CryptoSecure Delivers System Security, Scalability for Cryptocurrencies
BELIZE CITY, Belize -- July 03, 2018 (GLOBE NEWSWIRE) -- via NetworkWire -- CryptoSecure.com provides the following advice and update regarding its breakthrough security platform and its opportunity in the current cryptocurrency market:
STATE OF THE CRYPTOCURRENCIES MARKET
The market has been in meltdown phase and suffering from a major breakdown in investor trust and confidence. The resultant continuing sell-off this year has wiped out over 75% ($600 billion) of the industry’s market cap in the six months since its January peak to its current $240 billion value.
SOME OF THE MAJOR ISSUES
SECURITY - Without security there will never be trust or confidence in cryptocurrencies. Cryptocurrencies need to be free from theft, fraud, operational risks and especially cybercrime at the individual transaction level as well as the system as a whole. A recent multi-national survey by Virtual Capitalist highlights security as the major concern of 40% of those surveyed.
THEFT AND SCAMS - Over $2 billion has been stolen through major crypto hacks with thousands more unreported thefts from individual wallets. The USA FTC reports $532 million lost to crypto-related scams in the first two months of 2018 and expects this to rise to $3 billion by yearend. Lotem Finkelsteen of Israeli cybersecurity specialist Check Point recently stated: “Not a day goes by without our hearing about a new ICO scam or mining attack. Blockchain is suffering from reputational damage…” He further stated that crypto crimes would outnumber all other cybercrimes over the course of 2018.
FAILURE RATE - Another negativity is the high attrition rate and cost to investors of failed cryptocurrencies. Over 1,000 disappeared over the past 18 months (see: deadcoin.com) and many others vanished during their funding rounds. It is generally recognized by business analysts that most of the current listed cryptocurrencies will also fail or disappear within the relative short-term.
TECHNOLOGY BARRIER – As raised by numerous parties including the Bank for International Settlements (BIS) which recently advised Central Banks that cryptocurrencies, especially Bitcoin, in their current form will never be global currencies until issues of scalability, stability of value and trust in payment finality are able to be resolved. See the BIS detailed report: https://www.bis.org/publ/arpdf/ar2018e5.pdf.
This market with growing exposure to rampant hacking, theft, fraud, and failure is evidently dominated by sellers. They are exiting while there is still a market for their speculative tokens in fear they might be next to be hacked or of value declining further. The trust and confidence in cryptocurrencies is fast evaporating and the much hoped (hyped) for mass-market adoption is proving just as elusive.
THE CRYPTOSCURE PLATFORM SOLUTION
The CryptoSecure Platform delivers unprecedented breakthrough security at an individual transactional level and through the entire system infrastructure. Its operational network management and control meets all 20 of the SANS Critical Security Controls and dramatically de-risks token theft, fraud, operational risks and cybercrime threats. The core security components being integrated into the cryptocurrency industry’s only ultra-secure operational system environment include:
Token Security – All Platform issued tokens are ultra-secure and will be replaced if hacked and stolen.
ICO and Issuer Security – Is conducted through seamless KYC/AML process within the Platform system environment with no risk of any tokens being stolen.
Wallet Security – CryptoSecure multi-asset wallets are at a minimum protected through 3-Factor identity and authorization process incorporating seamless KYC/AML
Exchange Security – The CryptoSecure Exchange will be totally secure, KYC/AML compliant and regulated.
Transactional Security – All transactions are seamlessly and in real-time Proof of Identity, Authority and Stake validated and authorized through a minimum 100 distributed ledger nodes with all cryptocurrency token balances recorded on the blockchain.
Scalability – The CryptoSecure Platform operates in real-time and can process thousands of transactions per second. The ultra-secure CryptoSecure network operates with micro-second latency and at 20x the efficiency, 10,000x the network speed of comparable current market network systems.
Individual Security – All KYC/AML detail is used exclusively to assure compliance and transactional Identity, Authority and Stake. No information is openly shared and the rights to individual privacy is respected and protected.
Operational Security – All CryptoSecure operations are processed through CryptoSecure servers and data centers that are protected by jentu Technologies network management and security. In basic terms, this provides for all the system endpoints that are connected to the CryptoSecure servers to be operating without hard disks. With no hard disks there is nowhere for hackers to hack.
This CryptoSecure Platform security is being provided through CryptoSecure unique technology that is subject to patenting process. This security is integrated with partnered industry proven developments by preCharge which has been using distributed ledger technology in securely processing multi-billions of dollars in transactions since 2007; jentu Technologies breakthrough network management and security systems; development by the 40 plus CryptoSecure team of programmers and engineers; and the Key Capital (OTCPink:KCPC) Fintech division which is working on added security layers.
CRYPTOSECURE ICO AND LISTING
While CryptoSecure proposed exchange listings of its tokens, it has fast become evident that any such listing would expose the CryptoSecure economy and its token holders to the very risks that the CryptoSecure Platform technologies seek to eliminate and/or dramatically mitigate. CryptoSecure tokens will therefore be the first token to be listed on its ultra-secure Platform Exchange along with the gold-backed GoldCrypto AuX tokens.
As this will result in an unavoidable listing delay, CryptoSecure will extend its ICO by six weeks until August 11. For all token holders that have participated in the ICO, as at June 30, 2018, CryptoSecure will provide an additional free 25% bonus to their holdings as a compensation and consideration of the delay, even though the delay is positioned to assure token and transactional security for all participants.
THE ROLE OF CRYPTOSECURE TOKENS
It is anticipated that there will be a growing market for other cryptocurrency projects, aside from CryptoSecure and GoldCrypto, to be utilizing the unprecedented security offered through the CryptoSecure Platform. This Platform will only be accessible through the unique CryptoSecure wallets and all fees and charges, which will be comparatively low, will only be accepted through payment by CryptoSecure tokens. Currently several other cryptocurrency projects are in discussion regarding proposed listing on the CryptoSecure Exchange and utilization of the wallets, and it is therefore expected that there will be a growing demand and liquidity in the SECURE tokens.
Following the closing of the ICO and the listing on the CryptoSecure Exchange, CryptoSecure SECURE tokens will only be able to be acquired on the Exchange market or through payment to CryptoSecure of initially US$0.25 per token.
CryptoSecure is in process of its ICO which closes on August 11, 2018. Currently, 4,875 SECURE coins can be acquired per ETH, however exchange can be by BTC, ETH, BTC Cash or ETH Classic. For details see: https://CryptoSecure.com