EXCHANGE PLATFORMS SHOULD BE ABSOLUTELY SECURED TO PREVENT UNAUTHORIZED THIRD-PARTY ACCESS.

ikkelins (49)in #blockchain • 5 years ago

INTRODUCTION

The blockchain technology boasts of a very secured platform void of any tempering due to its transparency and decentralization. These are some of the reasons why the blockchain technology has been admired by several companies and institutions but most exchange platforms established in the crypto community these days don’t have the needed security features installed within their platform to ensure that the funds of its members are kept safe. Security has been a great concern to most people who invest into cryptocurrencies because for quite sometime now the number of security breaches among some exchange platforms is on the rise and this is posing a great threat to the crypto market.

There are over hundreds of exchange platform in the cryptospace as we speak and more of them are still being developed into the cryptospace with most of them being hacked day in and day out as a result of weak security platforms. Hackers abscond with the funds of users on the exchange platforms that get their security breached and this has brought about fear into people who want to start investing into cryptocurrencies.
However, this situation is about to be a thing of the past as Encrybit exchange platform has the best of security features to ensure that the accounts of users are kept safe from unauthorized third-party access.

HOW SAFE IS ENCRYBIT DECENTRALIZED EXCHANGE PLATFORM?

Security is off a great concern to the team of Encrybit hence has put together several security systems to ensure that the Encrybit exchange platform is absolutely secured from any attacks of cyber fraudsters and hackers. Technology has advanced in several ways and things connected over the internet are vulnerable to the access of unauthorized third-parties and for this reason Encrybit has put together different security systems to prevent hackers from getting access to the accounts of users.

One of the commonest ways that crypto enthusiasts sometimes gets hacked is through phishing and the Encrybit exchange platform has an anti-phishing alert that would help warn all users in case any group of hackers try to send unauthorized emails to users in order to have access to the passwords and private keys of users. In addition to this, the Encrybit exchange platform operates with the use of Fast Identity Online security mechanisms such as the Two-Factor Authentication that would help authenticate the logging in of users. This extra authentication could be in the form of emails, google authenticator, or sending of confirmation of codes to the phones of users.

Encrybit exchange platform also features in instances where users may leave their computers without turning the computers off and have put in place authentication before any withdrawal to prevent unauthorized users from withdrawing any funds from the accounts of users even if they have access to the accounts of users. This exchange platform is among the few exchange platforms like Binance that uses the concept of authentication of withdrawal of funds through emails or sending of confirmation codes to the phones of users.

Furthermore, Encrybit exchange platform uses the concept of multi-signature wallet to secure the wallets of its members so that no single member of the team can steal the funds of users on the platform. Trust is one value which is very high to come by these days and so with the use of Multisignature which would ensure that no one individual can access the funds of the users on the platform but a group of individuals which makes it very difficult to compromise the security of the exchange platform.

Google as a method of securing the accounts of its users keep records of the IP addresses of its members so that in case any new device tries to sign into the account of the user from any part of the world the owner of the account is quickly notified through his email address. This form of security known as whitelisting of Internet Protocol which is also being used by the Encrybit exchange platform to quickly notify users in case any person tries to access their accounts from a different location.

To sum it all, Encrybit’s exchange platform also secures the accounts of its users by securing the accounts of users with the device used in signing up hence in case any unauthorized person tries to access the accounts from another device the original user can be notified of this malicious act. The original user would now have the chance of quickly changing their password and giving the command of logging out of all devices and this would help secure the exchange platform.
This sums up the level of security that Exchange platform grants to crypto enthusiasts who conduct their trading activities on this exchange platform. Please refer to the whitepaper for more information about the level of security that Encrybits offers to the crypto community in terms of trading on an exchange platform.

TOKENS AND TOKEN SALES

The vision of Bitcoin was given was born with just $0.008 US and now it is worth over $6000 US. The team of Encrybit has a very solid project and it is granting crypto enthusiasts the opportunity of being part of this project by participating in the Initial Coin Offering. The team is also kind enough to offer all its early investors with bonuses upon their purchases.
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ROADMAP

The development of Encrybit Exchange platform would be carried through the milestones as shown in the image below.

TEAM MEMBERS

The team behind this project are crypto enthusiasts who are well experienced and committed to making this project a great success. Below are some of the team members, please refer to the website or whitepaper for more information about the entire team behind this project.