Security might seem fundamental for an industry focused on fomenting a digital currency revolution, but the crypto industry seems to have somehow skipped the basics in its rush to decentralize banking.
Recent losses from poorly protected cryptocurrency exchanges have exposed just how vulnerable the industry’s assets really are. If blockchain is really ready to enter the mainstream, it needs to let go of the Wild-West attitude and implement standardized security practices.
“In my mind, security shouldn’t be a differentiator,” said Yo Sub Kwon (pictured), co-founder and chief executive officer of Hosho Group Inc. “If you’re an exchange and you’re holding massive amounts of other people’s assets, you should take security very seriously. That should just be a default, a standard.”
Kwon spoke with John Furrier (@furrier), host of theCUBE, SiliconANGLE Media’s mobile livestreaming studio, during the HoshoCon event in Las Vegas. They discussed the need for communication and collaboration over security practices in the crypto industry.