David Chappelle attacked on stage.
In a continuing reminder that we have lost the ability to respect each other’s right to disagree about ideas, principles, religion, politics, and now we attack each other physically.
Hey People! Didn’t your mother tell you to use your words?
And as a continuing reminder that success is not security… the attack on Dave Chappelle reminds us that security is security…
So perhaps you ask …
What does this have to do with Axie Infinity, Hive, and cryptocurrency?
In a word everything…
If you think about it, the principle idea behind cryptocurrency is security.
Cryptography is a based on the 23 character alphanumeric technology used to encrypt Secret Government Messages.
A technology or science that we are told it would take a Supercomputer 100 years to crack.
So our cryptocurrency is safe…right?
Actually, no… not every bodies cryptocurrency is safe.
Remember Axie Infinity?
Oh yeah…bummer
You see cryptocurrency is based on security, and represents the best security technology our planet has developed so far. But that won’t stop us from being vulnerable because humans think security is like a fast food restaraunt, and we can pick what elements of the core or vitally important components of cryptocurrency we want to actually deploy.
It’s like buying a car and deciding you don’t want an engine.
It still looks like a car, but … it doesn’t actually go anywhere!
- Axie infinity moved their game from the Ethereum blockchain to lower transaction costs, and speed transactions.
- And they were successful, Ronin sidechain was faster and cheaper then the Ethereum blockchain!
- But in copying existing proof of stake blockchains to take advantage of the greater speed, and the lower cost of transactions provided by Proof of Stake … but they didn’t provide a decentralized distributed network, which is the very heart of security in cryptocurrency.
- Remember your parents telling you to stick with your friends because there is strength in numbers.
- Security of a blockchain is like that, it’s all about having enough computers running the blockchain software and verifying transactions to prevent any hacker from getting control of enough of them to falsify transactions and steal other peoples money.
- Security on a blockchain is also about spreading those computers out, like all over the world in different countries, different continents, and different oceans.
- These two things are what the words distributed, decentralized network mean
Decentralized Distributed Networks
A decentralized, distributed network is a core component of blockchain security, and combined with cryptography, it is a unbreakable security shield, but only if we use it. It’s all about having enough computers running the blockchain software and verifying transactions to prevent any hacker from getting control of enough of them to falsify transactions and steal other peoples money. And it is also about spreading those computers out, like all over the world in different countries, different continents, and different oceans. Then all transactions have to be initiated by 23 place alphanumeric keys. It simple in some ways. But you know humans…we love to pick and chose.
Axie Infinity Five
- In the case of Axie Infinity the number of computers the hacker needed to control was five.
- Five.
- Five.
- By comparison over 10,000 computers run a copy of the Bitcoin blockchain software.
- By comparison Hive has over 200 computers (witness nodes) providing security.
By comparison that’s a virtual army of protectors.
- By comparison Dave Chapelle had at least six bodyguards in those photos, and in some pictures it looks like ten.
- Dave Chapelle had more security then Axie Infinity? It looks like it.
- Dave Chapelle is uninjured, and his attacker looked quite bloodied and was taken to the hospital? It looks like it.
-Axie Infinity token price has lost 80% of it’s value, and it’s player numbers are down 50% since November, 2021? It looks like it. - Axie Infinity is pretty bloodied at this point? It looks like it.
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Security is based on security.
The Axie Infinity Investors woke up one day to find out their funds weren’t even safe in their wallets.
Bitcoin wallets are battle tested
[source](www.btc manager.com)
The Hive blockchain has incredible safety features and the blockchain is four years old and battle tested.
- Hive has over 200 computer nodes running our software and many defenses against an attack.
- Here’s an excellent article about Hive Blockchain Security: Clickable Link
The Hive Wallet has Six Special Security Features
- First there is the savings account feature.
- Second there is the Hive Power Down warning.
- Third there is the time it takes to power down your account.
- Fourth HivePower and Delegation.
- Fifth, Multiple Hive Account Keys.
- Sixth, there’s a process and safety feature called account recovery.
Read more here: Link
Security is Security, and it needs all its components.
- decentralized? Check
- distributed? Check
- cryptographically protected? Check
- Enough computers running your software, in enough places, to make it very, very hard to hack the majority of them? Check
Axie Infinity, Bitcoin, Ethereum, Hive and Dave Chapelle know that … and now, so do you.
@shortsegments
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#axie #axie-infinity #hack #hacker #proofofstake #hive #hive-wallet
Excerpt from article on Hive Wallet Security:
First there is the savings account feature.
Your Hive wallet has a Liquid Hive section, just called Hive. That is Hive you can transfer instantly to other members of the community, and off the Hive Wallet to an exchange like Poloniex or Bittrex. Below there is a section called the Savings Account, where you can hold liquid Hive under a two day hold. Its like a time lock, if you request it you can't get it right away. This is nice because if all your liquid Hive is there it can't be transferred right away out of your account by someone who steals your active keys.
If you check your wallet evey day, you will see a notice that a Savings withdrawal has been initiated, so if you didn't initiate it your wallet has been compromised, but you can stop the withdrawal and use your Master password to change your private keys and then your wallet should be secure again.
Second there is the Hive Power Down warning.
If you check your wallet you will see a red warning stating that a PowerDown has been started in your account. As you may remember you Stake HIve or Power it UP, as HIvePower to be eleigible for interest payments and in order to accumulate voting power with regards to the reward pool. If this is new to you, please read my post on the upvote system and rewards pool on Hive at the link below. So basically this warning also lets you know that someone has your keys, if you didn't initiate the Power Down, so once again you can stop the power down and change your private keys using your master password.
Third there is the time it takes to power down your account.
Your Hive account doesn't power down all at once, it is done in sevenths, or 1/7th of your account is changed from HivePower to Hive each week. So if someone steals your Keys and tries to withdrawal your Hive, they first have to Power It Down or un-stake it, and this takes time, so your Hive is safe.
Fourth HivePower and Delegation
Hive has an additional feature called Delegation, which is initiated from your Hive Wallet. You are basically staking your Hive as Hive Power, a process we call Powering UP, and then loaning the Hive Power to someone else to use to post or to use to upvote people and earn rewards in Hive for doing this. They will depending on your arrangement then pay you for using your HIvePower. This is actually a nice passive income stream, but it is also a security feature because Delegated HIve Power can't be Powered Down and withdrawn from your account. You have to undelegate it, which tales 48 hours, and then you have to Unstake it or what it is called Powering Down. Which takes seven weeks.
The next security feature I think I should discus is the multiple Hive Account Keys.
When you sign up for a Hive Account you get multiple alphanumeric passwords, which can at first seem a bit overwhelming to the beginner here. But rest assured that the purpose is to insure the security of your account. ONe of these alphanumeric passwords is called a Posting Key, which allows you to post articles such as this one on your blog. Another one is called an Active Key, which allows you to transfer Hive out of your account. Another one is called your memo key and it allows you to create private messages to other members of the community in your wallet. This feature is not turned on. The other password you have is called a Master Key and it is capable of generating an entirely new set of passwords rendering all the old passwords unusable.
The other security feature is called account recovery.
This is a process which allows you to recover your account if someone should steal your Master password and change your other private keys, and lock you out of your account. You would need to contact the person who helped you set up your account and provide them identification and your previous set of passwords. This must be done pretty quickly to be effective otherwise your account could be drained in a few weeks.