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Cryptocurrencies, as evident from their name, are all about cryptography written into their code so that the digital coins and tokens are secure from ever-increasing cyber thefts. The extremely complex chain of private keys, decentralized nature, SHA 256 hash function and other securities mean that unless a user has been lax, it is extremely difficult for a tabletop thief to siphon off a person’s funds.
Digital Exchange Heists
Even with all that level of securities involved, the news is full of crypto exchange hacks where millions of Dollars worth of tokens and coins have been stolen. The famous MtGox and the latest Coinrail hack show a different side to the security of digital money.
The issue lies in the fact that all of these thefts have two common factors: centralized exchanges and putting security at a lower priority.
Trade.io: Security First
The decentralized Trade.io exchange understands that without an airtight security system, it will eventually fall victim to a cyber hacks and will lose users’ funds. To counter this, it has an effective and robust security systems. The proper and timely implementation has saved it countless times recently. The exchange was under constant attacks and hack attempts during its token generation event, where malicious parties made repeated attempts to gain access to its tokens and funds.
In order to ensure that the current security systems are kept updated to cater for any other attacks, it has implemented a few more layers of digital protections:
- Proprietary algorithms to protect funds and wallet architecture.
- Risk assessments, real life tests and code reviews by in house and third party experts before deployment.
- Multilayered user protection with different and multiple authentication methods.
- Dedicated internal security team monitoring the exchange at all times.
- Professional level security monitoring to detect attempted intrusions and plug holes.
- International security standards applications such as the NIST framework.
Apart from these, the exchange also relies on the in built securities of blockchain technology as it is, unlike other established exchanges, decentralized in nature. This makes all trades and funds storage, transfer and exchange automatically secure.
Reflecting on the commitment of security at Trade.io, Charles Voltron, CTO at Trade.io said, “Our security approach towards securing the exchange is holistic, other than protecting the exchange with a multi-layered defence tactic, we are enhancing our employees awareness for cyber events, we protect our business processes and our internal technologies.”
What Is Trade.io?
Trade.io is a next-generation digital token and currency exchange that uses the best of technologies available to give users and traders the highest level of security, speed and one of the lowest trading fee. The team uses its previous experiences in traditional ForEx and combines it with blockchain to deliver services that are unmatched.
The exchange offers multiple trading pairs and also supports fiat. Through its native TIO token, the platform offers discounts on all trading fee. Other benefits include free deposits in all currencies, traditional or cryptos.
For more information on the decentralized crypto exchange, visit their website: https://exchange.trade.io/