Nate Warns Against Holiday Center Databases

Nate Warns Against Holiday Center Databases
0

According to Nate Holiday, CEO of the decentralized data warehouse Space and Time, the recent drain of money and defi (decentralized money) lending platform Lodestar Finance, and the attack on Axie Infinity’s Ronin network before that, is the main a reminder to users and decentralized applications. dapps) are prone to data corruption. Although he admits that many dapps are supported by blockchain, however, Holiday said that many of these applications “are built on databases and services.

As recently reported by Bitcoin.com News, the mastermind behind the $6.9 million extortion from Lodestar Finance has compromised “the exchange rate of the plvGLP contract.” The hacker then proceeded to give Lodestar plvGLP support and borrowed all the money available. Speaking about the recent incidents of data breaches, Holiday said that dapps, like central business companies, can have one end of failure that makes them vulnerable to hacks. This reduces their interest in the workforce, Holiday argued. “Data breaches can have serious implications for dapp users. For example, if a payment application supports a centralized database, data is compromised. In the case of decentralized social media platforms, data breaches can lead to harmful opinions or false or misleading advertising,” Holiday explained to Bitcoin.com News.

Companies That Rely on Databases and Centralized Services

Decentralized applications (dapps) are more vulnerable to data breaches because “they’re built so much on databases and centralized services,” Space and Time CEO Nate Holiday said. The president shared a list of data breach risks that he said are specific to data warehouses. According to Nate Holiday, CEO of the decentralized data warehouse Space and Time, the recent drain of money and defi (decentralized money) lending platform Lodestar Finance, and the attack on Axie Infinity’s Ronin network before that, is the main a reminder to users and decentralized applications. dapps) are prone to data corruption. Although he admits that many dapps are supported by the blockchain, however, Holiday stated that many of these applications “build a lot on databases and services.

” As recently reported by Bitcoin.com News, the mastermind behind the $6.9 million extortion from Lodestar Finance has compromised “the exchange rate of the plvGLP contract. ” The hacker then proceeded to give Lodestar plvGLP support and borrowed all the money available.

Speaking about the recent incidents of data breaches, Holiday said that dapps, like central business companies, can have one end of failure that makes them vulnerable to hacks. This reduces their interest in the workforce, Holiday argued.

 “Data breaches can have serious implications for dapp users. For example, if a non-financial application allows centralized data storage, the data is compromised. In the case of decentralized social media platforms, data breaches can lead to harmful opinions or false or misleading advertising,” Holiday explained to Bitcoin.com News. One point of failure Meanwhile, the Space and Time CEO also shared a list of data breach risks specific to data warehouses, including hacking into centralized data storage systems and unauthorized access.

Using SQL injection techniques to manipulate data and compromise database systems or schemas are other risks. When asked to explain why he supports blockchain-based data solutions, Holiday said: “Unregulated companies do not have a single point of failure and supporting the blockchain makes data secure and immutable. This architecture provides a good solution for decentralized applications that require trustless communication, such as those of operational finance or supply chain management. While he doesn’t expect a sudden shift to decentralized data services, Holiday insisted that “companies are increasingly aware of the importance of incorporating blockchain data into their business models.”To help these companies, the CEO said that his company helps “companies that integrate data from central databases and make their business more powerful.”

Telegram address.

Click to rate this post!
[Total: 0 Average: 0]

Join Our Newsletter

Sign up for free now and be the first to know about new updates.

About Author

Write a Comment