When we all jumped on the Internet bandwagon in the 1990’s, we didn’t stop to first consider cybersecurity. The current Ransomware crisis is all the proof of why this was a mistake. With cryptocurrency, we have an opportunity to be smarter. When in comes to digital currency, you only have as much as you can safely store.
There are many ways to store cryptocurrency. Many people use exchanges, platforms which allow you to buy, sell, and store crypto. This doesn’t guarantee your crypto is safe, as exchange hacks do happen. Be sure to use multi-factor authentication and whatever other security precautions each exchange offers. Examples of exchanges are Kraken, Coinbase, and Binance.us.
Another option for storing crypto is a personal wallet. We like the interoperability of the Metamask.io wallet simply because it is a Web 3.0 site, which means there is potential for enhanced communication with other Web 3.0 sites. In the future, we do expect this enhanced flow of communication to yield higher security overall.
As with all scenarios, the flow of communication is preferable to disjointedness and blockage. Especially in a decentralized environment, communication is critical to ensure optimal operations…lest decentralization instead become total chaos. This is arguably already the case to a certain degree.
How to bring order from chaos? In regards to decentralization, the solution is an intuitive software that has unfathomable reach in both distance and depth…traversing the voids created by decentralization and uniting the voices which herald this change.
As more and more people use automated cybersecurity software, the software continues to learn via a process called Machine Learning (ML). The best cybersecurity software we’ve found sifts through massive amounts of threat intelligence to make actionable decisions that are very difficult for humans to make due to limited processing power.
Let’s just say we’ve found Sergeant Cybersecurity, and he’s an AI.
As the software advances, it does more “threat detection” than defense. What this means is that the software is poking around in the shadows actually proactively trying to bait hackers so that it can then collect and analyze data relevant to the hackers. One could easily extrapolate from this that on Web 3.0 sites with enhanced communication links, the possibility for this type of software to become exponentially more “intelligent” already exists.
The good news is that the future is home to much of this type of uncharted potential. Until then, your wallet is only as secure as your cybersecurity. You should be using a VPN, a password manager (not all are created equal), and good virus / malware scanning tools.
However, your best bet is using a professional who has access to and knows how to configure the advanced automated cybersecurity software that actually doubles as a 24/7 Security Operations Center complete with real-time alerts.
Cold storage is another option, and is arguably the safest because it is offline. The down side is that if you’re a cutting-edge crypto connoisseur who scouts the early coins for big gains, many obscure coins are not supported by cold storage wallets.
Which makes automated cybersecurity software the current clear winner in regards to how to safely store your crypto. Do we expect this to change? Quite the contrary. The advancements in the field of Artificial Intelligence (AI) are likely to be exponential in the next few years. At some point, as a society we should consider using the term “Advanced Intelligence” instead of Artificial Intelligence. When something is so critical in so many ways, proper credit / respect should always be given. At Petronella Technology Group, we are both grateful and excited over the advancements in AI as they relate to cybersecurity.
When it comes to currency that was born of and is sustained by the Internet, integrating AI tools to keep your funds safe just makes common sense.