Is The Nash Cryptocurrency Exchange Really Unhackable?
All of these events have resulted in huge public relations problems for the entire crypto-verse.
Although Cryptocurrency exchange hacks cannot be linked to the technical issues associated with the Bitcoin network, it can never be said to be a good look when billions of dollars’ worth of Bitcoin crypto are stolen from exchange customers within minutes.
Even though the Bitcoin exchange industry has enhanced its capability to handle crypto-assets security in time past, the threat of yet another huge hack is forever looming all over the community. However, there is a change coming soon.
A major feature of Bitcoin is the fact that it is programmable money. And, its developers have made progress in figuring out the newest ways to create exchanges by making use of methods that do not demand that users drop the control they have over their funds till the minute they want to execute their trade.
Nonetheless, a new crypto exchange that is taking full advantage of this amazing innovation is known as Nash.
What Is Nash?
Over time, cryptocurrency exchange customers have been known to deposit their digital coins onto trading platforms while the exchange takes full custody of all the funds. Note that, this exchange platform moves on to be the major point of focus for most hackers. This is because there is usually a huge payday in it for these hackers if they can get into the internal wallet of the exchange.
However, with the emergence of platforms like Nash, users will no longer be handing over total custody of their digital assets to an intermediary before they get to trade.
During a key measurement of total acceptance, Ethereum surpassed Bitcoin briefly. Also, the Eth token of Ethereum has been greatly down against the Bitcoin crypto for the past years.
Judging from what Fabio Canesin, Nash’s co-founder and the lead developer has to say, Bitcoin support will be added very soon to the platform.
How Does It Work?
What these state channels do is to efficiently enable diverse parties to make Transactions with one another in either Bitcoin or some other virtual currencies without touching the Blockchain at all.
This can be made to work through a technical trick that entails the two parties placing their funds in a 2 of 2 multi-sig address, and then they build verified transactions from this multi-sig address to their own private addresses.
Moreover, this is carried out as a way of updating just how much of the funds in the multi-sig address belong to both parties.
Also, the only transactions that get to touch the Blockchain are those at the bottom when the two parties are prepared to leave the channel of payment with the exact amount of funds.
One major reason why users will enjoy the state channel employed by Nash is that it enables transfers to take place automatically, and this means that users will no longer have to wait for minutes for the blockchain confirmation to execute all of their trades.
To Wrap It Up
Have it in mind that Nash is moving further with the work they are carrying out to launch their very own mobile wallet, payment processing services for traders, and browser extension. All of these will be merged.
With this type of technology, the government will find it hard to implement any ban on bitcoin.