Leading banking and credit card issuing company, Capital One was reportedly hacked recently, with the hackers exposing the data of over 100 million customers in the platform’s database.
Wow, @CapitalOne hacked, over 100M US citizens' data exposed
How many more of these scale hacks need to happen before the catalysts for Web3 are clear?https://t.co/hL8v9eVJtx
— Kyle Samani (@KyleSamani) July 30, 2019
This is a major breach, considering the calibre of players involved, that is Capital One itself, and their customers whose financial details have now been exposed. Unfortunately, this is beginning to look like mere statistics because of the series of big companies that have gone through similar breaches recently.
An ever-mounting series of hacks and data breaches
This trend is becoming a concern for users as several reactions have been trooping in with respect to this unwanted event. Kyle Samani, the Managing Partner at Multicoin Cap, on his twitter handle asked how much longer this will go on before a system revolution is adopted. Recent breaches include British Airways’ system, which caused them to receive a hefty fine, Marriott Hotels, which involved the data of over 500 million guests, as well as Ford, TD Bank and Desjardins. The list of victims goes on from Earl Enterprises restaurants to Square, to the infamous Equifax hack.
Cryptocurrency’s advantages become more apparent by the day
Security matters on the internet, especially when it has to do with the financial sector is a serious matter. Cryptocurrencies like Dash have over and over proven to have the solution to many, if not all of these problems, especially when dealing with transactions. Take for instance, with the current traditional systems, users need to supply their data to third parties, who store them on centralized servers. That is why they can become targets for bad players and hackers. In contrast, cryptocurrencies, beyond the security increase of the blockchain, your transaction with the cryptocurrency does not in anyway require you to hand your private data to anyone else. Here, the user is fully in control.
Another factor that promotes security of transaction using cryptocurrencies like Dash is that the process is pseudonymous. This means that it is not attached to any identity. You focus on the business at hand, which is a transaction, without revealing additional information. Specifically with Dash, optional private transactions are available to further complicate unwanted linking to a physical identity.
With the campaign for more secure systems heating up, users are becoming more interested in understanding the offerings of this new transaction protocols.
Dash building on the basic advantages of cryptocurrencies
Capital One had 100 Million records hacked… 2nd credit info hack this week. They're giving away free credit checks to those affected. Your entire history is on their servers. Leave the dying paradigm behind, go crypto!
— unchained (@highlyunchained) July 30, 2019
Dash specifically maintains the regular benefits of cryptocurrencies while containing several distinct advantages for payments, including ChainLocks advanced blockchain security, instantly-confirmed and respendable transactions, and advanced privacy. These implementations make it possible for transactions to be instant and secure, with the option of making them private.
As it stands, Dash has provided merchants and retailers, especially those who carry out their activities online with the perfect payment solution. According to Ryan Taylor, the CEO of the Dash Core Group (DCG), online merchants would be crazy not to accept Dash. Here is how he put it:
I’m often asked… “why should we accept Dash for our online store?” The benefits are huge. You’re crazy if you don’t! And you should give discounts to encourage customers to migrate!