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How can Blockchain Disrupt Web Hosting Ecosystem for Good?

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While Blockchain is generally tied with cryptocurrency, this decentralised technology has a vast area of impact that extends beyond bitcoins or its peers. Right from healthcare to finance and banking, many industries, sectors, and businesses can immensely benefit by integrating Blockchain technology into their daily processes.

This article discusses Blockchain’s potential to transform the web hosting industry for the better- both for providers and end clients.

A website can be considered as a digital equivalent of your brick and mortar shop or workplace. Through your website, you earn revenue, make business connections, attract global clients- individuals and institutional buyers, and make sales.

To build and run a website, you need to buy a domain name and hosting services. While you have control over your site’s front-end, its backend is deeply influenced and shaped by your hosting ecosystem. You trust your providers with the security of your website, but an increasing amount of data breaches and cyberattacks tell a different story. We cannot blame it entirely on the hosting providers. It is the present “model” of web hosting that needs serious revamping.

Among other solutions, Blockchain can be a highly effective option that should be considered. Being decentralised and secured by cryptographic hashes, the Blockchain promises to add a new dimension to the website’s security and performance. Here are a few ways Blockchain can be used in the hosting industry:

Preventing DDoS Attacks

Due to their more profound and quick impact, DDoS or Distributed Denial of Services attacks has emerged as a preferred weapon for threat actors. It is an almost sure-shot way to bring websites to a complete standstill and disrupt the digital environment. It is all a play of volume- Gather volume and direct it against the servers of the targeted site. Bots make things even more accessible. To continue staying online, the victim has to exponentially increase the computing resources that cost millions of dollars for the hosting companies across the globe.

One thing to mention here is that it is the present system of centralised servers that makes DDoS attacks possible. With the help of Blockchain-based decentralised hosting with thousands of distributed nodes, every node can host a specific portion of the site. It effectively prevents the attacks as there isn’t any single central target to hit.

Prevention of DNS-manipulation

The DNS server translates the plain English name in users’ browser address bar into a computer language- technically called IP address to connect the visitors with the corresponding website they want to browse.

The attackers can upset the digital environment by disrupting this critical process of converting URLs into IP addresses. Such attacks can be massive in terms of both geographical and business terms.

A reliable solution to prevent DNS attacks is to use the Blockchain platform for storage, resolving, and updating DNS records. This distributed model of DNS management will prevent the threat actors from directing their threat efforts towards a single DNS server. Moreover, it will also provide superior protection against various other attacks associated with DNS manipulation- like man-in-the-middle attacks and URL redirection to the malicious resources.

Complete data ownership

In the present centralised digital ecosystem, we need to trust the sites with our sensitive data. This model has many flaws- that users have started discovering more recently. Lack of good security provisions at the providers’ end can result in heavy data breaches, and the stolen data can be misused by cyber-attackers in myriad ways- right from manipulating your sensitive digital areas to unlocking your passwords, misusing your communication IDs, and even wiping off your bank accounts with the help of payment card numbers.

Moreover, even the providers use your data by selling them to other companies, which results in annoying market communications and requests for downloading specific apps. They can even mine your data to achieve their business goals. All these things happen without your permission.

With the help of a cryptographic system of Blockchain, you can now retain complete data ownership while using different digital applications. The blockchain model replaces centralised storage with distributed storage across a vast network. It empowers the users to enjoy exclusive data access while using digital applications.

Defending cyber-attacks with Blockchain-Cloud combination

Using point-to-point encryption can play a vital role in protecting the mission-critical data from in-transit attacks and also protecting its integrity at the resting location. Point to point distribution facilitates the even spread of Blockchain copies across the broader breadth of cloud networks that provides substantially higher security against data breaches- especially when compared to existing single-point data storage.

It will also give a new dimension to encryption-based security as the mission-critical data can be shredded into minute portions before encrypting them. Furthermore, leveraging the decentralised characteristics of Blockchain technology, these tiny data portions can be stored on different nodes that are strategically distributed across several geographies. In short, it adds several other shields over the top of encryption-based technology to ensure superior security.

Conclusion

Blockchain runs as a decentralised platform that replaces the central authority with cryptographic hashes and smart contracts. It offers airtight security to the data and transaction while ensuring unrestricted access to the permitted data. By strategically employing Blockchain in the web hosting industry, the hosting providers can guarantee superior security and performance. At the same time, the end clients can enjoy quick and smooth functionality while retaining maximum control over their data.

Image source: Shutterstock
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Source: https://Blockchain.News/opinion/how-can-blockchain-disrupt-web-hosting-ecosystem-good

Blockchain

The GBA Annual Achievement Awards

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In April 2019, during the Guatemalan election, the people of Guatemala suspected that voting fraud had occurred. Since additional elections were scheduled for August 2019, citizens wanted assurance that there would be no fraud in the next election. That was the impetus for Fiscal Digital, a Guatemalan citizen volunteer organization, to utilize a public immutable blockchain for their elections. Against overwhelming opposition, the Organizer of Fiscal Digital, Carlos Toriello Herrerias, was successful in implementing a blockchain-based voting solution in Guatemala. Carlos was the winner of last year’s GBA Annual Achievement Award for Courage.

The Government Blockchain Association (GBA) is pleased to announce that the 2021 Annual Achievement Awards will be happening live in Washington DC, (9/30/2021) as part of Government Blockchain Week. Four awards will be presented in the areas of Leadership, Innovation, Social Impact and Courage. Nominations of individuals deploying exceptional blockchain use will come from around the globe. From securing land titling records, to self-sovereign medical records, to immutable and verifiable voting, blockchain is affecting every industry that transfers value. The winners of these awards are truly making a mark in history, and there is still time to nominate your colleague.

Winners will be awarded by MC Robert Levin of Emergingstar Capital, from a stage in Washington DC in front of a distinguished audience. Receiving a GBA Annual Achievement Award is a credential that can be listed on Linked In, resume’, and any other social media as a recognized global achievement. Do not miss this opportunity to promote the exceptional achievers in your circle. Nominate them for the GBA Annual Achievement Awards today.

Annual Achievement Awards nominations are open until August 15. Winners will be announced from stage in Washington DC on September 30th. All uses of blockchain technology are eligible.

Source: Palto

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Blockchain

Happy birthday Ethereum!

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Today marks the sixth birthday of the Ethereum network and Ether – the world’s second-largest digital asset.

Ethereum was created by the crypto innovator Vitalik Buterin when the project was officially proposed in a white paper in late 2013.

The following January, a 20-year-old Buterin, headed down to the annual North American Bitcoin conference in Miami, Florida, clutching that white paper.

It’s there he met his Ethereum co-founders – a group of Canadian crypto evangelists who immediately saw the huge potential of Buterin’s idea.

Crammed into a little beach house, they invited Buterin to stay and turn his vision into reality.

Within six months, Vitalik had dropped out of the computer science program at the University of Waterloo, and moved out to Zug, Switzerland (now known as crypto valley) along with the rest of the group-turned-team.

The founding members of the Ethereum network included Gavin Wood (Solidity smart contract language creator), Anthony di Lorio (DeCentral founder), Joseph Lubin (ConsenSys founder), and Charles Hoskinson (Cardano founder).

After the completion of an $18m funding round in 2014, development begun and Ethereum slowly materialised as a viable decentralised network.

However, tensions between members set in and the team begun to unravel.

Charles Hoskinson was the first to go, many others would follow.

Today, only Buterin still works on the project.

After a period of successful testing on July 30, 2015 – the first block of Ethereum was mined and the Ethereum mainnet was launched.

The network has rapidly grown to become one of the most prominent components of DeFi and the crypto industry at large. However, a victim of its own success, gas and transaction fees have begun to slow.

This is why Ethereum is now preparing for an imminent scalability update to Ethereum 2.0.

Watch this space.

More crypto news and information

If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice

 

 

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Source: https://coinrivet.com/happy-birthday-ethereum/

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Binance to halt derivatives and futures trading in Europe

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Binance has officially halted futures and derivatives products offerings across the European region, commencing with Germany, Italy, and the Netherlands. 

The leading cryptocurrency exchange continues to limit products to users amid the ongoing challenges it faces from global regulators.

The move means users from these countries will not be able to open new futures or derivatives products accounts “with immediate effect”. 

Binance confirmed that if existing users have any open positions in these markets, they are advised to close them, noting that a further announcement would be made at a later date to confirm a 90-day period in which to close open positions.

Binance clarified the importance of European markets to their offerings and invited regulators to open a dialogue to discuss the requirements necessary at local levels. The discussion marks Binance’s continued efforts to collaborate with local and national regulators on the necessary requirements to operate in these areas.

“The European region is a very important market for Binance, and it is taking proactive steps towards harmonising crypto regulations, which is a positive sign for the industry,” wrote Binance in a tweet.

Binance also said it does “not actively market Futures and Derivatives Products locally” and that they plan to start “further scaling down” access to these products within Europe. 

The announcement follows Binance’s recent removal of high leverage trading products from its product offerings and a seemingly relentless wave of scrutiny and oversight from global regulators. 

Despite recent efforts to appease regulators by CEO Changpeng Zhao (CZ), Binance has been forced to delist certain margin trading pairs and cease trading and support for stock tokens like Tesla and Coinbase. Binance is also preparing to cut daily withdrawal limits from two Bitcoin (BTC) to 0.06 BTC in August.

Additionally, leading banking institutions and payment processors in the UK have started to limit transfers to and from Binance, citing “excessively high fraud rates” as a key reason for the decision. 

Binance has also been banned in Malaysia and given 14 days notice to shut down its operations. According to an announcement released today, the Securities Commission of Malaysia has issued public enforcement actions against Binance for “Illegally Operating in Malaysia.”

Binance has been given 14 business days from July 26 to comply. The order demands that Binance disables its website and mobile apps in Malaysia alongside ceasing “all media and marketing activities”.

The announcement also mandated Binance CEO Changpeng Zhao to ensure full compliance with the order. Malaysia’s securities regulator also urged citizens to desist from trading with crypto exchanges operating in the country illegally.

Binance-owned exchange WazirX is also being investigated by authorities in India to determine whether it was complicit in alleged money-laundering conducted by betting apps, which collected more than $134 million in the past 10 months. The Enforcement Directorate is investigating allegations that Chinese-operated betting apps laundered a portion of funds through WazirX.

CEO Changpeng Zhao remains optimistic about the future of Binance despite the recent regulatory issues faced by the exchange. He recently disclosed that Binance US, which operates separately from Binance, was looking to go public.

“Binance US is looking at the IPO route,” he said.

“Most regulators are familiar with a certain pattern or having headquarters, having corporate structure. But we are setting up those structures to make it easier for an IPO to happen.”

 

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Source: https://coinrivet.com/binance-to-halt-derivatives-and-futures-trading-in-europe/

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PayPal to launch crypto trading in UK

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PayPal has announced an extension of its cryptocurrency trading platform to UK customers.

This is a significant change of tune by the company, whose former CEO Bill Harris described Bitcoin in 2018 as “a useless payment system, and a ridiculous store of value”.

Now, however, the electronic payment service has slowly begun integrating cryptocurrencies on a large scale, with the moves described as part of an incremental new strategy by new CEO Dan Schulman as he revealed details in his recent Q2 reporting call.

“We continue to be really pleased with the momentum we’re seeing on crypto,” he said.

“We’re going to launch, hopefully, maybe even next month in the UK, open up trading there.”

Trading of crypto assets such as Bitcoin (BTC), Ethereum (ETH), and LiteCoin (LTC) is planned to arrive for UK users by the end of August. Currently, PayPal allows cryptocurrency transactions up to $100,000.

However, PayPal retains control of user’s cryptocurrency in a move reminiscent of traditional centralised financial practices, with no mechanism for transfers to private wallets.

This leads to the ‘not your keys, not your coins’ argument.

Jose Fernandez da Ponte, Vice-President for Blockchains, Crypto, and Digital Currencies suggested this will be a future feature incorporated into the Venmo platform.

Venmo – an easy payment app owned by PayPal – has become a primary facilitator of cryptocurrency trading for the company. The app is popular in the United States, but has made little impact on the British market.

Schulman indicated that Venmo is preferential as it can be used easily in day-to-day commerce, also noting the app’s rapid growth to 70 million users and revenues in excess of 180%.

“We’re also seeing strong adoption and trading of crypto on Venmo,” he added.

“In this quarter, we expanded the Venmo value proposition to allow merchants and consumers to pay for goods and services.”

Crypto in commerce seems to be the predominate focus of PayPal, although its ‘super app’ will operate a centralised trading exchange, this is a competitive space with the likes of DashDirect launching earlier this week.

Automated Clearing House (ACH) sits at the core of PayPal’s market-dominating strategy, allowing vendors and merchants to set-up direct debits to user’s crypto wallets.

“We’re working right now on transfers to third-party wallets, and we really want to make sure that we create a very seamless process for taxes and tax reporting,” Schulman explained.

“And so we’re really looking at how do we integrate that into both the trading and the buy with crypto on our platform.”

Implementation of DeFi products into PayPal’s ecosystem is fundamental to the firm’s potential success in integrating commerce with mass adoption, a fact that doesn’t escape their CEO.

“How can we use smart contracts more efficiently?” he asked in the Q2 call.

“How can we digitise assets and open those up to consumers that may not have had access to that before?”

“There are some interesting DeFi applications as well. And so we are working really hard.”

Needless to say, PayPal’s moves on cryptocurrency are of huge significance for crypto adoption – with the platform representing an easy and widespread point of entry for new crypto users.

More crypto news and information

If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice

Disclaimer: We do not give advice on financial products.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://coinrivet.com/paypal-to-launch-crypto-trading-in-uk/

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