Looking at how erotic the menace of hackers are becoming, I suggest a new means of codewrapping and making Our Assets worthless to the hackers even when they have access to the assets.
This can be done using a new protective technology by exchanges and wallets to codewrap Assets which can only be unlocked when the owner of the asset unwraps it before sending it or by giving the receiver the code to unwrap the asset.
Hi Ayojo,
I’m afraid I didn’t fully understand your proposal. Could you please provide some additional information and clarification? How exactly would this impact our project and what are the potential benefits and drawbacks of this approach? Thank you for taking the time to help me better understand your perspective.
Thank You Sir for Your response!
The biggest downturn to crypto is loosing assets to hackers through phishing and the rest of them which ends up living the real owner miserable.
A lot of People are not aware of the ways hackers operates and even those who are aware can still somehow fall victim to such attacks.
The challenging thing is having a solid protection for asset besides the usual seed phrase, login/asset password and the rest of them. Majority of the Crypto users’ fear is being hacked which is what led to coming up with the idea of codewrapping asset so that even when it is stolen will be worthless to the Person whole stole since He or She cannot uncodewrap the asset.
So to avoid this from consistently happening stricter measures should be taken to prevent them from making money through hacking Peoples asset which I think would be to make any asset stolen by a hacker worthless even when stolen by developing codewrap security interface that allows the owner of the asset to protect their assets by codewrapping it so that when it is transferred without uncodewrapping it it will look like a corrupted file in the hacker’s wallet and will not be useful.
The ‘asset’ codewrap security code when set by the asset owner can not be uncodewrapped by anyone else except the owner inputs the code He or She used to codewrap the assets before sending it to allow it appear as it is which will not be so if stolen by a hacker.
The codewrap security code will not be generated by the service provider the owner will be the one to set it. So before sending out any asset included in the codewrap will be uncodewrapped by the owner to enable the receiver get it.
Doing this will prevent hackers from hacking Peoples assets knowing that even when they steal assets that is codewrapped it’ll only appear as a corrupted file or not even appear at all.
The benefit is that when customers knows that Your exchange can provide them such security without being compromised it’ll lead to more trust and boost Your popularity and growth.
But if not done well it will lead to distrust and it’ll affect the growth of the exchange.