Active Stocks
Mon Dec 11 2023 15:59:37
  1. Tata Steel share price
  2. 130.05 0.66%
  1. ICICI Bank share price
  2. 1,017.05 0.6%
  1. HDFC Bank share price
  2. 1,650.75 -0.14%
  1. Bharti Airtel share price
  2. 997.45 -0.21%
  1. State Bank Of India share price
  2. 614.35 0.06%
Business News/ Brand Stories / Fortifying Blockchain: Monero, Ethereum, and DogeMiyagi Lead the Charge in Security
Back Back

Fortifying Blockchain: Monero, Ethereum, and DogeMiyagi Lead the Charge in Security

Monero, Ethereum, and DogeMiyagi are implementing encryption techniques and innovative solutions to protect users from hacks

DogeMiyagi: Where Security, Speed, and Memes CollidePremium
DogeMiyagi: Where Security, Speed, and Memes Collide

While blockchain technology has been acclaimed for its impressive resilience against hackers, the industry has witnessed its fair share of hacks and scams. Fortunately, cryptocurrencies like Monero (XMR), Ethereum (ETH), and DogeMiyagi (MIYAGI) have proactively enhanced security within their ecosystems. 

By implementing advanced encryption techniques, smart contract protocols, and innovative security solutions, these digital currencies strive to fortify their platforms and instil confidence in their users.

From Mt. Gox's Devastating Hack to Monero's Privacy Shield

Mt. Gox, one of the biggest exchange platforms in crypto history, faced a devastating blow that became one of the most significant Bitcoin hacks we’ve ever seen. In 2013, the exchange handled a staggering 70% of global Bitcoin transactions before succumbing to the theft of 740,000 Bitcoin from customers and 100,000 from the company itself, amounting to approximately $460 million.

Investigations discovered that the hack was not an isolated incident, with suspicions of earlier hacking activities in 2011. This led to Mt. Gox's bankruptcy in February 2014, exposing vulnerabilities in its security measures, including the theft of private keys, and raising questions about whether insider or external forces were involved!

Monero (XMR) is a privacy-focused cryptocurrency that was designed to fight against these kinds of hacks and scams by providing enhanced transaction privacy and security. The coin’s privacy features, including stealth addresses, ring signatures, and confidential transactions, make it nearly impossible to trace transactions and balances. By default, Monero obscures sender, recipient, and transaction amounts, thus providing its users with thorough privacy and protection against hacks.

The Dark Side of the ICO Boom: Scams, Promises, and Ethereum's Response 

There were also numerous fraudulent projects that emerged during the ICO boom of 2017-2018. Hackers took advantage of the hype surrounding blockchain and cryptocurrencies and began collecting funds from investors with promises of revolutionary projects, only to disappear with the funds or deliver no meaningful product.

Ethereum (ETH) played a major role in the ICO craze, as most projects conducted their token sales on the Ethereum platform using ERC-20 tokens. While ETH was not directly responsible for the scams, the team took steps to enhance security and protect users. The community established practices, including conducting thorough due diligence on ICO projects, promoting transparency, and cautioning investors about risks. Additionally, the Ethereum network introduced standards like ERC-223 and ERC-721 to improve security and prevent potential vulnerabilities!

DogeMiyagi: Where Security, Speed, and Memes Collide

DogeMiyagi's (MIYAGI) emphasis on security and speed has positioned it as an attractive investment option for numerous traders. The platform uses the sturdy and resilient Proof-of-Stake mechanism to safeguard user data and funds, ensuring their utmost protection.

Furthermore, POS also allows MIYAGI to facilitate impressive transaction speeds, enabling users to conduct payments swiftly and efficiently. With its combination of security measures, transaction speeds, and a whole lot of tail-wagging benefits, this new dog-themed coin is quickly becoming a meme coin favourite. 

To sum it up, the world of blockchain technology hasn't been immune to hacks and scams, even though it's known for its strength. However, cryptocurrencies like Monero, Ethereum, and DogeMiyagi have been working hard to amp up their security game. They've implemented incredible encryption techniques, smart contract protocols, and security solutions to keep your data and funds safe!





Disclaimer: This article is a paid publication and does not have journalistic/ editorial involvement of Hindustan Times. Hindustan Times does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein. 

The reader is further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. 

Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the views, opinions, announcements, declarations, affirmations etc., stated/featured in same. The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Hindustan Times of being absolved from any/ all potential legal action, or enforceable claims. The content may be for information and awareness purposes and does not constitute a financial advice.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 23 May 2023, 06:19 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App