Nash: Since the establishment of the first cryptocurrency trading platforms some years ago, the fierce issue of cryptocurrency exchange hacks has continuously troubled the ecosystem. The effect of hacking cryptocurrency exchange platforms and other notable problems have cause distrust among the community and have brought many issues to the public relations of the whole crypto asset market.
Exchange hacks might be different from some underlying issues on the Bitcoin network, such as some common technical problems the network mostly encounters, yet exchange hacks bring quite a massive havoc. It rips the assets of many customers of exchange platforms, specifically stealing millions or even billions of dollars worth of Bitcoin and other Cryptocurrencies from these customers in a few minutes.
Although in the past years, crypto assets security has been technically advancing with improvements from the cryptocurrency exchange industry, there is still much to be done as day in and day out, hack attacks from cybercriminals on exchange platforms occurs. However, looking at new technologies being made, the issues of hacks on these exchange platforms may be eradicated soon.
Image Source: www.usetheBitcoin.com
There is a central feature on cryptocurrency, which makes it programmable money. In recent times, developers have been working on new ways to help customers of exchanges to hold and control their funds until the moment the customer needs to make a trade. Though this technology is not so popular, few new exchanges are adopting it. One new exchange that makes use of this technology is Nash.
Until now, customers of exchanges have to deposit their funds onto the trading platforms for the exchange to control their funds and with that, the exchange platform becomes cyber criminals’ central point of focus basically due to the enormous gains they can get when they manage to enter the internal wallet of the exchange.
Users of the new exchange Nash do not need to hand over the control of their funds, but they take control of their crypto assets without any third party getting involved till they want to make a trade.
As per Fabio Canesin, the co-founder and Lead Developer of Nash, they will very soon add Bitcoin support to their platform.
He said,”We first showed that our proposed architecture could provide cross-chain markets that can be compared to the performance of centralized exchanges. This is why we focus on NEO-ETH market, and as this project is now live and operating effectively, we can process to other networks.”
Image Source: www.bitrazzi.com
Canesin added that they are planning to quickly proceed to the Bitcoin network as it is the most dominant and carries much importance in the industry.
During a comment section, Canesin was asked about the potential security issues of Nash. Explicitly, customers’ internal funds on Nash can not be stolen by hackers, but one disturbing factor is if hackers push out a malicious software update to customers on Nash.
Canesin replied that a payload using offline keys is needed for updates, but if a hacker tries hard in some way to cause a malicious update, he needs the users to log in and sign a transaction before the user can be attacked or affected. Data only is not enough for hackers to succeed; they also need users to give entropy. “We are making all efforts to reduce these risks by developing many layers of protection.” He concluded.
Nash offers a high level of security, which also depends on integrity of the smart contracts supporting the exchange. Nevertheless, Nash is also planning to develop a browser extension, mobile wallet, and payment processing services to help integrate merchants with the upcoming projects that will be in addition to the exchange platform in operation.
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