With changing times, priorities and requirements change in tandem as well. The internet is quickly becoming the main platform for a majority of industries and most consumers prefer using it for merchandising services. Yet, as we increase the utilization of little devices connected in the web that allows us to perform analysis and make different financial gains like never before, we take substantial risks. Take Ethereum for example, on the tip of everyone’s tongue.
Ethereum is the blockchain platform of Ether, the second most expensive cryptocurrency on the market.
The platform itself is like Bitcoin but rather geared for programming and computing. It seeks to create a decentralized internet, a free for all, where people could mine and profit from Ether.
Where’s the scandal?
You guessed it, one Ether platform called Enigma was recently hacked and almost $500,000 worth of Ether was stolen. It was a creative hack. Hackers and third parties are always looking to snoop and steal sensitive data from important industries and Ethereum is no exception.
The hackers took over the site’s Slack channel and Twitter account and created a fake pre-sale page.
When users clicked on the home page they got routed to the page and eagerly purchased some currency. The hackers then withdraw the Ether from their accounts. All of this happened because Enigma was using weak passwords and lacked two-factor identification on their accounts. Many cyber tech experts are calling this a "faux pas" as Enigma, a company that prides itself on security, forgot to update their passwords.
Many people are using Ether for their "ICO' - Initial Coin Offering. This is where a company can raise money using crypto currency. This is still unregulated by the government so many companies are taking advantage.
You’re not going to believe this but companies are not the only ones interested in raising serious crypto currency. The country of Estonia just announced that they are looking into having an ICO. Estonia, is however, steaming ahead when it comes to the internet and decentralization.
They have an e-Residency program where people all over the world can become citizens of Estonia without having to live there. Now natives and e-residents will be able to invest in the country using crypto currency. Nation heads are already in talks with Ethereum founder Vitalik Buterin.
With the current market cap for all cryptocurrencies surpassing $100 billion, we can guess that a lot of countries will start using cryptocurrencies in the near future.
Is Ether secure?
There has been a lot of scandals and hacks around cryptocurrencies lately. Ether and Ethereum are no exceptions. The difference this time is that the passwords were hacked and not the infrastructure of the company itself.
It’s hard to tell what will happen with crypto currencies in the future. The more advanced technologies are created, the smarter the hackers get at cracking them. Organizations must be willing to invest more in this department as protection of assets is as important as their creation or deployment. Cyber security should be considered part of the responsibilities of the governing party of a business and must be continuously adapting to keep pace with the changing risks in the industry. However, let's be honest, the days of physically paying for things are numbered.
Especially if you consider biohacking and microchips - people are able to pay for things or transfer funds just by waving their hand.
So, the question stands - to become an early adopter and risk losing your family fortune or reputation. Or to wait on the sidelines and see what happens with Estonia.
To Ether or not to Ether... That is the question.