Huobi Aims to Reassure Clients over Security Following Bitstamp Hacking
Chinese Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that exchange, Huobi, one of the world's largest by traded volume, has sought to reassure clients over the security of their bitcoins in light of the recent Bitstamp incident.
Speaking with DC Magnates, Huobi product consultant, Robert Kuhne, explained that its "hot wallet" employs multiple layers of security, making it a very difficult target:
"Huobi (including BitYes and BitVC, which are separate platforms operated by the same security team and wallet system) follows the common industry practice of keeping the vast majority of its users' coins in secure Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se . For the operational hot wallet, which is used for processing user deposits and withdrawals, Huobi has independently developed its own three-tier security system which includes multi-signature addresses and real-time monitoring and anomaly detection mechanisms."
Though smaller in scale, the Bitstamp incident has evoked memories of last year's MtGox nightmare. At the time, Huobi CEO, Leon Li, also sought to reassure the public over its security procedures. He explained to Forex Magnates that wallets can often have small glitches, but it's the way they're handled that can make a world of difference.
At one point the world's largest exchange by volume, Huobi, has yet to report such security incidents. As hackers grow more sophisticated and stronger countermeasures are developed, the successful exchanges of 2015 may well be the ones winning the security game.
Chinese Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that exchange, Huobi, one of the world's largest by traded volume, has sought to reassure clients over the security of their bitcoins in light of the recent Bitstamp incident.
Speaking with DC Magnates, Huobi product consultant, Robert Kuhne, explained that its "hot wallet" employs multiple layers of security, making it a very difficult target:
"Huobi (including BitYes and BitVC, which are separate platforms operated by the same security team and wallet system) follows the common industry practice of keeping the vast majority of its users' coins in secure Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se . For the operational hot wallet, which is used for processing user deposits and withdrawals, Huobi has independently developed its own three-tier security system which includes multi-signature addresses and real-time monitoring and anomaly detection mechanisms."
Though smaller in scale, the Bitstamp incident has evoked memories of last year's MtGox nightmare. At the time, Huobi CEO, Leon Li, also sought to reassure the public over its security procedures. He explained to Forex Magnates that wallets can often have small glitches, but it's the way they're handled that can make a world of difference.
At one point the world's largest exchange by volume, Huobi, has yet to report such security incidents. As hackers grow more sophisticated and stronger countermeasures are developed, the successful exchanges of 2015 may well be the ones winning the security game.