2023-07-18 07:03:25
Recently, at the Ethereum Community Conference (EthCC), which is still ongoing, Polygon’s second layer solution security director spoke about the differences between the theoretical and practical security of blockchains and the crypto sector as a whole. At the conference in Paris, Mudit Gupta spoke about how in theory the security parameters in the crypto world are very good, but in practice there is still room for improvement. There are practical problems with theoretical security. As a good example, Gupta brought up at the conference how much more difficult it is to change a private key than a plain password if it were leaked or fell into the wrong hands. Thus, the preservation of our private key is much more critical, since if it falls into the wrong hands, we are pretty much done for. We don’t even need Gupta to know how many billions of dollars have been lost because people forgot and lost their private keys. However, Polygon’s security director emphasized that private keys are theoretically 100% secure, but practical problems can arise. If no one else knows our key, then no one really has access to our money. But what if someone dies? How can your loved ones access this money? Then there is the problem of leakage. What can we do if someone else has found out our private key? Do we know how to replace it with a new one? Overall, Gupta concluded his speech by saying that being defensive is much more difficult than being offensive in the crypto sector. After all, on the security side, you have to try to close and protect every little thing. Because a single small gap is enough for an attacker to get in. And the attacker has no other goal but to look for these gaps.
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#theory #private #key #secure #problems