Hello guys, I am here again to talk about a trending platform in the sphere of blockchain technology and the solutions it is proferring today. It is of little or no news that the Blockchain sphere is currently clogged with the news of hacking which has led to loss of billions of dollars. This issue is one that has been a major challenge and it has almost been concurrent that the skepticism of users have peaked and the adoptability of blockchain technology has dropped as a result of this. This is why the Blockchain sector is in dire need of an innovation that will prevent users from this loss as well as enhancing trading in the process. There is no better opportunity than this as I introduce to you a platform that has brought on board an innovation that is serving as a shield to every user and it is no other than the DAEX platform. Today I will be highlighting the problems platforms are facing and how DAEX seeks to resolve these issues but before I delve into these pointers I'll give numerous scenarios of hack cases.
TOP 5 HACK CASES IN BLOCKCHAIN TECHNOLOGY
Mt.Got is the most famous hack Blockchain technology has ever suffered and this hack led to a loss of 2609 btc and this happened on the 19th of June 2011. This led to a decrease in price of bitcoin as it was basically the major coin stolen and it shook the Crypto trading market for a while because users lost trust in the one time most secured exchange site. This history would not have come into play with DAEX and the reason behind this statement will be discussed.
Bitfloor: The second most famous is the Hack is the bitfloor hack which led to a loss of about 24,000 BTC around September 2012. This was as a result of hackers getting the unencrypted private keys of the exchange that was stored online for backups.
Poloniex: Poloniex was one of the biggest and famous exchange of all times. It has recorded the highest amount of users at some point. On the 4th of March 2014, it was hacked due to a faulty withdrawal code and this led to a loss of about 97 BTC
BitStamp: Bitstamp was meant to be a replacement for bitgox but lost it along the line due to an hack that occurred on the 4th of January 2015 with a loss of about 19000 btc.
Bitfinex: This hack is another big blow to the Crypto world as it is more likely the earliest and closest to MT.got hack. This hack occurred in August 2016 and 120,000 BTC was stolen as a result of a vulnerability in the multisig wallet architecture of Bitfinex and Bitgo which hackers could breach.
Summary
Though most if not all funds have been refunded there is still a high level of skepticism in users of these platform and the true way out of this is to show users that there is truly an exchange that can prevent this risk while getting the best of trading from it and it is no other but DAEX
DAEX: THE SOLUTION
From the review of various hack cases we can see that most of the hacks were either as a result in the leak of private keys of users or a breach in the multisig wallet. It is on this premise I bring to you a solution the DAEX platform has provided and they are thus:
DAEX ECOSYSTEM
Most Blockchain exchanges are yet to have an interoperability and security that matches the amount of data that the current or future ecosystem can transmit and as a result of this there are many issues plaguing blockchain technology. DAEX ecosystem is built in such a way that it can handle the following
- The daex ecosystem is built such that the users can't keep and transmit a complete key. This way there is the ability of an efficient distributed ledger for the storage of data and optimum settlement model.
For more information on DAEX project use the links below:
Official website: https://www.daex.io
Whitepaper: https://daex.io/whitepaper.html
️Twitter: https://twitter.com/DaexBlockchain
Telegram: https://t.me/DAEXOfficial_en
Reddit: https://www.reddit.com/r/DAEX_Blockchain/
Authors bounty0x username: beeeyibio