Securing the future of cryptocurrency: II

Bitcoin, private key security, key management, 2FA

The cryptocurrency market has continued to grow exponentially in the last few years. Starting from Bitcoin that first emerged in 2009, the market has since then grown to about 1500 cryptocurrencies with market capitalisation close to $100 billion. Of this, Bitcoin, Ethereum and Ripple together constituting market share of more than 80%. Few other prominent cryptocurrencies include Dash, Monero, Ethereum classic, NEM and Litecoin.

The numbers above are sufficient proof that cryptocurrency is more than a passing phenomenon. The inherent value of cryptocurrency as an alternative method to store and transmit units of value has gained acceptance from a critical mass of users. A whole ecosystem comprising consumers, merchants, entrepreneurs, developers and investors has now emerged across the world demonstrating the tremendous potential for cryptocurrency to disrupt conventional commerce. The exponential growth of the cryptocurrency market has also given rise to a multitude of players providing products and services providing the infrastructure and facilitating usage for mainstream users. These players include:

  1. Exchanges: Key function of exchanges is the purchase, sale and trading of cryptocurrency
  2. Wallets: Key function of wallets is to provide storage of cryptocurrency 
  3. Payment providers: Payment providers facilitate payments using cryptocurrencies
  4. Miners: Miners serve to secure and verify transaction records and to add transactions to the public ledger (block chain) of past transactions.

The surge in market prices of cryptocurrencies has made exchanges and wallets popular targets for cybercriminals as they store and manage large amounts of cryptocurrencies. The tremendous growth of the market has been marred with a series of hacks the latest one leading to theft of $30 million in ether from a well know ethereum wallet only last week. 

This makes security as a one of the most important considerations for the continued growth of this market.  And while security has multiple facets, authentication and ensuring private key security is the key facet to securing access to these exchanges and wallets. Both cryptocurrency exchanges and wallets use 2FA extensively both for internal operations and to their customers. Many of them even provide three factor authentication to ensure secure access to cryptocurrencies.

AppsPicket offers a revolutionary 2FA technology that is ideal for cryptocurrency exchanges and wallets. AppsPicket 2FA is based on public key cryptography and can check two factors in one integrated protocol. Moreover, our 2FA ensures that the private keys are generated dynamically to authenticate users and do not need to be stored anywhere. This represents a completely new paradigm in key management as well as private key security for cryptocurrency exchanges and wallets.

Our 2FA technology has the potential to solve concerns associated with private key security in cryptocurrency wallets and help the evolution and relentless growth of this market. Do get in touch if you’re an entrepreneur or investor focusing on the cryptocurrency market!

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