“The most difficult thing” in the history of software Crypto – Consensys CEO
Since security failures in the digital asset space can lead to huge financial losses, Joseph Lubin, the CEO of Consensus and the founder of Ethereum, described crypto as “the most difficult thing” in the history of software in terms of risk, vulnerability and complexity.
In an interview with Cointelegraph Managing Editor Gareth Jenkinson, Lubin emphasized the importance of security in the crypto space and compared the current situation to the early days of banking. In addition, the founder of Ethereum gave advice on how crypto users can protect their digital assets.
Ethereum co-founder on crypto security
Lubin believes that as the crypto space progresses, industry workers should “do their best and build better applications of the technology.” The executive compared crypto to the banking situation a century ago. Lubin said:
“A hundred years ago, the bank robbers pointed out where the security weaknesses were. And there's kind of a back-and-forth between how you identify vulnerabilities, which we do very actively, with grants and our own security audits.
According to Lubin, the security of crypto will also improve over time, just like how platform trainers, safes, vaults and banks have evolved.
As the crypto space continues to grow, Lubin urged the space to prepare for bigger risks, as its growth could attract more nefarious actors.
“The whole world is going to move to Web3 rails, decentralized protocol, and Internet rails. And so, threats are going to get more and more advanced; attackers are going to be more and more sophisticated; and we have to stand up to that,” he added.
Lubin offers crypto security advice
On June 6, a developer claims to have lost about $40,000 in crypto just two minutes after accidentally posting secret keys on GitHub. With hackers and fraudsters constantly waiting for crypto investors to make mistakes, Cointelegraph asked Lubin how people can protect their assets.
According to Lubin, crypto users should not take financial advice from people on social media. Lubin also urged investors not to sell any of their assets.
“Don't click random links in your email, even on websites, it can be dangerous. Keep any digital assets in cold storage for self-protection if you're going to interact with anything.”
Related: FTC issues urgent warning against rising crypto dating scams
The most difficult thing in the history of software
Lubin compared the start of crypto to the advent of the web and the Internet. “No one was watching,” the executive said, except for some techies when the Internet worked. In addition, the Internet was not created on direct financial lines. He added:
“And we're doing the most difficult thing in the history of software because it's so big in terms of potential risks, vulnerabilities, complexity, etc.”
Lubin says it is difficult to influence the process of change in how the world organizes itself. The executive described the shift as “mainly top-down command and control through trusted intermediaries to this new decentralized trust flowing down.”
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