Opinions

Digital Tech Solutions Have Got Your Crypto Covered

With digital advancements, it’s getting tougher and tougher to keep your money stash hidden from evil. Gone are the days when the space under the mattress was the best place to hide your hard earned money.

Banks revolutionized the security solution for paper money and humanity took a breath of relief.

But now, paper money is going away too, replaced by bits and digits.

Cryptocurrency.

On one hand, it cuts out the need for third parties i.e. banks but consequentially, the services banks provide in addition to currency storage go out too.

But the world has it all figured out. Or it thinks that it has.

Previously, we looked at G4S that allowed customers the use of offline vaults to secure and protect their crypto assets.

There’s another player in the game that is grabbing attention.

Vo1t, a custody service started in 2015 that allows users to store digital assets that include Bitcoin (BTC), Ethereum (ETH), Ripple (XPR), Zcash (ZEC), Litecoin (LTC) and Ethereum Classic (ETC). Additional assets can be added on request.

With the aim to keep the key that authorizes transactions in check, the company employs storage that keeps the key in secret safes, away from falling into the hands of hackers that can then use it to access the victim’s database.

But if you look closely at the extent to which crypto world is going to protect its assets from the evil, you might question yourself that ‘aren’t we going a little too fast with technology?’

Technology is running ahead with its booster of developments and luxury but evil is keeping up the pace. We can never be too protected, never be too secure.

The largest bank robbery in history was the Banco Central Burglary. Fortaleza, Brazil; 2005. $70 million were taken away, much of which haven’t been recovered.

In first half of 2018 alone, about $761 million worth of cryptocurrency was stolen from exchanges. An amount 10 times the Banco burglary.

Companies like Vo1t use extensive protection services that use x-military patrol teams, layers of added electronic devices and underground secured vaults that are monitored 24/7 by vigilant professional teams to secure the assets. But even then, hackers can break into these custom designed secure houses and make away with millions.

White hat hackers are trying their level best to keep hacking at bay but they can’t just simply stop it. New solutions to old problems are giving new entry points to hackers to break in.

Digital solutions are like pegging a crack in a bank only to wake up to two more.

Between physical money and digital money, which one is the more secure? There may not be a right answer.

Sarim Mehmood

An electrical engineer to be. Sarim is a blockchain & crypto enthusiast and an early investor in ETH and Ethereum based projects. Contact the editor at editor.opinions@blockpublisher.com

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