Do you know what a cryptojacking attack is? You should if you are storing Cryptocurrency in a dedicated wallet or holding the private keys for your own key and address. A “cryptojacking” attack occurs when an attacker gains access to your wallet software, then uses this software to create another wallet and key pair. The next time you use the same wallet, the next time you check your balance, and the next time you write to that account, the information in your wallet has been changed!
Let’s say that we have a business which deals with customer’s private keys, as well as usernames and passwords. Should we store these keys on our own computer or in a dedicated environment? This may seem to be a trivial question but consider the following: A business may often find themselves needing to change their private keys due to changes in regulations, or perhaps due to simple negligence. If they were to do so in a public environment, any hacker could easily break in and steal the private keys and user names resulting in loss of revenue and potential customers.
What if a customer wanted to transfer money to their new account, but didn’t want their account to appear in the list of public wallets? It may seem like a silly question, but if it is ever necessary to move money between different wallets and addresses, it can be quite cumbersome. What if, the next time you need to move some money from one wallet to another, you had no choice but to re-key everything within the private and public database? This can result in many unnecessary delays which may have been avoided by simply storing the transaction elsewhere.
A dedicated or self-hosted wallet avoids these problems completely. Our software encrypts all transactions with a sophisticated, password-protected encryption algorithm. All public information is stored on an address public database, which is only accessible by the owners. In addition, all private data is stored on a secure disk, which is accessible by authorized personnel. Finally, all transactions are monitored by a professional, remote server, which means that, even if you happen to make a mistake, your transaction cannot be reversed.
In this scenario, what do you do with a missing or compromised private key? A software solution allows you to recover your private key and regain access to the funds. A user will never see the public key, the secret behind the encryption, again. Should there be an emergency, for example, you will never be able to access your funds again without knowing the password. Even if you recover the key, if the person who sent you the public key has lost their private key, then you will not be able to restore funds to your account.
How do we get started? Our approach starts with understanding the benefits of a address public database. There are many benefits to this technology, including security, privacy and control. Our encrypted private keys allow access to our funds by any third party, which means that if you lose your private key, you can rest assured that your funds are safe.
What is an address public database and how does it work? An address public database is a type of database where we store our public keys and our private keys as well. This means that anyone who has both a private key and a public key can have access to funds in your account. It also means that if someone has both a private key and a public key, they will have access to funds in your account as well. The beauty of this system is that even if a hacker steals your public key, they will not be able to access funds in your account.
Is there an advantage to using an address public database for storing your Cryptocurrency in a Nano Blocks format? Our encrypted private keys mean that hackers will not be able to access the private keys that keep your funds safe. However, if they manage to get through the Nano Block and into the private key, then they will not be able to access the funds in your account as well. This is a double layered security system that we have built into the Nano Block, which is essentially the storage mechanism for your private keys on the Nano Wallets.
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