Tag Archive : secure

Coinbase Introduces Coinbase Oracle to Secure DeFi Ecosystem

The USA-based cryptocurrency exchange Coinbase launches a new product named Coinbase Oracle to serve as a source of signed price data for BTC-USD and ETH-USD markets. 

American cryptocurrency exchange Coinbase recently announced that it is launching a new product named Coinbase Oracle that will be a source of signed price data for BTC-USD and ETH-USD markets. 

The data will be sourced from the Coinbase Pro exchange, and the price feed will be updated every 60 seconds. Moreover, Coinbase Oracle is secured by the same infrastructure that takes care of Coinbase’s customer assets. 

According to the official announcement, the Coinbase Oracle is aimed to provide better security to the decentralized finance ecosystem. With this new platform, DeFi participants will no longer have to rely on ‘signed price data from less liquid exchanges or on-chain data from decentralized exchanges’, which are both vulnerable to attacks. 

Coinbase CEO Robert Leshner commented, “Coinbase Oracle will increase the security and decentralization of Compound’s price feed, which is mission-critical to the protocol and the ecosystem of applications built on top of Compound. We’re not alone — the rest of the DeFi will benefit from faster development, consistent data, and shared standards.”

Antonio Juliano, CEO of dYdX expressed his support for the Coinbase Oracle. He opined that the platform will have a huge impact on the DeFi ecosystem.

As he acknowledged that Coinbase is the ‘most trusted and secure institution in the space’, he also stressed on the fact that these prices can well be used to create more decentralized price oracles in the DeFi ecosystem. 

Coinbase also explained the source of the price information in its blog post.

It stated, “We use the Coinbase Pro API as the source of the price data. Coinbase Pro is one of the most liquid crypto-exchanges in the world. There is already an ecosystem of oracles, market makers, and traders that rely on an accurate data feed provided by the Pro API. As such, Coinbase is making continuous investments in the quality of the API itself, as well as the market, as measured by liquidity.”

 

Can Blockchain Replace Secure Socket Layer (SSL Certificate)?

Well, although the question of whether blockchain can replace SSL certificates is debatable one, there is evidence to prove that blockchain has no capabilities to solve the problems that SSL certificate can solve. So the answer to this question is NO. This article will explain the concept of blockchain and Secure Socket Layer (SSL) certificates and give out the reasons as to why blockchain cannot replace SSL certificates. 

  • Secure Socket Layer (SSL Certificate)

SSL Certificate is not a new term in the technology world. Netscape first introduced it in 1994. SSL certificates have ever since been a critical player in the security of the most website and e-commerce stores.

Secure Socket Layer (SSL) certificate is the data file that is usually installed onto web browsers. An SSL certificate plays the role of allowing for a secure connection between web browsers (client) and the webserver. It achieves this by establishing encrypted links.

By encrypting the data that are being transferred, SSL certificates protect the websites and e-commerce stores from fraudulent activities that hackers might undertake whenever they get hold of the information. The reason for this is because the encrypted data goes through an undeciphered form, and it will be hard to establish its meaning. 

To websites and E-commerce stores, an SSL certificate plays essential roles. They encrypt crucial data, such as credit card details and transactions. They can also secure data transfers, act as hosts to ensure social media websites and also process logins. To achieve this, the SSL certificate makes use of a Cryptographic Key that provides critical validation of data sender and receivers. The cryptographic key will detail the server name, domain name, hostname, company name and location. 

A majority of SSL certificates also come with Transport Layer Security protocol that adds an extra security layer. 

Trusted Certificate Authorities only do issuance of SSL certificates. SSL certificates have for a long time, been instrumental in securing websites and has enabled a secure exchange of data. However, in the recent past, many sites have experienced an increase in the cases of SSL certificate vulnerabilities that have created loopholes for hackers to steal vital information. 

Technology specialists have, in turn, started to consider blockchain as a perfect replacement of SSL certificates. But does can blockchain supersede SSL certificates in creating complete security for websites?

 

 

In some ways, blockchain technology is similar to Secure Socket Layer certificates. Just like SSL certificates, blockchain technology also plays a critical role in authentication and securing of digital transactions. The two are essential layers of security in cybersecurity.

Blockchain technology gained its popularity due to the rise in the prices of bitcoins. The most common definition of blockchain is ‘distributed and decentralized public ledger.’ It is used to store digital information into a public database. An example of digital information that may be stored in the date, the time and the amount of purchase from Amazon. The record is made without any identifying information by using a distinctive digital signature.

Unlike SSL certificates, the roles played by blockchain are far from just securing digital transactions. 

To authenticate and secure digital transactions, blockchain uses a Blockchain Originated Certificate of Authenticity that allows users to transfer files across websites safely. This is the only similarity that exists between blockchain and SSL certificates.

Blockchain Originated Certificate of Authenticity uses sophisticated techniques in protecting the private information of the users. It also does not integrate the Public Key Infrastructure as in the case of SSL certificates. The level of security that is provided by blockchain technology is much far from asymmetric encryption and caching of public keys that is for the case of SSL certificates.

 

  • Past Loopholes That Come With Secure Socket Layer Certificates

 

Different versions of SSL certificates, especially the earlier versions that were released, also had several faults. For instance, SSL 2.0, which was the first version of the SSL certificate that was issued in 1995, had a weak MAC construction that made use of an MD5 hash function. This made it very vulnerable for several cyber-attacks.

Another perfect example is the SSL 3.0 that was released in 1996. This version had a fragile derivation process that entirely depended on the MD5 Hash function. This made it more vulnerable and less collision-resistant. The next versions of SSL certificates had these loopholes sealed.

  • Why blockchain cannot Replace SSL Certificate despite the flaws exhibited by SSL certificates

From the susceptibilities that SSL certificates have presented, FinTech experts now suggest that blockchain is the perfect replacement for SSL certificates. This is despite the alarmingly high rate of insecurities that come with blockchain technology. It is for the fact that blockchain technology brings forth more security features than those brought in by SSL certificates. 

However, blockchain does not hold what it should beat SSL certificates in the world of cybersecurity. Why is this so? First and foremost, blockchain does not have the human touch that is much needed to verify whether or not a user is legitimate. 

Secondly, blockchain technology has got a centralized trust, unlike secured Socket Layer, which has a trust established in different Certificate Authorities (CA). Blockchain technology thus eliminates the human factor from digital transactions that are seen in SSL certificates. 

This is a significant setback that comes with blockchain technology.

Blockchain technology does not solve the problem that a Secure Socket Layer certificate usually solves. SSL certificates try to match up the names and details of a business and a person, public keys and the domain names. Doing this requires some level of real-life facts, a feature that is represented by the Secure Socket Layer Certificate. 

Final Thought

SSL certificates have, for a long time, been used to provide security and privacy over the internet. However, they have depicted security flaws that put the user under a high threat of cyber espionage. Cybersecurity experts have then suggested blockchain technology to be a replacement. However, blockchain still does not have the human touch that is required to verify the legitimacy users. This fact alone disqualifies it to be a replacement of SSL certificates.

Meet Polehin.com: the most secure and convenient cryptocurrency wallet 


The service is a modern tool that allows you to make the purchase, sale, exchange and store cryptocurrency and tokens in 187 countries of the world. 

At the moment, the project has over 500,000 unique users who buy cryptocurrency at the best price for euro, dollar, pound. 

Functions:

1. Instant internal transfers without commissions.

2. Convenient transactions with more than 200 cryptocurrencies thanks to a nice interface. 

  1. The ability to send and request cryptocurrency using requisites of a personal crypto & bitcoin address, email, QR code. 
  2. Secure decentralized storage of cryptocurrency.
  3.  Quick exchange of cryptocurrency at the exchange rate in seconds.
  4.  Convenient balance tracking and detailed transaction history
  5.  Protecting the application with a code password, a fingerprint scan, or face unlock. 
  6. The ability for anyone to add their token to their wallet or blockchain. In case of any problems or questions, 24h support service [email protected] will help to solve them quickly. 

Polehin.com is designed to provide users with the best possibilities of using cryptocurrency.

Brightfinance review: Reshaping Intuitive and Secure Trading

Coping with the intricacies of trading in the constantly volatile environment of cryptocurrencies and dealing with the upheavals in the global economy can be daunting. Hence, the need to get equipped with the right trading platform cannot be overemphasized.

With a proper understanding of the demands of the growing crypto world and the need for a regulated environment for Forex and other assets trading, Brighfinance was created to enhance trading experiences across these landscapes.

Focused on creating unique crypto trading solutions pegged with hassle-free and low trading commissions, Brightfinance has underpinned massive leap forwards with a current portfolio of over 250 assets on its platform.

For this review, we explore the basics and essentials of this brokerage:

Brightfinance: The Journey So Far

With about eight years in operation, Brightfinance was launched in 2012 by Munich-based Capital Letter GmBH to provide the online trading community with innovative solutions. Though created to offer brokerage services, it has its prime focus on cryptocurrency trading.

Consequently, this platform has fostered a reputation as one that is customized to offer a wide range of services to those with basic and advanced experience in crypto trading.

Brightfinance sought to bridge the chasm created by the cynical distrust cryptocurrencies have been treated to since inception and through development. As such, the exchange and brokerage spread its reach through the European markets with platforms based in Dominica, London and Cyprus.

As an exchange focused on fostering adoption of cryptocurrencies, it provided a platform to mitigate likely risks that could occur during the process of trade while increasing chances of maximizing profits.

In addition to crypto assets, Brightfinance offers its clients Contracts For Difference (CFDs) on cryptocurrencies as well as commodities and Forex trading.

Till date, Brightfinance seeks to soothe the challenges of high transactional fees on digital trading while enabling access to fast and easy trading options.

With an intuitive approach to the sensitivity of the global markets including the crypto market, sources aimed at helping traders and investors to understand the basics needed for making informed trading decisions.

Brightfinance at a Glance

Broker

Brightfinance

Minimum Initial Deposit

$250

Leverage

1:5, 1:200

Asset Coverage

Cryptocurrencies, CFDs, Forex, Commodities and Indices

Account Types

Explorer, Basic, Silver, Gold, Platinum

Trading Platforms

Web-based Trading Platform

Trading Options on Brightfinance

More than a decade after the launch of Bitcoin and the addition of several other cryptocurrencies to the rapidly expanding crypto community, the need for a safe and structured environment for trading and exchange has become increasingly paramount.

Though not it’s only offering, Brightfinance sought to provide a means of easily transacting with cryptocurrencies. Today, it creates a regulated environment for crypto trading by harnessing the power of cutting-edge technologies.

Brightfinance shows its support for cryptocurrencies by listing a variety of digital currencies on its crypto platform. It offers Bitcoin, Ethereum, Ripple, Dash Coin as well as a host of almost 200 digital coins to afford investors and traders an opportunity to widen their portfolio.

This platform doubles up as a broker and has – to its portfolio – a wide range of assets created to allow trade diversification. These assets include major and minor currency pairs, stock options commodities offerings and indices.

Rapid price changes are prominent features of digital trading. As such, traders are exposed to risks in performances and accounts. Brightfinance looks to minimize these risks by providing real-time and historical updates on the market movement for making cognizant decisions.

Contracts for Differences are contracts or agreements between two parties (usually buyer and seller) that stipulate that the differences between the underlying value of a particular asset at an opening time and the value of the same asset at the end of the agreed time.

CFDs generally offer traders opportunities to mitigate risks due to market volatility and price inconsistency. However, they could be risky especially for beginners due to the nature of the assets and the market movements.

Brightfinance offers both written and oral CFDs and FX contracts on commodities, securities, currencies, options, futures and other financial instruments included on the company’s trading platform.

Trust System 

Brightfinance operates under the authorization of the Cyprus Securities and Exchange Commission (CySEC) and all trades are functional under the CySEC rules. These rules govern the provision of investment services, Exercise of investment Activities as well as other regulations on Order and trade execution.

The brokerage inspires trust between it and clients by subjecting the agreement as well as related transactional liaison involved to the laws of Spain. Furthermore, Brightfinance ensures that settlements in case of disputes are attended to by the District court within its headquarters jurisdiction.

To address the security and trust issues associated with digital trading forms, Brightfinance includes documentations which embody layers of execution and trade policies to address conflicts of interests and also build confidence of clients.

Security and Safety

Brightfinance recognises the risks associated with trading digitally especially with the advancing sophistication of cyber crime tools. As such, it features the SSL (Secure Sockets Layer) which introduces encryption to all card payments upon execution of trades.

Its functional security features also works by encrypting all relevant data while protecting against common attacks such as the DDoS attacks. Its trading platform and accounts support a Two-Factor Authentication System (2FA) that ensures additional security to the clients.

Additionally, payments security on this platform is compliant with PCI DSS standards.

Due to the possible viability for money laundering and terrorism funding, the anonymous nature of cryptocurrencies has been one of the prominent issues that that fostered their lack of adoption to the mainstream.

Brightfinance tackled this issue by complying with AML policies and providing its clients with these polices. It issues a quantitative KYC policy in its agreement that ensures that the identity and safety of the clients’ accounts are ensured.

For this trading platform, users are subjected to providing details that identifies them in forms of Registration Data and Personal Details. In accordance to the KYC and AML protocols, clients are mostly required to provide a valid government-issued passport and residential proofs or certificates.

Then, other pieces of information are collected and duly accessed by the platform under the functional regulations at the time of registration to ensure the eligibility of the client. While the platform restricts usage of the platform to users above the legal age, it requires that its users are not linked to suspicious activities or fraudulent acts.

This broker ensures the insurance of funds held online and is liable for payouts upon loss or security breaches. It however ensures additional security of online funds by holding only 10% online with the rest protected by cold storage.

Though traditional in nature, holding digital currencies in cold wallets has been proven to be one of the most secure ways of storage. Nevertheless further responsibility of the security of funds is given to clients in terms of protection of passwords and details linked to the account.

What Functional Trading Platform is Operative at Brightfinance?

Unlike other trading platforms, Brightfinance offers a web-based interface that is engineered for ease and optimized speed in operations. This is such that it is operative upon link with secure connections.

This trading platform offers clients with limited and full experience the chance to experience the power of simplicity in an innovative way. The platform features a fully-functional charting interface that is integrated with indicators for optimal trading functionalities.

As such, traders and investors are exposed to timely information and updates on swift price changes, historical and real-time performances of assets listed, changes in policies and other trading essentials.

Though it presents no apps for mobile users, this web-based platform allows both Android and iOS users unhindered access to trading facilities by adapting its services to run upon connection to the web browsers.

Its trading options are enabled by and easy-to-use interface that is represented by the one-click feature which mitigates time lags in transactions and allows flexibility in trading.

Access to Research and Trading Insights

Research and education on this trading platform is well-detailed and organised to advance investors knowledge and understanding of the market movements. Brightfinance has a fully-equipped trading academy that provides traders of all experience levels with adequate information of trading.

It extends detailed e-books, videos, tutorials as well as webinars specially designed by experienced professionals for adequate education where necessary.

On Withdrawal and Deposits

To rein in purchases or profits, the functional deposits and withdrawal system in place needs to be validated. Brightfinance eases worries of high transactional fees by ensuring that hidden charges are not incurred on transactions.

This platform requires the validation of documentations for identification of clients before activating withdrawal and deposits – thus improving security and trust. This process requires the submission of a functional ID, residential permits or documentation as well as a copy of the credit card used for investing if applicable.

It is important to know that information regarding the credit card is limited to the last four digits on the card and the signature. The other information on the card should be covered to ensure safety of funds.

The platform has no restriction on the amount withdrawn by the client. However, it has a minimum deposit amount of 100 units which is dependent on the currency chosen by the client.

The uniqueness of this withdrawal process is that it could be cancelled when requested and the process is easy. The client is simply required to reach out to the company by email or phone.

What Payments Methods Can be Used?

To ensure transactional ease, Brightfinance enables payments with credit cards and Debit cards with issuers including MasterCard, Visa, MAESTRO and Carte Bleue. This platform also provides support for payments platforms such as PayPal and enables the traditional wire transfer.

The platform requires that the lowest payable amount by credit card be 100 USD while wire transfer is required to be 500 USD with a 25 USD commission. For wire transfer to be made possible, clients with this payment method are required to send a copy of the transfer to the company’s contact email.

Funds processing in these forms are expected to be completed within 5 to 7 business days with the account subjected to examination.

Leverage Trading and Spreads on Brightfinance

Leverage trading, in its simplest form, is a means of maximizing profits and insurance against possible losses due to price movements or trading positions.

Brightfinance offers 1:5 leverage on trading cryptocurrencies which though is considerably small remains a profitable means in the light of the volatility of the crypto market. Its leverage could however go as high as 1:200 depending on the asset class to be traded.

The uniqueness of trading on this platform remains its low withdrawal fee charge on cryptocurrencies and the absence of trade commissions. The company, however, charges 0.87% fee for every approved trading position.

However, spreads on Brightfinance can be quite high – which could affect profits in some cases. These spreads are highlighted by difference in buy and sell of an asset such as digital currencies and are subjected to several terms and policies on the platform.

The company seeks to mitigate the effects of these spreads on profits by offering tight spreads and providing traders with the avenues to improve performances.

Roll Over or Double Up

To further ease profit maximization and traders’ anxiety, Brightfinance offers traders a Roll Over or Double Up option. The roll over feature allows a trader with an almost expired binary option to delay the expiration time for recovery of benefits from the market position within the period.

For this to be possible, the platform requires that the binary option should have more than 3 seconds to expiry and the initial investment on the piton be increased by 30%. The position on this option is required to be “out-of-money” and is offered once per trading position.

On the other hand, traders benefit from the Double Up option by creating new trade upon a near-expired trade. It is a functionality that allows traders create new positions on an asset with the previous terms and conditions albeit based on the current price of the asset and double up profit upon final expiry.

With this, traders have the opportunity to benefit from strong positions and expand investment on open positions. However, with the dynamicity of the market positions, this venture could be risky.

What the Account Types Available?

While this broker ensures the smooth transition of clients into traders and investors through the simplicity of its registration process, it also takes into account the experience and investment level of its clients.

Brightfinance offers different account options with unique features designed to accommodate the clients’ needs while ensuring profitable and relatively effortless trading. These options include:

This is the most basic account option on this platform. It requires that clients fulfil account registration requirements. The minimum initial deposit for this platform is US $250 and the maximum deposit limit is US $2,000.

In this type of account, investors and traders are entitled to 24/7 customer support and a profession chart for making informed decisions.

This is an upgrade of the explorer account with the minimum initial deposit of US $2,000 and a maximum deposit of US $10,000. The benefits of this account include 24/7 customer support.

The uniqueness of this account is highlighted by access to a personal analyst in form of account management and an introductory private session with an experienced analyst to equip the client with the knowledge need to make profitable decisions.

It also features a fixed and tight spreads as well as a trading leverage of up to 1:100 on non-crypto assets that ensure you magnify your profits.  These features outline the suitability of this account to beginners in trading as well as experienced traders.

The silver account type has a minimum deposit requirement of US $10,000 with a maximum investment limit of up to $25,000. For this account type, traders and investors are open to monthly-based private sessions with experienced analysts.

A key benefit of this account type is also access to detailed market reviews and financial research. For this level, traders have the opportunity of trading with leverage up to 1:200 depending on the asset of choice.

Traders and investors in this account are open to weekly-based private sessions with experienced analyst for assessment of investments as well as trading decisions. Gold account owners have an opening deposit of $25,000 with investments up to $100,000.

Other benefits of this account embody a smart money management plan that gives the clients the opportunity to magnify profits as well as a personal account manager. Clients here are also entitled to weekly market reviews and detailed financial research reports to keep abreast of market positions and movements.

This is the most advanced account type with an initial deposit limit of $100,000 and investment up to $500,000. Traders here are open to direct consultancy with the account analyst.

They are also entitled to a long-term financial plan backed up and reviewed by a senior account analyst. Other benefits of this account type are weekly and monthly based market reviews with detailed financial researches.

Here, investors have the opportunity of opening up to 5 protected trades with guidance from account analyst.

Special Requirements for Account Registration?

Account registration for Brightfinance leans on the advancements in technology for ease of clients. Though subject to AML and KYC protocols and governed by CySEC rules, the process of registration remains one of the simplest.

In accordance to these policies, the client is required to provide the company with a proof of identity which could be a passport issued by the government or a valid identity card. Also, the client is also required to provide a residential proof.

The procedure is simple. The client is simply required to fill out details on the “Open Trading Account” option on the company’s website home page. A verification link is then sent to the client’s email for verification.

On the choice of account, the clients are required to provide identification and validation proofs to verify the account as well as activate withdrawal and deposits.

Customer Support

The broker’s contact page allows clients access to 24/7 customer support page with link to a contact page for questions and related issues on trading and account options. Its Help Center also links to an FAQ line that incorporates a detailed help database for clients.

The system also provides support to clients through a live chat window for real-time response to issues and assistance in navigating through the platform. This option is, however, open to existing clients.

Clients are also open to contact with a customer service personnel through a phone number posted on the company’s website. However, clients are required to complete a request form available on the “Contact Page” to contact the company’s customer service providers.

What You Need to Know about Brightfinance

Though fundamentally focused on cryptocurrencies, Brightfinance is a good fit to traders with little or no experience but with interest in diversifying their investment options.

With a provisional tender of broad range of assets, this brokerage offers retail and institutional investors ample opportunity to test the waters while benefiting from it.

It is important to note that risks are not exactly eliminated because even the best trading strategies might not be able to withstand the swift changes in the market. However, this platform offers ways of benefitting from these risks by providing several trading options.

On this front, advanced traders are more liable to anticipate these risks and take due action to manoeuvre them to their advantage.

Brightfinance recognises that this could be difficult for less-skilled traders and provides them a thoroughly researched updates as well as support for making informed decisions.

Brightfinance is rated for its easy trading interface, timely customer support as well as being one of the few brokers with security and trust as a backbone. It stands out with its extension of support to legalized cannabis stock as well as a broader range of crypto assets.

However, it does not constrain the decisions of investors seeking more brokerage services on forex and other commodities as it extends its reach to diverse currencies and assets in bid to foster inclusion globally.