KOINPRO: TOKEN SECURITY IN 2020
We all understand the need for security when it comes to finances and other related assets especially in today’s world. Security can’t be over emphasized in the sense that without it, we stand a chance of losing everything we currently own both in assets and liabilities. Now let’s begin with what security means in the actual sense of the word. Security is a state of being aware, prepared and also an entire state of being free and shielded from any form of threat, danger or harm. Now let’s talk about token security, Token security means total control with proper defense from any malware or hacker which/ who intends stealing ones token asset at any point in time. To be honest I got that definition from my head. A better and well documented definition will say token security is the general sense of keeping one’s crypto asset secure with either hardware encoded devices or with paper keys on a secure and trusted platform.
Let’s look at problems affecting token security and how various crypto companies do well to checkmate these problems with their solutions. The first issue or security challenge is the public and private key security. Since the idea behind public and private key has been centered on keeping one’s crypto asset secure in the case that only if those keys where stolen then access can be granted to hackers. Now hackers tend to force more on the weak link in the whole chain of crypto distribution and the weakest as it might surprise you is the pc or mobile device of the customers or clients who have their crypto assets stored there asides the fact that some phones and pc’s come with great antivirus software. Some users just make it easy for hackers to get access to their details. Some save their keys in text files or word document which are very accessible to anyone, some even save theirs in their emails which isn’t a wise choice either.
Another problem is the vendor risk, since this is a third party development within the blockchain ecosystem with the following areas such as blockchain integration platforms, wallets, financial tech, smart contracts etc. Any form of weak security on the part of third party vendors will impact greatly on their clients. Now furthermore, the threat on the part of vendors is especially true when the particular product involves smart contract, and we understand that any form of vulnerability at this can be devastating due to the fact that almost all blockchain related companies operate with smart contracts.
Another key problem is basically lack of standards and regulation we understand that in the world of crypto, there isn’t a form of standard regulation to checkmate the dealings of various crypto companies leading to them taking their own decisions and sometimes not being able to fully commit to the security of their clients and customers. Basically we understand that any community or society that doesn’t have some sort of law or strict code of conduct guiding its people, it will definitely fall either in the long run or in the shortest possible time.
Now looking on the bright side that is the solutions area of the problems, involve a lot more than the few I will mention now which include; the provision of laws, and regulations to deal with decisions that crypto companies make point in time for the sake of customer funds security. Another is reducing or making very strict background check laws for third parties who intend creating new crypto companies.
Still on the matter of security on crypto company that puts security as one of its major game plan is KOI. They have two set of tokens; the locked and unlocked KOI tokens. These tokens are built with the intention of both security and functionality in mind. From their one pager we can see that “some KOI will be delivered in a locked state. This locked KOI can be used for utility purposes and can be pledged for sale as part of the repurchase plan. Likewise unlocked KOI entitles the holder to its utility benefits, and can also be pledged for sale. The only difference between locked and unlocked KOI is the priority in which they are purchased each quarter. Unlocked KOI will always have first priority during each repurchase period, while remaining funds will be used to purchase locked KOI.” When one goes through those very well he or she will understand that asides the functionality of the token, security of each token was put into consideration when dealing with both locked and unlocked tokens.
Finally we all have a role to play in keeping our crypto asset safe, so let’s all take responsibility.
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