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Block-the-Talk; Rishi Thomas of Cypherock on why blockchain is appropriate for data management

Experts believe that hardware wallets enables one to solely manage their funds without any third-party risk

Block-the-Talk; Rishi Thomas of Cypherock on why blockchain is appropriate for data management
The Web3.0 space can be highly speculative and throwing money at an influencer promoted project can make you lose a lot of funds, Rishi Thomas, growth lead, Cypherock, said

Rishi Thomas, growth lead, Cypherock, a cryptocurrency wallet platform, shares his views on how blockchains ensure protect of user’s information, and how hardware wallets can play an important role with FE Blockchain.

What are the three best practices that today’s youth should follow when it comes to digital assets?

  1. Spend time learning about the space before spending money. Start somewhere, ideally at the protocol level to understand how blockchains work. Deeper understanding will help you learn the mechanics of crypto and make more informed decisions.
  1. Do not believe everything you read on Twitter, or any other source. The web3 space can be highly speculative and throwing money at an influencer promoted project can make you lose a lot of funds. There’s a saying in crypto – DYOR which stands for Do Your Own Research. Finding a mix of insightful sources to gain information, verifying on-chain data, and having your own thesis will help you go a long way in web3.
  1. Approach the space with a security first mindset. This means adding 2FA on your exchange accounts, using a hardware wallet to store and manage funds, never flaunting wealth on social platforms and a lot more.

How can blockchain be used to keep digital assets safe? Which are the apps consumers can use?

Blockchains themselves tend to be safe, but breaches always happen at the application or user layer – DeFi applications, NFT marketplaces etc.

On the application layer, there may be smart vulnerabilities in the smart contract layer which can be exploited, like in the case of the theft of Seth Green’s Bored Ape Yacht Club NFT, or when the Lazarus group – a North Korean hacker organization – was able to compromise Axie Infinity and steal more than $600M. On the user layer, users may store the seed phrase of their wallets in a paper or computer and lose access to the backup, like in the case of James Howells, who lost more ~7,000 BTC because he threw away his computer that had his crypto backup.

Keeping these issues in mind, the #1 thing you should do to keep your funds safe is to purchase a hardware wallet. Hardware wallets enable you to solely manage your funds without any third-party risk. Companies like Cypherock, Ledger and others work in the space that enable customers to safely store their digital assets.

 What are three tips you would like to give to people who dabble in crypto trading?

  1. Don’t play with money that you don’t have
  2. Conviction in the technology will give you much more peace of mind than listening to opinion on the news
  3. Research first, trading second.

 Which according to you is the country leading in the space and the Indian start-up ecosystem can pick up the best use cases?

I personally don’t think there is any country that is ‘leading’ the space – but the biggest hotspots are the US, France, UAE and India.

 What are the disadvantages of blockchain?

If data requires to be constantly changed, blockchains are not going to be the best solution to manage that data since blockchains are immutable i.e. information once recorded into a block cannot be changed. There are many systems that will benefit from such a technology, but it cannot be a standard that is applied across the board.

Also Read: How metaverse could be a game changer for NFT gaming

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