Blockchain networks can differ in who can participate and who has access to the data. Networks are typically labeled as either public or private, which describes who is allowed to participate, and permissioned or permissionless, which describes how participants gain access to the network.

Public and private blockchains Public blockchain networks typically allow anyone to join and for participants to remain anonymous. A public blockchain uses internet-connected computers to validate transactions and achieve consensus. Bitcoin is probably the most well-known example of a public blockchain, and it achieves consensus through "bitcoin mining." Computers on the bitcoin network, or “miners,” try to solve a complex cryptographic problem to create proof of work and thereby validate the transaction. Outside of public keys, there are few identity and access controls in this type of network.

Private blockchains use identity to confirm membership and access privileges and typically only permit known organizations to join. Together, the organizations form a private, members-only "business network." A private blockchain in a permissioned network achieves consensus through a process called "selective endorsement," where known users verify the transactions. Only members with special access and permissions can maintain the transaction ledger. This network type requires more identity and access controls.

When building a blockchain application, it’s critical to assess which type of network will best suit your business goals. Private and permissioned networks can be tightly controlled and preferable for compliance and regulatory reasons. However, public and permissionless networks can achieve greater decentralization and distribution.

While blockchain technology produces a tamper-proof ledger of transactions, blockchain networks are not immune to cyberattacks and fraud. Those with ill intent can manipulate known vulnerabilities in blockchain infrastructure and have succeeded in various hacks and frauds over the years. Our mission is bringing is to take up arm against all forms of fraud activity in the digital space such as :

1. Code exploitation

The Decentralized Autonomous Organization (DAO), a venture capital fund operating through a decentralized blockchain, inspired by Bitcoin, was robbed of more than USD 60 million worth of ether digital currency — about a third of its value — through code exploitation.

2. Stolen keys

A theft of nearly USD 73 million worth of customers’ bitcoin from one of the world’s largest cryptocurrency exchange,hong-kong based bitfinex demonstrated that the currency is still a big risk.The likely cause was stolen private keys,which are personal digital signature.

3. Employee computers hacked

When Bithumb, one of the largest Ethereum and bitcoin cryptocurrency exchanges, was recently hacked, the hackers compromised 30,000 users data and stole USD 870,000 worth of bitcoin. Even though it was an employee's computer that was hacked - not the core servers - this event raised questions about the overall security.

4. Phishing attacks

Phishing is a scamming attempt to attain a user's credentials. Fraudsters send wallet key owners emails designed to look as though they're coming from a legitimate source. The emails ask users for their credentials using fake hyperlinks. Having access to a user's credentials and other sensitive information can result in losses for the user and the blockchain network.

5. Routing attacks

Blockchains rely on real-time, large data transfers Hackers can intercept data as it's transferring to internet service providers. In a routing attack, blockchain participants typically can't see the threat, so everything looks normal. However, behind the scenes, fraudsters have extracted confidential data or currencies.

6. Sybil attacks

In a Sybil attack, hackers create and use many false network identities to flood the network and crash the system. Sybil refers to a famous book character diagnosed with a multiple identity disorder.

7. 51% attacks

Mining requires a vast amount of computing power, especially for large-scale public blockchains. But if a miner, or a group of miners, could rally enough resources, they could attain more than 50% of a blockchain network's mining power. Having more than 50% of the power means having control over the ledger and the ability to manipulate it.

Note: Private blockchains are not vulnerable to 51% attacks. In today's digital world it is essential to take steps to ensure the security of both your blockchain design and environment.

8. Scam websites/Exchanges

There are millions of people who get targeted by fraudsters everyday.No matter how smart you are there is still chance you might become a victim of fraud by scammers all over the social platform. However,if you know how to guard yourself,you are less likely to suffer a loss. Our multifunctional team of experts helps you recover your lost funds safely and without any trouble on your part.