CoinBene Incorporates Komodo’s Security System To Avert The 51% Attack Menace

The crypto market is exposed to fraudulent activities and scam because it is highly unregulated. As such CoinBene has decided to take measures in order to promote a healthy environment of the cryptocurrency ecosystem.

CoinBene, a leading cryptocurrency exchange has teamed up with Komodo to implement some of the latter’s security systems. With more than 170 listed digital assets for trading, CoinBene is among the top ten crypto exchange platforms in the market by trading volume.

Komodo is a modular multi-chain platform that’s independently scalable and highly secure. It is a flexible ecosystem for end-to-end blockchain solutions. Clients can operate their own blockchain infrastructure and scale linearly at any point.

These two firms are collaborating after a proposed 2019 security initiative by CoinBene.

In 2018, the crypto community experienced hardships due to the control of the crypto bears. In addition, there has been a rising threat and occurrences of 51% attacks on digital asset exchange platforms.

Several victims of the 51% hack attack incurred losses in millions of dollars.

Bittrex was faced with the attack that resulted in Bitcoin Gold losing $18 million. They asked BTG for compensation of the losses but unfortunately, BTG was unable to and thus got delisted from the platform.

Verge (XVG) also fell victims of the attack in spring last year and ended up losing almost $3 billion.

The hacker trend continued to 2019 when Cryptopia, a New Zealand-based exchange was attacked twice in succession and lost a lot of funds in crypto. Ethereum Classic too wasn’t spared and they also lost close to $1 million.

Such incidences threaten the investors, developers, and the credibility of the crypto industry at large.

Komodo’s security system is a solution to the 51% attack menace. The system uses the delayed Proof of Work (dPoW) technology to enhance security in the blockchain industry.

Komodo is now sanctioned by CoinBene as its verified third-party security solution. It will also be listed in the CoinBene’s trading platform. KMD will now be trading on the exchange with three pairs, ETH, BTC, and USDT.

Being listed on the exchange is also a way of promoting the security service to other at-risk cryptocurrencies. There are six projects that are currently using the Komodo’s security system. They include GAME Credits, HUSH, and GinCoin among many more.

The Strategic Technical Partnership includes the preliminary tests for the revolutionary p2p open-source atomic swap technology. The atomic Swap technology offers users all-out security.

In this mechanism, both trading parties can retain the control of their private keys all through the entire process. It also promotes decentralization and creates more direct trading pairs between different tokens and coins.

CoinBene aims at integrating innovative technologies which will provide an excellent user experience for clients and high levels of security. As such, they have reviewed, and verified all the technical aspects pertaining to Komodo’s security service and are now ready to implement it in their platform.

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