5 Secure Technologies That Protect Online Traders by@kellyjohnson

5 Secure Technologies That Protect Online Traders

We are all digital natives but what we all need to do to keep us safe is to think about our safety. It should be top of mind and that is the reason for writing this article: creating awareness.
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xRhodium / Freemarket OneX HackerNoon profile picture

xRhodium / Freemarket OneX

xRhodium is the native token for decentralized marketplace Freemarket OneX

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  1. Tor
  2. E2EE
  3. Blockchain
  4. VPN
  5. 2FA

The Onion Router – anonymous surfing the web

The Tor is a "free browser" that provides anonymity on the Internet for many uses. The Onion Router "onion" logo shows the "anamorphic" form of the original "onion". Tor is a global network of servers that the U.S. Navy used for its "anonymous internet activities". Now, Tor is a non-profit organization developing "anonymity tools".

In order to keep its privacy and security, the Tor network uses an anonymous system. It works with a process called encryption which hides the identity of its users. To do this, the traffic is first encrypted. Then it is directed to several nodes that re-decrypt it one encryption layer at a time. There is even a guard node that provides your information over a secure channel so that you can log in through the network. Then, your data is carried by the middle node to send the traffic further into the network where the exit node sends it to the final destination. With this, your computer traffic cannot be track back to your identity. It can be called a "layer" of an onion.

To get into the Tor network, you only need to visit https://www.torproject.org and download the Tor browser. Once this browser has been installed, using it is as easy as going on the web, accessing an instruction page and using Tor.

Having a system like Tor is a little slow, because your data will be routed to multiple nodes to make it look like you're browsing the internet from a different country.

End-To-End-Encryption (E2EE)

End-to-End encryption (E2EE) is a type of secure communication that scrambles data during movement from one device or source to another.

In end-to-end encryption, the data is encrypted to ensure that it can only be understood by the intended person and cannot be tampered with by an internet service provider, application service provider, hacker or other entity.

Many popular messaging services use encryption to encrypt all their messages. These services can include Facebook, WhatsApp, and Zoom. These providers have faced controversy about their decisions to adopt encryption. Critics fear that encryption will allow people who use these services to have private discussions and avoid capture by authorities and potentially provide private conversations to people involved in the illicit activities.

Blockchain

A blockchain is a shared database that records all of the assets within a given cryptocurrency ecosystem — both digital and physical — at a given time and place. A block identifies pseudonymous ownership of all existing coins with a transaction. Once the transaction is validated by other participants of the network, the block will contain key information about what it was, when it happened, and more importantly, who owns what. A block also can record new transactions within a currency ecosystem from an electronic and physical perspective. Blockchains are immutable because once blocks are recorded, they cannot be altered. This technology is the basis for Bitcoin which has spawned new cryptocurrencies and applications.

Due to its nature of decentralization, there are no intermediaries or third parties managing transaction and data; instead, they are owned and validated by any node or computer that has access to the network and so are decentralized. Blockchain technology verifies and authenticates transactions and data through cryptography. Since the advent and rise of technology, data breaches have proved to be more frequent. Therefore, individuals often seek for decentralized technologies that would increase their privacy, data protection and data ownership.

Enhanced security with two blockchains

The Freemarket OneX is an app that focuses on a decentralized marketplace for precious metals by utilizing blockchains technology. This app has 2 blockchains that complement each other in keeping the app’s users secure and anonymous.

This first blockchain ledger is often called the "Base" blockchain. Most cryptocurrencies have their own chains, which are connected on top of the "Base" blockchain.

The second or "market-like" blockchain will enable users to take advantage of the additional benefits – for example, they could purchase tickets before even stepping on a plane.

Base Blockchain

The base blockchain of the Freemarket OneX app is the blockchain platform that stores user data, such as reviews and trading volume, and is necessary for determining whether the users are trustworthy in cryptocurrency trading. The users data and information are stored in the blockchain and cannot be changed or deleted.

Market Blockchain

The blockchain market contains people's offer details, including the buyer, seller and the date of the transaction.

The public blockchain's ledger system is creating a new block almost every block. And when a block is created, all previous blocks are removed. In other words, erasing all previous transactions for maximum security is how it works. This is done to protect your privacy; however, your buyer/seller information is not lost. So you can trade in your privacy, but your reputation isn't lost.

Virtual Private Network (VPN)

A virtual private network is a service that provides users with a more secure web browsing experience.

When you have an Internet connection, your device constantly exchanges personal information with other parties on the Web. An Advanced Encryption Standard (AES) data encryption cipher uses a private key to send your information through a secured encrypted tunnel. AES is based on strong mathematical algorithms to generate a new cipher each time anyone tries to access your information. Your data is sent from your computer or phone to an external server. Your data is encrypted, and then sent further out

VPN software (Virtual Private Network) protects your identity by encrypting your data so nobody can view what you're doing. It's a great way to browse the web.

Public Wifi networks are not secure - A VPN connection is an alternative to a public WiFi or a computer network. When you connect to a public WiFi, your data is secure with a VPN connection. The disadvantage is that this connection often costs money. We suggest using a mobile internet connection by 3G/4G/5G instead, which doesn't have these disadvantages.

More internet freedom - Because the use of VPN makes it harder for ISPs, government agencies and ad companies track your online activities, you might want to use VPN to have more privacy. You can also use VPN to download movies from illegal sites.

Getting past regional blockades - Services and websites that can be accessed only inside specific countries provide a way to avoid having local IP addresses or domain names. These can be useful to bypass restrictions in your countries that are based on access to certain content or websites. For example, a visitor to a different country can watch Netflix in the Netherlands or watch the movies they have picked up in Spain. With a VPN, you can circumvent all of the obstacles that are put in the way of having this access.

2FA (2 Factor Authentication)

Multi-factor authentication (MFA) is a method of enhancing security by requiring two or more methods, which may include things you know, like a username and password, plus something you have: like a smartphone app which approves login requests.

Two-factor authentication protects against phishing, social engineering and password brute-force attacks and ensures your logins are secure.

What is 2FA

The most essential part of any security system is to protect the data by ensuring that authorized users can obtain the data. Two-factor authentication (2FA) is an effective way of achieving security by offering security against many attacks that target the user passwords and accounts.

For example, let’s say you use a username and password to register for primary authentication on a website. That information is sent over the internet on the primary network. However, you’ll want to make sure the second factor is different (out-of-band). Approve a push notification sent over your mobile network to complete your second factor.

A hacker can break into your Windows PC by hacking into your Internet connection, and they could steal your passwords and your second form of authentication (if both are delivered over the same channel).

Without your physical device, cybercriminals can’t pretend to be you in order to steal things. For example, no one can steal the email you send or receive, or read your company documents if they’re stored in your remote cloud-based

Two-factor authentication is a valuable technique because attackers using your device (e.g. your phone) to steal your login credential are denied access.

Bonus technology

Not mentioned in our top 5, but using a password app like Keepass or Bitwarden really boosts your security online. Password managers like before mentioned also have the ability to create an ultra-strong password you can use when creating a new account on a website or with updating the password.

Because strong passwords are difficult to remember, keeping them in an app (which uses storage encryption) is the best way in getting safe online.

Check out the website of the open source app Bitwarden. They have apps for every platform you can think of: iOS, Windows, Android, MacOS, Linux, etc.

Conclusion

Keeping yourself safe on the world wide web is not difficult, but it needs a certain mindset. We are all digital natives but what we all need to do to keep us safe is to think about our safety. It should be top of mind and that is the reason for writing this article: creating awareness.

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