[BlockTwits Live] Crypto Expo Asia 2022 - Centralised and Decentralised Security

BlockTwits reporting live at Crypto Expo Asia 2022 in Singapore. The Director of UKISS Technology, Ben Chan, shares with us regarding centralised and decentralised security.

First off, Ben shares with us what is centralised security — they come from the Web2 platforms we are using on a daily basis, such as banks, social media, CeFi, etc. Centralised organisations store and control all the private keys of crypto assets in their centralised servers and wallets so that they can provide standardised services. However, there is a saying in the crypto scene: “not your keys, not your coins”. As there are multiple risks underlying centralised security such as withdrawal limitations and hacker attacks, the need for decentralised security arises.

Through decentralised security, users own their private keys and gain complete control over their assets. As an individual user, he or she is responsible for the security and storage of his or her own crypto assets. At the same time, it is nearly impossible to hack such distributed networks; hackers would rather spend time attacking centralised platforms instead.

Yet, as one of the forms of decentralised security, self-management of private keys could be pretty challenging. It requires individual users to have high-security risk consciousness and awareness to properly secure their own assets. Ben suggests that we should only rely on what we know.  

Reported by: [BlockTwits] Nell