One of the first questions on the minds of the public when it comes to the use of cryptocurrency is security. The lack of understanding regarding the functionality of blockchain coupled with the difficulty of finding a bitsize way of explaining it manifests as a sense of doubt among crypto newcomers. But blockchain is very secure. As we see with any financial system, there are always a few issues.
Research carried out by the Beijing University of Posts and Telecommunication, Peking University, Zhejiang University and the University of Queensland highlighted a vulnerability in an Ethereum blockchain relating to Ethereum tokens. The Ethereum tokens amount to a value of just over $1 billion, bringing to light the latest example of blockchain vulnerability. The discovery has caused quite a stir amongst Ethereum users, as tokens are smart contracts within the blockchain and cannot be reversed. However, It is understood that if cryptocurrency exchanges blacklist malicious tokens the contracts cannot be exchanged, which would solve the issue if it were to occur.
Despite these issues, cryptocurrency exchanges are booming at the moment. Trading platforms are easy to use and are becoming increasingly attractive to those who are looking to move away from traditional banking. There are many new cryptocurrency exchange markets cropping up online. Primexbt review the market and provide customers with an award-winning platform to exchange Bitcoin like running a Bitcoin full node. But it’s not just online exchanges that are capitalising on the prevailing popularity of cryptocurrency, some of the big financial players are also investing.
Just this week the Federal Reserve Bank of Boston (The Boston Fed), has taken a keen interest in various blockchain networks to see if they could support the dollar. The Boston Fed has been working with digital currency initiatives to establish whether a digital version of the dollar could function alongside traditional payment methods, rather than replacing them. It’s a step in the right direction for the integration of cryptocurrency into the public sphere. While full integration, and the possibility of replacing traditional payment systems, is a long way off, seeing central banks make strides towards building the foundations for cryptocurrency is welcomed.
While in the East we see China, the DCEP, China’s first digital currency, working on an initiative to bring blockchain into the public domain, and quickly – the team at Facebook Libra over in California are doing a similar thing. It’s all systems go, and there are constantly positive signs, but patience is key. The day we see the digital dollar is fast-approaching, but the public must be willing to embrace change. It seems governments and banking institutions are taking steps in the right direction.
The question remains, will the world adapt in these unprecedented times? This is the point of contention for so many among the cryptocurrency community. Although, this has been the case for so long; it seems now more than ever the world is adapting to perpetual change on an almost daily basis and this may well be the time for cryptocurrency to step into the foreground.