Security Chain is here to help blockchain security crisis
Blockchain technology gives people unlimited illusions. When many people think about the benefits of the blockchain, one of its major issues seemingly always shines through causing user concern. It is no secret that one of blockchain’s disadvantages is its security. Not long ago 360 found a high-risk vulnerability in the blockchain that could control all nodes on the EOS. Essence recently released a blockchain security report and indicated that exchanges and digital wallets were not safe. On June 28th, the Korean exchange Bithumb claimed that it had been attacked by hackers and causing a 18.9 billion won ($16.9 million) loss. The digital asset security issue is worrying.
Security Chain Ecology Development Officer, Mingo Chin, stated during an exclusive interview with Cointime at the Genesis C.A.T. Global Meet Up in Silicon Valley, that the entire society has entered a new blockchain era from the Internet economy era, and most of the blockchain enterprises and financial branches are facing huge security risks. Security issues may become the "life gate" for the development of the entire industry. As long as there is data exchange, whether it is in the exchange, the wallet, or the public chain, there may be possibility of data theft and information leakage. In an environment where blockchain security ecology is being rampantly attacked, no security company around the world can provide quality blockchain security solutions.
The construction of the safety system ecology often involves many sensitive areas with a distinct lack of people with the ability to pick up this banner. Chin began to contact security organizations at the age of 13 and has established a centralized security organization. He was once known as the youngest hacker in China and was selected to be Forbes 30 under 30, later becoming a serial entrepreneur. Through past experience, he found that community consensus is a core of the blockchain with the ability to transform the traditional security industry through the economic model of the blockchain. There, the idea of the Security Chain was born.
Security Chain (SC) aims to improve the labor relations of the traditional security industry through the technical means of the blockchain and the consensus of the community. Throughout the current blockchain security attacks, Security Chain’s role is not to provide exchanges with products or services directly, but to establish the Security Chain global ecosystem to upgrade the blockchain security ecological structure from the economic bottom through reshaping the relationship between white hats (hackers) and security organizations with the community system for the first time. It aims to fully solve security crisis encountered in various industries, to promote the growth of this security industry, to protect exchanges and other organizations, while benefiting the security practitioners.
Chin said that the first challenge they are facing while developing Security Chain is that both security practitioners and users at their current stage are not very knowledgeable of the blockchain. Therefore, the problem is how to educate and let them reach a consensus in an efficient and low cost manner. On the opposite side, he doesn't think technology could be a problem because people on their team or the community will eventually solve the technical issues. Hackers invented Blockchain and the more hackers are involved, the easier it will become to solve technical problems. However, it is a challenge to let everyone involved recognizes a concept or structure. Regarding the future trend of the blockchain, he expressed his great expectation for the emergence of a better public chain.
Security Chain (SC) has attracted investment from JRR Crypto (early investor in Binance), Genesis, Consensus Capital, ITB Capital, JIC Capital, PA Capital, Miracle Capital, Hofan Capital, Panda Capital, Transference Fund, and other well-known investors. The reason behind that is everyone has seen that the security of blockchain will become the next hotspot for the industry.
For more information please visit the official Security Chain website.
Executive editor： Marie