LET'S TALK ABOUT SECURITY AND INSECURITY WITHIN THE BLOCKCHAIN WORLD

Greetings and welcome dear Hivers, over time, decentralized finance has become more and more popular, to the point that more users are betting on a system that moves away from the bureaucracy and centralization of traditional finance and consequently, we have seen how scalability, transparency, speed, security and decentralization, have been the fundamental variables by which the technological development associated with the blockchain world and an economic model according to the demands of society has been driven.

However, time has also witnessed the different adverse scenarios through which different assets associated with this economic model have gone through, which in a certain way has generated greater distrust among users and investors who bet on a different and sustainable economic model over time.

Based on the above, the main and diverse cryptoassets in my opinion, must be a guarantor of transparency and security of each of the services they offer in order to provide timely responses to users and even more in security issues, unquestionably if the desire is to seek greater exposure to people, we must bet on greater security regarding the transactions that are executed and even more in the protections of the wallet and the ecosystem in general.

I hope you understand my point of view....

In the same way, I will go deeper in this regard, about a scenario that is evident on the TRON network, in which I cannot understand how after going through so many negative situations, we can still present flaws that attack the credibility of the financial system associated with the crypto market.

So recently we have witnessed a vulnerability on the TRX network that puts at risk a sum of 500 million dollars in user capital that have decided to bet on this ecosystem and more when it represents the second place in volume of capitalization at least in the first months of the year.

The truth is that I do not want to go into technical issues that may be little known, although I could mention that the critical vulnerability was evidenced on the zero day of the network that affects all those wallets that execute multi-signature transactions, in other words, the operation of the network in this protocol, was bypassing the verification of private keys, hence any user with access to multi-signature protocols could move the assets from one side to another without the respective verification, so that there was no mechanism to validate the uniqueness of the wallets created through this mechanism.

While we do not know how would be the verification process of the security protocol and the technical system executed on it, what we cannot overlook is the immaturity that many ecosystems still handle in terms of the variables that we highlighted at the beginning.

So as an investor and holder of assets in the network and in the blockchain world, these scenarios make people move away and generate a generalized distrust, although it is true that the failure could be solved in time, this does not imply that we were not in a risk zone, So it is necessary to stop assuming that the crypto world is a world where investment is not guaranteed by the levels of speculation that are handled, some call it volatility and on this term we have allowed ourselves to get involved in order not to assume the necessary responsibilities about the capital of people or users.

Undoubtedly as a society we deserve a change in the international financial system and the most latent alternative is cryptoassets, but scenarios such as the one described above only cause us to move away from the purpose.