(IJCH) CryptoBridge - Preventing the Next MtGox Syndrome by Solving the Flaws of Legacy Crypto Exchanges
(IJCH) CryptoBridge - Preventing the Next MtGox Syndrome by Solving the Flaws of Legacy Crypto Exchanges
IJCH - Inside JaiChai's Head (meaning: My warped, personal opinions and musings)
From the Author:
Salutations.
I am JaiChai.
And if I haven't had the pleasure of meeting you before, I'm delighted to make your acquaintance now.
I invite you to interact with everyone, learn, and have as much fun as possible!
For my returning online friends, "It's always great to see you again!"
The MtGox Syndrome
In February 2014 MtGox, once the largest Bitcoin exchange, closed and filed for bankruptcy claiming that attackers used malleability attacks to drain its accounts.
Since the Transaction Malleability weakness was known well beforehand, many experts attribute the Fall of MtGox to the incompetence of CEO Mark Karpelès, also sometimes known by his online alias MagicalTux.
What would have happened if the CEO was on his toes and fixed the malleability vulnerability before the millions of dollars worth of Bicoin were stolen?
And what would Bitcoin be worth today if the bankruptcy of MtGox was prevented?
The MtGox Debacle points out the major flaws in all legacy exchanges
Plus:
Non-Transparency (Opaque Accounting Methods and No Proof of Funds)
Ability to withhold Customer Funds citing "Upgrade Issues"
Prone to Human Incompetence
No Pre-planned Recovery Strategies
CryptoBridge - Preventing the Next MtGox Syndrome by Solving the Flaws of Legacy Crypto Exchanges
CryptoBridge is a decentralized exchange (DEX) that supports trading of most popular altcoins. The main innovation is elimination of a single point of failure when trading cryptocurrencies.
In addition, another unique selling point is the usage of a multi-signature federated gateway software used by a dozen trusted gateways, operating on multiple continents, enabling trust-reduced issuing and withdrawing of the supported coins.
The BridgeCoin Token
BridgeCoin is the token that powers the CryptoBridge DEX.
BridgeCoin is a scrypt mineable coin similar to Litecoin.
It was created in July 2017 to fund the development of the full CryptoBridge decentralized exchange.
After funding is successful and the platform comes out of beta, 50% of all CryptoBridge DEX profits will be distributed to participating BridgeCoin owners.
As of May 23, 2018 (9:00am GMT +8) - BridgeCoin (BCO) has a marketcap of $45,567,630 USD and currently trades at $1.69 USD.
It is clear that the CryptoBridge DEX is the next genration of crypto exchanges.
CryptoBridge not only fixes the flaws of legacy crypto exchanges, it has this major ace in the hole:
No Matter What Happens to the DEX, No Funds Will Be Lost and recovery/reconstruction can be acomplished via the information held by every customer.
In other words, even the MtGox Syndrome can not defeat CryptoBridge!
By JaiChai
(This article contains excerpts from: https://steemit.com/blockchain/@jaichai/ijch-chaos-theory-and-the-blockchain-hash-or-how-transaction-malleability-and-the-butterfly-effect-resulted-the-downfall-of)
Thanks for stopping by.
About the Author
Believing that school was too boring, he dropped out of High School early; only to earn an AA, BS and MBA in less than 4 years much later in life – while working full-time as a Navy/Marine Corps Medic.
In spite of a fear of heights and deep water, he performed high altitude, free-fall parachute jumps and hazardous diving ops in deep, open ocean water.
After 24 years of active duty, he retired in Asia.
Since then, he's been a full-time, single papa and actively pursuing his varied passions (Writing, Disruptive Technology, Computer Science and Cryptocurrency - plus more hobbies too boring or bizarre for most folk).
He lives on an island paradise with his teenage daughter, longtime girlfriend and three dogs.
hmm interesting. so is bridgecoin theft-free bc it has a better software to automate the exchange? What factor does it eliminate that makes it mt-gox-proof?
Think of it as trying kill Bitcoin or trying to stop peer-to-peer torrent downloading.
A little clearer now?
Namaste, JaiChai
INteresting to read, hopefully a MT gox event will not happen again
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by JaiChai from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.