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Security Concerns and Risk related
to Cryptocurrencies
Dr. Kaleem Usmani
Bitcoin is the beginning of something great: a currency without a government,
something necessary and imperative.
- Nassim Taleb
A Cryptocurrency is a digital currency that is created
through mathematical engineering (algorithm).
It is designed to be open, anonymous, secure, fast and bypasses
traditional financial structures.
Bitcoin, created in 2009, was the world’s first
Cryptocurrency. Since then, many new Cryptocurrencies
(also known as Altcoins) have been introduced.
ADVANTAGES OF CRYPTOCURRENCY OVER
TRADITIONAL MONEY
VS Traditional
Digital currency maintains its users complete anonymity.
When you make a purchase with traditional money your
personal information is attached to each and every transaction
which can be used to track you and take note of your
purchases. But cryptocurrency transactions carry no personal
information.
Cryptocurrencies aren't directly linked to the laws,
rules or regulations of any government, corporation
or bank. Hence, the interest rates, fees and
surcharges that you may have to pay on your bank
account or credit card do not effect your transactions
or cryptocurrency in any manner.
How does cryptocurrencies work ?
The Mining Process
SERVERS GENERATE COMPLEX
MATH PROBLEMS
MINERS GENERATE SOLUTION
TO RELEASE XCOINS
How to use Cryptocurrencies
SET UP WALLET BY DOWNLOADING
SOFTWARE ON COMPUTER OR PHONE
THIS SOFTWARE GIVES YOU A UNIQUE AND SECURE
IDENTIFICATION CODE FOR BEING IDENTIFIED
IN THE NETWORK.
XVhgXFFXSCS456FGGCF6ETCF76576
YOU CAN BUY XCOINS WITH OTHER
STANDARD CURRIENCIES
FROM OTHER USERS OR REGISTERED
EXCHANGES.
THE FUND IS ADDED TO WALLET
INSTANTLY.
THE XCOIN NETWORK
AUTHENTICATES THE
TRANSACTION BY ADDING IT IN
PREVIOUS
BLOCK CHAIN AND MAINTAINS
INTEGRITY.
YOU CAN ALSO SEND PAYMENTS TO OTHER
ADDRESSES BY USING THE SECURE
SOFTWARE EASILY.
Y
Y
Y
Y
Role of Blockchain in Xcoin mining
USER ‘A’ SENDS FUND TO USER ‘B’
THE TRANSACTION IS CONVERTED TO A ‘BLOCK’
THE TRANSACTION IS BROADCASTED ON THE
NETWORK FOR VALIDATION
THIS BLOCK IS ADDED TO THE EARLIER NON
REVERSIBLE PROCESS CHAIN OF BLOCKFINALLY USER ‘B’ RECIEVES FUNDS FROM USER ‘A’
Selfish Mining— This allows a sufficient size pool of
“selfish miners” to gain revenue larger than its ratio of
mining power, which forces “honest miners” to spend
their cycles on blocks that won’t make it to the
blockchain.
Double Spending— This allows an attacker to
successfully make more than one transaction using a
single coin, which invalidates the “honest” transaction.
Security Concerns with Cryptocurrencies
Wallet Software/Distributed Denials of Service Attacks
(DDoS)—“Wallets” are client-side applications used to manage
Bitcoins and transactions of Bitcoins from/to the client and can
be accessed online or via download. Online wallets are more
vulnerable to DDoS attacks since they need encryption and are
backed off-line.
Acquiring Greater Than 50% Computing Power— This is when
any conspiring user acquires more than 50% of the computing
power in mining process, which can also lead to other attacks.
Security Concerns with Cryptocurrencies
Timejacking— This happens when an attacker announces an
inaccurate timestamp while connecting to a node for a
transaction, altering the network time counter and deceiving
the node, which can cause double-spending.
Security Concerns with Cryptocurrencies
Thank You

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Risk on Crypto Currencies

  • 1. I Security Concerns and Risk related to Cryptocurrencies Dr. Kaleem Usmani
  • 2. Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative. - Nassim Taleb
  • 3. A Cryptocurrency is a digital currency that is created through mathematical engineering (algorithm). It is designed to be open, anonymous, secure, fast and bypasses traditional financial structures.
  • 4. Bitcoin, created in 2009, was the world’s first Cryptocurrency. Since then, many new Cryptocurrencies (also known as Altcoins) have been introduced.
  • 5. ADVANTAGES OF CRYPTOCURRENCY OVER TRADITIONAL MONEY VS Traditional
  • 6. Digital currency maintains its users complete anonymity. When you make a purchase with traditional money your personal information is attached to each and every transaction which can be used to track you and take note of your purchases. But cryptocurrency transactions carry no personal information.
  • 7. Cryptocurrencies aren't directly linked to the laws, rules or regulations of any government, corporation or bank. Hence, the interest rates, fees and surcharges that you may have to pay on your bank account or credit card do not effect your transactions or cryptocurrency in any manner.
  • 8.
  • 9. How does cryptocurrencies work ? The Mining Process SERVERS GENERATE COMPLEX MATH PROBLEMS MINERS GENERATE SOLUTION TO RELEASE XCOINS
  • 10. How to use Cryptocurrencies SET UP WALLET BY DOWNLOADING SOFTWARE ON COMPUTER OR PHONE THIS SOFTWARE GIVES YOU A UNIQUE AND SECURE IDENTIFICATION CODE FOR BEING IDENTIFIED IN THE NETWORK. XVhgXFFXSCS456FGGCF6ETCF76576 YOU CAN BUY XCOINS WITH OTHER STANDARD CURRIENCIES FROM OTHER USERS OR REGISTERED EXCHANGES. THE FUND IS ADDED TO WALLET INSTANTLY. THE XCOIN NETWORK AUTHENTICATES THE TRANSACTION BY ADDING IT IN PREVIOUS BLOCK CHAIN AND MAINTAINS INTEGRITY. YOU CAN ALSO SEND PAYMENTS TO OTHER ADDRESSES BY USING THE SECURE SOFTWARE EASILY.
  • 11. Y Y Y Y Role of Blockchain in Xcoin mining USER ‘A’ SENDS FUND TO USER ‘B’ THE TRANSACTION IS CONVERTED TO A ‘BLOCK’ THE TRANSACTION IS BROADCASTED ON THE NETWORK FOR VALIDATION THIS BLOCK IS ADDED TO THE EARLIER NON REVERSIBLE PROCESS CHAIN OF BLOCKFINALLY USER ‘B’ RECIEVES FUNDS FROM USER ‘A’
  • 12. Selfish Mining— This allows a sufficient size pool of “selfish miners” to gain revenue larger than its ratio of mining power, which forces “honest miners” to spend their cycles on blocks that won’t make it to the blockchain. Double Spending— This allows an attacker to successfully make more than one transaction using a single coin, which invalidates the “honest” transaction. Security Concerns with Cryptocurrencies
  • 13. Wallet Software/Distributed Denials of Service Attacks (DDoS)—“Wallets” are client-side applications used to manage Bitcoins and transactions of Bitcoins from/to the client and can be accessed online or via download. Online wallets are more vulnerable to DDoS attacks since they need encryption and are backed off-line. Acquiring Greater Than 50% Computing Power— This is when any conspiring user acquires more than 50% of the computing power in mining process, which can also lead to other attacks. Security Concerns with Cryptocurrencies
  • 14. Timejacking— This happens when an attacker announces an inaccurate timestamp while connecting to a node for a transaction, altering the network time counter and deceiving the node, which can cause double-spending. Security Concerns with Cryptocurrencies