Cryptocurrency is becoming the talk of the world. The digital currency is transforming the payment system. Transactions made within minutes which were taking more time by the traditional fiat currency. P2P Cryptocurrency exchange development makes the exchange mechanism fast and reliable. So, people rely upon the crypto software for exchanging their fiat money to crypto or vice versa. But this process needs tight security to attract people base. The P2P Crypto exchange software generally uses the blockchain technology. But there is a need for other security features to create a strong fence against the cyberbullies.
Why You need security for your P2P Crypto exchange software?
The blockchain technology provides security to your exchange software. It is a new technique that in use in other sectors too. But you need other security features to secure your software from a wide-angle. Because the blockchain provides security to the data but not the entire software itself. Some of the reasons why you need extra security are
- To Avoid Phishing – Phishing attacks are becoming more frequent to create a cyber “la casa de Papel”.
- Single Private key is a vulnerability: P2P Cryptocurrency exchange development companies provide single Private key protection. It is more vulnerable and needs extra security for your crypto wallet.
- Software threats – Hackers can reach cryptocurrency software through their malicious bugs. They can even threaten the security of the p2p crypto exchange software.
- Blockchains can be pliant – Blockchain transactions are secure. But the security of those transactions got convinced of cyber-attacks earlier. You have to secure your p2p crypto exchange development company with the help of security features.
Necessary security features and their advantages:
The security features of the p2p crypto exchange platform play a vital role in the expansion of the user base and its development. In that way, the security features are partitioned into two types – Technical and Functional.
Functional security features:
- 2 Factor Authentication codes – The two-factor authentication codes make the p2p crypto exchange platform to secure the transaction.
- Time constraining transactions – The transactions can be constrained to a particular time frame for its activity. This will have a positive effect on the security of the transaction. As the hacker will fail to hack the transaction if it exceeds the time frame and it is obvious that the transaction is secure.
- Multi-Signature Wallet – It is a theory where your account has many layers. That makes the transactions and storage are hard to crack. Multi-sig wallets resemble the peels of the onion and hence it is secured likely.
- Preferring the Cold wallet – Hot wallets are online wallets. They contain a single private key to have more chances of security threats. But cold wallets are completely offline. They have offline storage which makes it hard to crack and loot the information. Considering the hot wallets, the private key may be made stronger by some technical infrastructure.
Technical Security features:
- Security Extensions for your DNS: It is generally called DNSSEC. It is a protocol that provides a shield against illegitimate DNS extensions. It segregates the public key from the signature wallet to keep up the validity and security of the data. Also, it prevents users to get into any kind of suspicious website and diverting websites. Hence, DNSSEC can get considered as the first line of defense against cyberbullies.
- Locking your Registry – You can protect your p2p crypto exchange software by adding an extra layer of security by locking the registry. This action can prevent the hacker to get access to the crucial information. They cannot alter the information provided in the registry. Hence the account can be secured with less effort.
- Protect your cloud – As the big data is on the table, you can and have to protect your cloud from being misused. Not all the information is stored in the blockchain. Minute mistakes that have been left out being unprotected can cause serious consequences.
- Public key using the Hypertext protocols – Using HTTPS public keys can prevent the attack from malicious websites. Hence, it is important to provide the utmost security to your p2p crypto exchange software.
- Anti-DDoS – DDoS threats can degrade the traffic. They create an illusion of the exchange software. You can stop these threats. One, prevent incoming Internet control messages. Two, shield the DNS responded from the external sources.
- Stopping Cross-site scripting – You have heard a trusted website being injected with malicious and suspicious scripts thereby bringing down the entire site to shambles. This can end with the induction of the CSRF security mechanism.
At Zab technologies, we are aware of the security of the p2p crypto exchange platform. We enhance and boost the security features of the platform. Customer satisfaction is our prime mantra. That is why we add advanced levels of security features to the p2p crypto exchange development.