Basic Information Security Concept of Cryptocurrency by CYBAVO CEO Paul

Although the price of QQQ and QAS has been extremely low recently, Poseidon still works hard to do what they should do. They held an online lecture a while ago. Even after the end, they still carefully organized it into an article, hoping to help more People recognize cryptocurrency security. This is why I have been working hard to promote Poseidon, because their seriousness has moved me. Although the currency price is low, I believe that it is only temporary. Ah!

I also participated in this online lecture, and I really gained a lot. For me, who has been in contact with cryptocurrency for less than a year, the information is super useful! In particular, how to judge the security of Defi is also mentioned, which is very useful for me who wants to try Defi. And I also know a lot about wallet security, so that I can take a good look at the lack of security that needs to be strengthened before.

The following are some key points. For the full article content, please refer to [Partner AMA | Trading Stop Watching and Listening, Basic Information Security Concept of Cryptocurrency] Paul, CEO of CYBAVO .

Q. For those who have just joined the cryptocurrency market, do you have any advice on wallet, private key, and personal account management?

For individual users, in addition to using centralized wallets such as exchanges, most newbies use hot wallet apps downloaded from mobile phones to store their cryptocurrencies. Those with a little security awareness or more assets will use hard wallets. Physical wallet, whether it is a general hot wallet or a hardware wallet, the most important security link in the middle is the action of "mnemonic backup".

In order to prevent the possibility of damage to the hot wallet App or hardware wallet, the wallet provider will require the user to make a backup when using it for the first time. The user backup method is to copy 12 or 24 mnemonic words composed of English words. down.

Once you have the mnemonic, anyone can restore the wallet from elsewhere and transfer the wallet assets away, so the most important thing for novice users is to find a wallet that is recognized as safe, and then no one can see it. Copy the mnemonic below.

Transcribed notes should be kept in a safe place where no one else can see them.

[★Important] Simply put, mnemonic = private key = asset (cash), if the mnemonic is lost, it means that the cash is lost.

Instead of letting users keep their own private keys, CYBAVO provides another digital asset management method that is more suitable for most users. By dispersing liability risks, the protection of private keys is divided into three parts; The trustee (such as: CYBAVO) and the user jointly lock the private key protection, and no one can get the complete private key, so as to achieve bank-level treasury services, and at the same time, it is more friendly to most users.

"Little Frog Talk" So QQQ wallet has cooperated with CYBAVO , people who transfer QQQ and QAS to QQQ wallet don't have to worry about security, if you forget the wallet password, you can still be saved! But try not to forget to cause official trouble.

Q. In the second half of 2020, DeFi is still very hot. In the process of participating in these projects, you will definitely encounter a request to "connect your wallet". In this regard, is it possible to cause doubts about asset security? If so, are there any recommended ways to prevent it?

1. Different coins with the same name — the coins you bought are not the coins you thought

2. The risk of wallet "Approve"

The "Approve" function that is often used in DeFi is essentially "allowing the contract to call your assets". From the perspective of information security, the risk factor is extremely high.

It is recommended that users who want to participate in DeFi or perform related operations can try it with a small amount of money first, and pay attention to the following three points:

1. Check if its contract is open source

2. Whether it has passed a credible security audit

3. Check the current user feedback to see if the process is normal

In the operation of the exchange, the hot wallet has always been an important core responsible for depositing, withdrawing and scheduling management. Any minor breach, anomaly, personnel or management oversight is prone to large-scale cryptocurrency losses.

【★Important】When buying cryptocurrencies, it is recommended to choose trading platforms carefully, and do not be easily attracted by commodities with high returns. It is best to choose a trading platform that has insurance and is willing to invest resources in information security protection.

"Little Frog Talk" Now that blockchain and cryptocurrencies are trending, even Tesla buys Bitcoin, so various exchanges and investment commodities will also appear, everyone must be careful! Don't be tempted by high-return commodities and forget rational attention to safety.

Other business hours:

In December 2020, CYBAVO has started ETH 2.0 Staking. It has been running for 6~8 weeks. If the rate of return is converted to APY (annual interest rate), it will reach 13%. At the current price, it will be quite a good income.

If you want to participate in ETH 2.0 Staking, but don't have time to pay attention to nodes and prepare for technical upgrades, it would be a good choice to complete this service for you through a third party (such as CYBAVO), and then use a very simple and violent method Convert the rate of return for you to see. If you are interested in participating in ETH 2.0 Staking, you can chat with TiffanySu of CYBAVO!

100 ETH staking will add 13 ETH after one year, and the current price is roughly 16,900 USD, which is nearly 500,000 Taiwan dollars!

I am very interested in "Little Frog Talk", but unfortunately, at least 32 ETHs are required as collateral after asking, because a node puts 32 ETHs as collateral, it takes about 2 years, and the locking time is in accordance with the development and upgrade of the ETH2 official website. time schedule. The income is currently about 13%, and it will fluctuate with the number of miners. CYBAVO will charge a fee of about 10% from the income. I don't even have Orz for 1 ETH now... People with 32 ETH can consider it!

The above are the key points that I have extracted from everyone’s concerns. Of course, there are more detailed explanations. You can read the full article content [Partner AMA | Trading Stop to Watch and Listen, Basic Information Security Concept of Cryptocurrency] Paul, CEO of CYBAVO .

For those who are interested in serious Poseidon, you can refer to this collection of information about Poseidon (Poseidon) QAS coin and QQQ coin .