What Is Valobit (VBIT)?
Valobit blockchain sphere is such a promising one. However, the industry is currently faced with some security challenges. Unscrupulous people are always looking for ways to scam people of their crypto assets. There have been several cyber scams since the popularization of the crypto market. Some examples are pump and drop, price manipulation, hackings, and the rest of them. The recent Twitter hack incident that led to the loss of over $110000 of BTC is a wake up call to everybody in the crypto business. The problem here is that 100% of companies worldwide are getting attacked by hackers, and the average detection time is 365 days leading to enormous economic and privacy damages.
Similar attacks are repeated against multiple targets before they are detected, understood, and mitigated. This is why Valobit Technology is here. It is an advanced cyber security solution that will proactively identify hackers and distribute their profile information to the protected community over the blockchain. With this solution, hackers will have no hiding place within the protected community. In addition to its cyber security solutions that intends to offer, it will also be actively engaged in world wide fulfillment warehouse facilities, multi-vendors drop shipping method, decentralized blockchain digital locker, and instant utility offering.
Valobit Storage Key Points
|Circulating Supply||1.20B VBIT|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
A transparent approach to financial investment
Valobit copy of the most recent and updated version of the database. These computers are known as nodes, and their jobs are to verify new transactions in the blockchain and add them to the database. These nodes operate based on protocols, a set of rules that tell the nodes the conditions to check before verifying a transaction and adding them to a database. These nodes are rewarded for securing the network. That way, they are dissuaded from attacking it for personal gains.
Valobit The way it is set up, false transactions are very difficult and expensive to add. In contrast, valid ones are easy to verify. With this setup, it became very appealing to everyone, including the finance industry. It is so appealing that central banks have started looking at ways they can use it to digitize their national currencies. Facebook is not left out as they are looking to create their own coin that will be used for transactions worldwide.
Governance & Regulation
Valobit Due to blockchain’s ability to sustain itself by being supposedly unalterable, there has not been any spelled-out need for governance and regulation. So, for now, the industry is solely dependent on codes and securities that sustains it. Even if it starts getting regulated, its only scams perpetrated by fake projects such as pump and drop will be minimized. Hacking and stealing of crypto assets, especially from exchanges, may still keep happening.
Valobit Most countries that are looking into regulating cryptocurrency are majorly doing that for the taxes. For instance, in Israel, cryptocurrencies are taxed as assets. In Bulgaria, they are taxed as financial assets, while in Argentina and Spain, they are subject to income tax. No government is concerning itself with the technology behind the crypto and how it can be safeguarded. Most of them are still skeptical about it.
The technology that Valobit brings is such that it can be interfaced with several existing and upcoming blockchain projects. That is because most projects will need security, some will be into ecommerce such as Coinbita, and they will need to interact with systems. Since several concurrent ventures back the coin, the VBIT coin promises to be solid and grow from strength to strength.
Valobit A technology technologies with their security will first secure its own. Such is the case with. They are adopting military grade encryption for your project, services, and clients. Transactions within your blockchain project is efficient and fast as they have identified every bottleneck and fixed them before coming live.
Blockchain projects and hacking
Valobit There was a time when everyone hailed blockchain as unhackable. Well, not anymore. As hackers are busy honing their skills, several security holes are being uncovered in the cryptocurrency and smart contract platforms. These security holes are fundamental to how they were built. One common example is the attack on a certain exchange. Sometime in January of 2019, the security team noticed that something strange was happening in Ethereum Classic, one of the numerous cryptocurrencies that were being traded in the exchange’s platform.
Valobit To show how vulnerable the system was to this hacker, he returned half of the money the next day to the exchange he stole it from. The security team had noticed that somebody was trying to attack its blockchain and the history of all its transactions. How did this hacker do it? The unknown hacker was rewriting the transaction history through half of the network’s computing power that he, somehow, gained control over.
Valobit That caused a situation known as double-spending, which is a situation whereby the same cryptocurrency can be spent more than once. If the exchange hadn’t noticed early, the hacker was already targeting around $1.1 million. The exchange later said they didn’t lose any money in the attack, but another exchange lost around $200,000 to the hacker.