Alternative Block Chains : be safe!

[steve-rodrigue]

I totally agree with the topic.  This is why I like new blockchain projects that use existing technology as their foundation.  If you are building a PoS sidechain for example, and you are using Tendermint, I feel a lot more comfortable than someone that just created a new byzantine fault tolerant concensus algorythm from scratch.

This is because I already reviewed Tendermint's code and can focus only on the business code of that new project, rather than the blockchain code itself.

Oh, and I prefer if they use dependencies over forks.  Forks can be easily manipulated to inject vulnerable code.  Dependencies uses the code that is in the git repository of the project maintainers.

Thanks,
Steve

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[Sid3d]

Good advice, which has not lost its relevance. Altcoins have already firmly entered our life, but I still treat them with caution and carefully choose ICO in which I want to participate, because I'm not ready to throw my money in the wind.

[Maximillllian]

I haven't seen anybody post about what would be my biggest worry if I were trying out alternative block chains. I realize this may be perceived as "Gavin is FUD'ding anything that isn't bitcoin!"  (FUD == Fear, Uncertainty and Doubt)  But I think some of you might be forgetting some basic computer security fundamentals in the excitement to be early adopters.

When I first heard about bitcoin, my questions were:

1) Can it possibly work (do the ideas for how it works make sense)?
2) Is it a scam?
3) If it is not a scam, could it open my computer up to viruses/trojans if I run it?

I answered those questions by:

1) Reading and understanding Satoshi's whitepaper.  Then thinking about it for a day or two and reading it again.
2) Finding out everything I could about the project.  I read every forum thread here (there were probably under a hundred threads back then) and read Satoshi's initial postings on the crypto mailing list.
3) Downloaded and skimmed the source code to see if it looked vulnerable to buffer overflow or other remotely exploitable attacks.

If I were going to experiment with an alternative block-chain, I'd go through the same process again. But I'm an old conservative fuddy-duddy.

If you want to take a risk on a brand-new alternative block-chain, I'd strongly suggest that you:

1) Run the software in a virtual machine or on a machine that doesn't contain anything valuable.
2) Don't invest more money or time than you can afford to lose.
3) Use a different passphrase at every exchange site.

Alternative blockchains are a big problem. Many are scammy and osianna part is not allocated from the gray mass

[amazura]

Sure, it can work. The idea that token isn't based on ETH or BTC protocol is that the team want to be individual. Awesome!

[AutoBlockX]

As a general rule, if you are dealing with a number of cryptocurrencies and coins, and working from just one computer, you should have some serious defences in place. You have pretty much covered it all in your original post and this really is a concern bitcoin investors should be looking into.

[BTCFLOW07]

try not to think everything that conspicuous individuals from the Bitcoin people group need to say in regards to elective chains. Specifically, I know a few people believe that the quantity of affirmations doesn't make a difference and the only thing that is in any way important is the aggregate expected time of the affirmations, with the goal that 1 10-minute-normal affirmation is more secure than 3-minute-normal affirmations. In the event that you read Satoshi's paper it's unmistakable this isn't valid; the quantity of affirmations is in reality more critical on the grounds that exchange security increments exponentially with more affirmations. (His paper has inexact figures; you'll see that tolerant 1 and 2-affirmation exchanges is genuinely unsafe.)

[Ajahboi1]

The best way to prevent or avoid any form of hazards on one's crypto is to ensure that strong malware are built on the gadgets or systems used for mining as most Hackers tends to use some software to try hack into one's account thereby having access to all details and thereby swerving them

[Genesis Crypto]

alternative blockchains are quite risky, so my advice is to be very careful and study each blockchain platform in detail before you start working with it. fortunately, information about many of them is more than enough

[Diegre5]

 We have smart contracts and Programming software which create blockchain within some minutes. Technology has changed drastically.

[Regeal414]

BTC is all around created blockchain, so you don't have any reason not to work with different dealers!

[Fmradio98]

much obliged for the counsel. In the crypto world it's in every case great to be somewhat moderate to your income so you don't open yourself to chance unstable and dynamic market

[primatnok]

Blockchain exists on the traverse among financial issues and innovations.Other structures also depend on what you need or are willing to donate.

[FRAGILE07]

Additionally, don't think everything that conspicuous individuals from the Bitcoin people group need to say in regards to elective chains. Specifically, I know a few people feel that the quantity of affirmations doesn't make a difference and the only thing that is in any way important is the aggregate expected time of the affirmations, with the goal that 1 10-minute-normal affirmation is more secure than 3-minute-normal affirmations. On the off chance that you read Satoshi's paper it's reasonable this isn't valid; the quantity of affirmations is in reality more imperative since exchange security increments exponentially with more affirmations. (His paper has inexact figures; you'll see that tolerant 1 and 2-affirmation exchanges is genuinely unsafe.)

For the most part, in the event that you have a lot of bitcoins on a given PC, being additional wary about outsider programming (be it an Alt-coin customer or an especially extravagant easygoing amusement) is fitting.

[datanhdung115]

The media plays a role in getting you to the news, but understanding it is difficult. Look at the current discount market, where bitcoin is at around $ 6,500, in the media tend to be splashy and based on the current trend, eventually the main loser. are we But a trading community will have a different view of the market, they will help us understand with any price increase / decrease action.

[Fqure3]

Bitcoin was created and the world was truly amazed by its blockchain technology people started to realize that there are many things that can be added, altered for the best.

[Gfdety9]

I recently saw, having nothing at all to do with crypto currency, a specific virus type that can operate inside and outside of a virtual machine.

[Diegre5]

These are all legit platforms that are poised to pose serious competition to ETH for running ICOs through their blockchain.

[AdamSv]

Bitcoin was created and the world was truly amazed by its blockchain technology people started to realize that there are many things that can be added, altered for the best.

I agree with you BL blockchain technology has changed the world very much, a completely new, breathed new life, it is a huge contribution and a huge progress.

[MoneroClassic]

The role of the blockchain is to help humans solve problems. We look forward to getting a better life  in the future.

[Grenin2]

The success of Ethereum and bitcoin has resulted in various projects that spawned into existence by leveraging the underlying technologies and concepts introduced by them.