Introduction of Crypto-currency Security Assignment
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Program of Research
1 Cryptocurrency Security
2 Aim(s) and objectives of the investigation
The main aim of the research is to discuss about the crypto currency security and to provide the different approaches regarding the security of the crypto currency. The objectives of the research are as follows:
- To get a fraud-proof investment as all the transactions in Crypto currency that are confirmed are stored in the public ledger.
- To get rid of the identity theft as all the transactions are between the digitalized wallets
- To discuss an instant settlement Crypto currency is best for the block chain.
- To identify the possible remedies used for the security of crypto currency.
3 Proposed plan of work for the research to be undertaken for the Masters.
Proposed plan for the research
(Source: self-created in project libre)
Skills and abilities to achieve the outcomes
In the way of researching Crypto currency Security, so many things are going to be realized. Although crypto currency is one of the best ways in order to make money at any time no doubt. But, there are so many risks are there to be cheated can say loopholes are there ready for fraud. The way of so many developments, as well as the use of new technologies, also makes it secure. The password manager tool is very effective in this matter. Also, the Crypto hunters are there, they are actually such kind of persons, who can recover the stolen or lost money in the crypto. The stolen money can be traced by the crypto currency algorithm. If anyone claims the crypto again then there is a chance that it may add the false address to its database. If the location of the hackers is addressed in the database, then it will be shown to the clients.
With the help of all kinds of secondary sources whichever is appropriate regarding the crypto currency, all the information described above is collected in order to make it ample. The source of the literature reviews is relevant to the field of crypto currency, so many details are taken to be helped (Ji et al. 2019). After viewing the whole topic it is got as a message that in order to do the best kind of investment of the money that is for betterment the graph of profit, the Crypto currency is an out-of-the-ordinary option, no other option is there to compete with the crypto currency.
5 Proposed Supervisors
Person 1: Steve Smith
Person 2: Rupert Radcliffe
Person 3: Robert Felton
In accordance with the author Fröhlich, et al. 2020, crypto currencies have going to be popular nowadays. The root technologies, which are very significant, are responsible to shift the influence in order to tie up the assets to the client and call for them in order to manage their points that are private (Fröhlich, et al. 2020). If we notice over the users how they play with the challenges they face in case of the key management in practice, what are the needed tools, and how do they choose to do so? In accordance with the author Le, et al. 2021, the growth of low energy, high-performance hardware on account of the mining of crypto currency is walking away with widespread attention.
The specific mining process on account of the proof of work that is known as PoW in the field of the conventional crypto currencies in the matter of block chains is being replaced by the ASICs which means Application Specific Integrated Circuits in an increasing manner (Le, et al. 2021). In accordance with the author Navamani, 2021, privacy, as well as security, are the two note-worthy terms in the field of crypto currency. The crypto currency adds security to the flow of contracts and along with this, it regulates the method of formation of the auxiliary units of the currency (Navamani, 2021). The adversaries misuse the deficiency of the profit due to the massive growth in the market assessment of the crypto currencies. In accordance with the author Limba, et al. 2019 in a mode of developing elements the crypto currency is now available in the form of a payment on account of goods for daily usage, as a tool of the international transaction in then wholesale mode actually a type of exchange in case of purchasing. Now it is also available in the ATMs which will benefit all kinds of users (Limba, et al. 2019).In accordance with the author Watorek, et al. 2021 over the last few years, the development of the crypto currency market is striking from the peripheral to the capitalizing mode at the level of the intervening shape of the stock market exchange. As the high-frequency data is not unavailable, so it permits the conduction of the advanced level of the statistical analysis of the variations in the field of the crypto currency interchanges the right from their born time to the present day. It just opens a window in order to allow looking over the huge changes in the characteristics which are so complex but go hand in hand with the market of the concerned company and its growth (Watorek, et al. 2021). The main purpose of the present review is to look into not only the properties of the crypto currency but also to associate the basic rules.
Period of study
Executing the whole project will take almost 22 days. First of all, it needed to plan it first and it will take at least 3 days to do. Secondly, comes to the point of setting the aim and the objectives. This will take approx 4 days (Miraz and Ali, 2018). Then the literature review will take 7 days to be performed. Third last is the discussion of the resources. This will continue for not more than 2 days. The identification will take 3 days at least to be executed and the last one is the closure of the project which will take 2 days only.
Latest approaches for the security of cryptocurrency.
One of the important scam of this crypto currency is email scams. In order to get rid of from such threat always has to take a step of next level for conforming the authenticity of the mail id. The hackers can create the fake mail id with almost same name that can make one fool. Another chance of threat is the fraudsters can create fake apps to cheat the investors. In order to be safe from such kind of foil it would best to study the review first before click the download and report to the stakeholders after being cheated as soon as possible. In order to save the money it will be better to store the crypto in a cold wallet. The Cold Wallet is completely a hardware based wallet that is fully offline mode of access. Due to be offline totally, the chance of cyber attack is going to be minimized. Another approach to be safe from the fraudsters is to use multiple passwords which must be strong. Should not use a single password that it will tough to the hackers to do breach. Due to the cyber attacks is happened almost daily nowadays, so it will be agood approach to use always a secure internet connection always. As now most of the targeting device of the hackers is insecure internet uses device.
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