The Perfectly Secured DEX Platform

danbasky (25)in #bntx • 4 years ago

Introduction

The safety and security of assets and transactions are the primary concern of investors and traders in a decentralized exchange platform. They often worry about the exposure of their assets to cyber theft and usually get concerned about the security experts of the platform. These are valid concerns and it is reasonable for anyone to have these questions about the safety of their assets. This is why the development team of BintexFutures built the platform to ensure that the security of assets and information is the major characteristic.

The security structure of Bintex has multiple layers that protect the assets and transactions of traders and investors on the platform. These multi-layered systems include:

Unparalleled Server-side Security

The first level of security is building the network of Bintex on an advanced and secured server site. The platform is developed on the best hardware servers and the security procedures align with the best industry practices, which makes Bintex have one of the best servers in the blockchain industry. Having strong server-side security ensures that the information remains confidential and that users can trust the availability of the network. Bintex reliable and advanced server-side security have the following layers:

Physical Security: The server location is in a central facility that is highly secured by agents and engineers are constantly on the site to provide the required services.
Account Security: Bintex system has a security team that oversees the accounts and transactions within the platform, and they ensure it is less prone to threats and vulnerabilities.
Network Security: With several logical layers, which uses a vast array of methods such as private networking, BintexFutures protects the network from breaches.
Server Security: Bintex has overseeing, app patching, and protection systems that shield the server from cyber-attacks.
Application Security: Customers' applications are protected, using unparalleled intrusion detection and app visibility, when they use Bintex applications.

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Hardware Wallet Storage

A cryptocurrency wallet is similar to an account in a digital bank. The wallet allows users to transfer, receive, and control their assets. We can describe a hardware wallet address as a physical wallet, and they are often designed in varying sizes and shapes, to suit the need of every user. Examples include the Ledger Nano S, which looks like a USB stick.

Bintex system uses this storage system because it is one of the most secure ways of storing digital assets. In this type of wallet, an encryption code in the device is needed to access the tokens and assets. This encryption technology makes it a lot safer than an online wallet and other types. A special feature of this wallet is that it shields access to the assets against unverified use of an additional PIN. This ensures that in the advent of a stolen or lost wallet, no one can gain access to your tokens without that particular PIN. However, Bintex users who use this wallet storage can regain access to their assets when they lost their wallet by using their backup seed. This backup is created when opening a hardware wallet storage.

The backup seed is 12 or 24 random words created by the hardware wallet and it is often referred to as the seed phrase or recovery seed. BintexFutures is aware of the possibilities of losing the wallet and that is why it adopted the use of this type of wallet, to ensure users can also regain access to their assets. When the user enters those words in any digital wallet, they can access all the coins again. The blockchain identifies each user through the first four letters of the words. Users should ensure that they safeguard those words perfectly well.

Protection against DDoS Threats and Phishing

DDoS, an abbreviation for Distributed Denial of Service, is an intentional activity of hackers to ensure that the unavailability of an online service through flooding the server with massive volumes of traffic from multiple channels. This is an attempt of hackers to crash a platform by overwhelming it with an amount of traffic more than the online platform can handle. This creates a concern for the Bintex platform, as it does not want traffic to cause delays in the transaction processing time.

The development team of Bintex is building advanced and secured protection against the threats from DDoS, which can lead to the breach of users' data, loss of revenue, loss of customers, damage to clients' reputation, and customer’s investment going to other security platforms. The regular pattern of a DDoS attack is that hackers use several devices that will operate together to attack a single target. Hackers use phishing emails, as well as other ranges of methods, to install the malware on remote devices and execute an attack.

Phishing is a cybercrime activity that uses email, text, or telephone to attack targets. The hackers use falsified information to pose as a legit identity, and they lure institutions and individuals to provide sensitive details such as financial information, personal data, and passwords.

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