Last week, Jason Bloomberg, president of industry analyst firm Intellyx wrote an article relating to illegal cryptomining explaining how criminals are concealing cryptocurrency transaction processing software onto public and private computers and devices. He considered sending out a warning which according to him is one of the most harmful threats of 2018.
However, this was short-lived.
With further contemplation, the effects of the illegal activities are quite horrendous. This is because such activities are considerable harmless to some extent it is meant to become destructive, take charge of computers, networks, information centers and confuse the international world.
Perhaps there is a way to evade this gradual but very harmful effect to take its affect on its host, which is more considerable the international computing infrastructure. The cybersecurity traders are already at work to prove certainty.
In his view point, trying to device ways to stop this work happening will prove ineffective. However, there is only one possible solution. All cryptocurrencies should be considered as they are in reality-illegal.
Here’s the explanation.
The center of attention if not for all altcoins (cryptocurrencies aside Bitcoin), is the driving force of a permissionless blockchain. With permissionless fondly known as “open” or “public,” anyone is allowed to create an anonymous account and make transactions with the network.
But this technic is quite different from permissioned blockchain which is also called “private” or “closed.” The permissioned blockchain is a controlled and supervised network where the access of users is monitored and is distinguished by individual responsibilities. According to Devon Allaby, COO of Design Farm Collective “they are built for purpose, establishing rules for transaction that align the needs of an organization or a consortium of organizations.”
In his recent article, Bloomberg concentrated in permissioned blockchains where he discussed IBM’s role with the open source Hyperledger project.
However, permissioned blockchains are not the focus of discussion. They might probably have to handle flexibility issues which is quite expensive, however, they will not be faced with the basic problem faced by the permissionless blockchains.
With permissionless, the main issue is that anyone act as a miner and this makes it easier for criminals to do the same.
Of course not all mining firms are criminals. There are several people creating genuine mining businesses. But there are many criminal activities that can jeopardize the mining.
Cryptocurrency are not generally affected by other forms of criminal activities such as tax evasion, money laundering, funding terrorism. However the most dreadful of them all is: illicit cryptomining.