both virtual and physical theft. What the Trezor lacks in style, it makes up for in safety. Even if your computer gets hacked by malware, with Trezor your private keys will be safe. In that sense, the Trezor is more of a vault than a wallet.

Keepkey is made by a relatively new company that offers beautifully designed hardware wallets. There is not much difference between Keepkey and Trezor, in fact, KeepKey is a transplant of Trezor's code and firmware. However, the design of the two devices is different. The KeepKey feels like a "premium" wallet, but can be a bit on the heavier side, making it easier to drop. It comes with a standard, easy-to-use client UI.

Nano Ledger is one of my personal favorites because it can be combined with other software wallets (like Copay mentioned above) or wallet iterfaces (like MEW). Utilizing state-of-the-art Secure Element technology, the Nano is like a mini computer that generates your encrypted transactions offline, meaning hackers can never compromise your hard-earned crypto coins. Another added bonus of the Nano Ledger S is that it uses FIDO-authenticated software, allowing you to set up two-factor authentication on your hardware wallet -- yet another layer of defense. Since it is smaller than the KeepKey, it is easier to carry. It is a very competitively priced hardware wallet.

Paper wallet

Paper wallets are another form of storing your cryptocurrencies by printing private keys on paper. Key advantages of paper wallets include: protection from malware and key loggers; not having to rely on any website for security; protecting private keys with 100% ownership.

But conversely, the security of physical documents cannot be guaranteed. All the information needed to spend bitcoins is on a single piece of paper, so it should be very secure. If the paper wallet is lost, bitcoins sent to that address will not be available.

Which one should we choose?

Undoubtedly, there are many options listed here. Blockchain and the entire crypto space are constantly evolving, and even more solutions will emerge to help us keep our income safe.

Remember, no matter which wallet you use, losing your private key will result in the loss of your money. Likewise, if your wallet is hacked, or you send money to scammers, there is no way to retrieve lost coins or reverse transactions. You must take precautions and be vigilant at all times:

Back up your wallet

Update your software

Add an extra layer of security

Keep your private keys safe!

Hope you found this article helpful, feel free to comment below how do you keep your wallet safe?

Author: Octavian Contis

Translation: Olivia


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