STEEM CRYPTO ACADEMY WEEK 5 HOMEWORK POST FOR @gbenga ; BY @azizulhassan


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Task

Make a Post about a Security problem with Cryptocurrency and Share a personal experience if possible. Hello everyone I hope that everyone is doing amazing and fine today I am doing another homework for steam Cricket Academy and I have been learning a lot and all things to all the professor that itching really well and specially to the homework for this one I did a little bit of research On blockchain security  so we will talk about that now



Problems with private key

 this one really bothers me I mean if you lose your private key it's gone forever There is no way to recover it anyone can use it and withdraw your pants I think that is a big problem with blockchain security  the password is so big that you can't remember it you must have to keep it somewhere safe online or offline and if you lose it then you lose all your fund I think this is a big security threat on blockchain on normal banks and on social media if you lose your password there are people to help you but on blocks and there is no one who can help you with recovering your private key

51% attack

What is 51% attack  as you guys know that  Bitcoins in many currencies runs on blockchain so when a transaction happened they are recorded on block Once one block is complete it other block will start automatically Now on blockchain all the hash power in simple words mining power is  distributed in whole world in a small small part everyone is mining a little bit of the block Not everyone will get as much as their computer power is That is some other topic but I am just explaining what this attack is all about Now if a person   or a group of people or organisation  or  country   get 51%  of the mining power  or hash rate Of the whole blockchain network That is called 51% attack

 what can hackers do with   51% attack

They can stop the new transaction to happened or Dekhen delay the timing of those transaction to happen as I tell you that in blockchain want somebody to a transaction they are saved in in that blocks and if somebody owns 51% of that log that can simply stop it or delay the time of that transaction And they can reverse all the transactions in that block You can call it the majority attack also

hacking of  exchanges

In the past few years there have been many cases that pic exchanges got hacked they are just normal websites with a lot of coins in it in a soft target for hackers there have been many cases Where the exchange has lost millions of dollar in the shape of coin I think that's a big deal and I think that is The biggest threat to the blockchain security

my personal experience

 I will be honest with you guys I won't lie I am only using steamit   and I have only used this platform in Crypto currency a month ago this happened when I lost my private keys of   trx  account found about 2 months ago when I was using my old PC suddenly the PC stopped working and the hard disk was crashed and my keys were in that Hardik I was thinking about that my PC is not going anywhere and it is safe there then I will just move it somewhere else later and I had no idea that my PC will be crashed and there you go I lost my trx I had found about 600 coins and I had to update my account to create a new account so that I don't lose anymore many of my friend had similar incidents so I think that is a big deal and that's why I am mention this point on the top because 600 is worth something since then I have been keeping my keys in multiple locations secure and safe and I will tell you to do the same




I have not use any complex or difficult words in my   homework task because there are  so many new people on this platform and they can't understand the difficult and complex worlds so that's why I tried my best to explain these problems in really simple and easy way and if I use those Complex and difficult terms for all these problems then it can come under Plagiarism as well I hope that my homework is good and informative


 thank you so much for your time I hope that you have learnt something




Special mentions to @steemcurator02 To get their support



Comments 2


Hello friend, thanks for participating in the Steemit cryptocurrency class. I am glad you enjoyed the class and since this is a school, I will like to call your attention to correct a few setbacks on your post.

  • No Punctuation
    I read through your post and although it is centered, there are no punctuation marks available in the post.
  • You should reference your post as I am sure you didn't get all this post from your heart, you should reference the materials used during the process of the post creation.
15.03.2021 22:22
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thank you sir and i did my research for 2 days about this and i got to know about all these thing and i learn them and then i wrote them from my own mind as easy as i can explain

15.03.2021 22:26
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