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The Importance of Wallet Security in the Emerging World of Web3

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The Importance of Wallet Security in the Emerging World of Web3

Hacking and social engineering have become increasingly prevalent in the world of Crypto, NFTs, and Web3 more broadly. While malicious strategies and tactics continue to become more innovative, human error remains the leading cause of compromised wallets. These errors usually stem from inexperience, but even the most seasoned investor can lose everything if not careful.

As you can see on this Twitter thread, hackers can be very deceptive and target tapping into your personal needs. Let’s talk about some best practices to help protect your digital assets.

First, do routine research on what types of hacks and compromises are transpiring in the space. It is essential to stay updated on common exploits to avoid falling victim to any sneaky tactics. Tactics are being deployed and tested by hackers on a daily basis, and being out of the loop could end up being a costly mistake.

Second, ensure you are using a hardware wallet or multi-signature wallet if you are in possession of valuable assets.

Each transaction requires multiple signatures, which may slow down the transaction process, but this provides a layer of security that hot wallets cannot offer. If you decide to use a multi-signature wallet, always keep in mind the number of signatures required to execute a transaction. In the event that multiple keys become compromised or lost, you will need the minimum number of required signatures to process a transaction and access your funds. An example of an entity that should employ a multi-signature wallet could be a DAO with a large treasury they’re trying to secure or even a collector with a valuable personal gallery. Still, everyone should at least have a hardware wallet if invested in Web 3 to ensure an enhanced level of security.

Third, frequently disconnect your wallet and remove signing approvals from websites you have connected to. An excellent tool for this is Revoke.Cash, see this article to learn more about Revoke.Cash and its benefits.

Finally, ensure that any seed phrase you have is written on paper and not kept online. When saved as a photograph, in your notes, or stored digitally anywhere, your private keys are vulnerable. This includes ICloud storage; if your private keys for Coinbase Wallet or Metamask are stored on iCloud, an iCloud exploit could make your wallet vulnerable.

Have your seed phrase stored in your camera roll? Think of how many apps have requested access to your photos, then ask yourself if you trust them to protect your information.

We recommend segregating your seed phrase’s storage, keeping half of the phrase in one secure location, and half in another. We recommend hyper-secure storage locations like bank safety deposit boxes as an example. Just remember that if you lose even one piece of your seed phrase and need to back up your wallet, you will not be able to recover it. This is why we also recommend memorizing your Seed Phrase, if possible, as the ultimate way to protect your assets.

It’s important to consider that this digital world is just emerging, and certain assets will be worth substantially more in the future. Furthermore, as this space is already filled with scammers trying to steal your precious assets, it would be wise to expect that they will only become more prevalent as blockchain adoption increases. All this to say, now is the time to focus on protecting digital goods, as being proactive could save you time and money down the road.

Some key takeaways are: upgrading your wallet to a hardware wallet or multi-sig, being 100% sure every signature you sign is the right one, revoking approvals frequently, storing your seed phrase offline, and never sharing your screen or seed with anyone. will continue to inform you of notable events and valuable information in the wild world of Web 3. Continue to use us as a resource as you navigate this new digital world, and feel free to reach out at for any Blockchain development or security needs.

Alex McCurry is an American business executive, blockchain expert, investor, and the founder and owner of

cryptocurrency wallet

Not Your Keys Not Your Coins: How to Protect your Digital Assets

Over the years, the message of “Not your keys, not your coins” has been prevalent throughout the crypto community. However, in the wake of a multitude of recent high-profile centralized exchanges (CEX) and Crypto Banking collapses, insolvencies, and acquisitions, that phrase is emerging with a newfound vigor in the crypto community.

To understand the importance of this phrase, we first have to dissect what it means. Not your keys, not your coins refer to the importance of digital asset investors having control and sovereignty over the private keys to their crypto wallet(s). Your private key is essentially like your ‘seed phrase’; a random string of characters is the single point of access to your wallet. As a user, to send funds, sign messages, or recover access to your wallet, you must utilize your private key in one way or another. With non-custodial wallets like Metamask, Coinbase Wallet, and Trust Wallet, or hardware wallet providers such as Ledger, or Trezor, you are the only individual able to access your private keys upon the creation of your account.

These features are not the case with custodial wallets. Instead, custodial wallets are services where a centralized entity, such as an exchange, acts as the custodian for one or more sets of private keys on your behalf. Essentially, these entities operate similarly to banks, where they offer to manage your private keys securely. As a user, you make a deposit, and the exchange or entity keeps track of your balance(s) on an internal ledger. The risks in this are pretty obvious; unlike banks, crypto exchanges are often subject to far less regulation as it relates to the amount of collateral they need to keep, deposit minimums, audits, and what they do with the capital once it has been deposited.

Additionally, many of these exchanges/entities, such as Luna or Celsius, have used the practice of offering outlandish interest rates on the deposits they receive to entice deposits out of customers. As we have seen, this has not panned out very well for many of these major centralized providers, with an estimated over $40 billion in investor money lost between just those two examples. And there are many more similar stories.

On top of that, the major players that have managed to operate without having issues, such as Coinbase, Binance, and, carry similar risks. Although these entities are far more regulated than the two horror stories I’ve mentioned, they still operate under a custodial system. The glaring issue here is that these entities are not federally insured by the FDIC the way traditional banks are. This means that should any of these entities go insolvent, all of the uninsured creditors (meaning you) could potentially lose all of the money you have deposited.

Well, how does one protect themselves from these risks? The answer is to set up a secure, non-custodial wallet for your assets.

With a non-custodial wallet, you can securely manage the ownership of your private keys, reducing any potential counterparty risks. The single point of failure is you, the user. While this may be a bit scary and feel like a lot of pressure for many users, there are protections you can take to securely store and manage your private keys to mitigate risk as much as possible.

Recommendations we make for some products you can use to reduce risk include Ledger, Trezor, and Gnosis Safe. If you are interested in learning more about in-depth wallet security and best practices, feel free to check out one of our other articles on wallet security best practices and everything you need to know to keep your assets as safe as possible.

Alex McCurry is an American business executive, blockchain expertinvestor, and the founder and owner of


5G Solutions Facilitate Faster, More Efficient Supply Chains

For supply chains to keep up with increasing demand and the need for cost and resource savings, organizations are turning to 5G and private network solutions. 5G wireless technology will improve all aspects of the supply chain from manufacturing to inventory, fulfillment and delivery.

Manufacturing: Machine-to-machine communications are a staple in the manufacturing industry. Private 5G wireless technology will improve these machines’ flexibility and agility through its ability to carry more information at faster speeds. Devices will be able to stay completely in sync without any delay or lag. With the machine’s ability to increase precision, it will, in turn, increase productivity, reliability and safety.

Inventory: Traditional inventory management has always been time-consuming and labor-intensive, while fulfillment was at a halt. With real-time inventory trackers, fulfillment centers are better equipped to manage large quantities more accurately. By using software that can accurately count and relay information back to a centralized system, warehouses are able to get real-time data into exact inventory counts, product locations and run reporting tools.

Fulfillment: The entire world experienced a major shift in fulfillment technology when the COVID-19 pandemic hit and stay-at-home orders became routine. The increase in demand and limited capacity of fulfillment centers caused many suppliers to adopt warehouse robotics as a solution for the future. Warehouse robotics are actually not new to the industry but first started being developed and used in the early 1960’s in GM factories.

Delivery: Although we may be a few years away from seeing delivery automation used on a large scale, companies have been working to reduce delivery costs and improve logistics through remotely powered drone delivery, robotics, and autonomous vehicles. For a delivery driver or pilot to control and drive a drone from the fulfillment center, the community’s connection needs to be robust, fast and reliable.

Additional Benefits Private and Public 5G Networks will Bring to the Supply Chain

Reducing Power Resources: 5G speeds use less power than traditional 4G and LTE connections. A good analogy to describe how 5G uses less energy is when a person is on their phone loading a website, it may take up to a minute for the website to load. During that loading time their phone is working much harder and using more battery power. If that loading time were to be cut down to a second, it would reduce the additional strain on the phone’s battery, increasing the battery’s life before its next charge. Now take that analogy and apply it to multiple large-scale devices making these same types of connections all day. That speed translates to significant power-saving efforts.

Reliability: When looking at private enterprise networks versus Wi-Fi and what system is right for an organization’s unique manufacturing needs, it’s important to know the difference. Private wireless networks are proven to be more reliable through better signal penetration, fewer blind spots and ability to handle increased bandwidth. 5G networks also can handle more devices than traditional Wi-Fi or 4G networks, ensuring that communications never get jammed up or slow down. When it can be costly to second guess how much a network can handle or how quickly it can transmit data, there is no better solution than private enterprise networks.

Safety: By removing humans from specific functions on the factory floor, warehouses have significantly reduced the number of accidents. In addition to these machines performing some of the more difficult or dangerous tasks, operations are accompanied by sensors that can detect problems or interruptions and immediately shut down and alert the team on the floor when something malfunctions. This split-second reaction time is enough to stop accidents and potentially save lives. Manufacturing has historically been a dangerous job, and these solutions can significantly improve safety and working conditions.

What is Needed to Make These Networks Possible

In order for these IoT’s to flourish at their total capacity, a strong and secure private 5G network is essential. It is critical to work with communications experts who are experienced in developing private network solutions at scale. As technology continues to grow, so will the increase in data, devices and bandwidth needed to ensure seamless communication between devices. It is imperative that the networks being developed are done in a way that can be expanded upon in the future without interruption to the networks in place.


About Dan Leaf, CEO and president at Leaf Communications

Dan Leaf is an Air Force veteran with over 22 years of experience in the communications industry. Over his career, Leaf has become an expert in wireless infrastructure, successfully building and managing companies that provide unparalleled service to their clients. Leaf has worked with Fortune 500 companies, fire marshals and all major carriers to provide small cell deployment, 5G integration, first-responder systems (ERRCS), site acquisition real-estate services, architecture and engineering, and complete project management and construction services. The broad range of functions that Leaf and his team provide are what give them a holistic approach and expert experience in wireless infrastructure and communication technology.

cryptocurrency unicoin

Cryptocurrency’s Necessary and Inevitable Evolution

Cryptocurrency is at the precipice of ushering in the next era of finance. However, in order to be regarded as a commodity, traded and managed in the same way we now do with precious metals, equities, and derivatives, cryptocurrencies must become subject to similar rules, regulations, and trust mechanisms that apply to traditional assets. Such assurances are necessary for cryptocurrencies to achieve their full potential. Banks and financial institutions, as well as other industries, require security at scale and other layers of assurance, like insurance and chain of custody tracking. Adopting the means to develop a high level of trust is an absolute necessity for implementing cryptocurrency in a meaningful way. The question is, how do we get there?

Traditional asset management firms act as fiduciaries on behalf of their partners, subject to rules that ensure the safekeeping and custody of the assets they hold on behalf of their clients. Becoming a fiduciary in the world of cryptocurrency is a complex process, requiring a combination of specialized software and hardware, physical security, as well as clear policies and processes that ensure safe custody of assets. It also requires establishing the means to adopt the regulatory underpinnings for strictly digital assets, and that affords customers the kind of transparency and assurances—track record, management team, balance sheet—that ensure custodial trust is essential.

However, that does not exist in traditional cryptocurrency exchanges where the roles of broker-dealer, clearinghouse, bank and custodian are all handled by a single organization, usually an exchange. That’s too risky for large scale financial operations.

Here are a few elements that should be adopted to mitigate that level of risk and provide acceptable assurances for institutional and large-scale industrial adoption:

Adopt the SOC 2 digital security framework. SOC 2 is a set of rules developed by the American Institute of CPAs to establish a certifiable process of strict, auditable controls for building confidence, and ensuring trust and integrity, in service organizations dealing with digital assets.

Require that institutions act as fiduciaries. Fiduciaries are required to act in the best interests of their clients and must abide by a number of rules and adopt safeguards meant to establish and ensure trust. Fiduciary rules protect the client in the event of wrongdoing, error, or as a backstop to a catastrophic event such as being hacked. Safeguards associated with fiduciaries include insurance, funds in escrow, capital in reserve, security and other procedural checks, and no commingling of client coins.

State-of-the-art security. Digital assets have proven difficult to secure. Trust and security for institutional management of cryptocurrencies require the strictest, strongest technology and processes available, including multi-signature access using private keys, as well as a combination of both online (“hot”) and offline (“cold”) storage of assets to minimize risk.

If we start with these three things, we can accelerate the process of establishing necessary trust in cryptocurrencies. Even though it is counter-intuitive to the prevailing ethic, the benefits of using cryptocurrency in today’s global marketplace demand that at least the leading forms of cryptocurrency, like Bitcoin and Ethereum, adopt rules and even submit to regulations on par with those dictating the operation of traditional financial exchanges. This high level of trust would allow organizations to take advantage of the cryptocurrency’s “frictionless” ease of use and access while providing assurance of the asset’s security.

This type of evolution has happened again and again in financial services. Over the last half-century, security in financial services has evolved from an approach focused on building imposing physical controls, to one emphasizing digital trust. Over that time, we’ve observed those changes in the construction of financial institutions. At one time banks were imposing fortresses built of granite blocks and steel bars, outfitted with armed guards, and intended to send the clear message that your wealth was safe inside. Then, after currency was taken off the gold standard and protected with insurance policies, banks became open, airy, and inviting facilities that emphasized convenience.

Today, a bank may be nothing more than an intermediary operating from a web site or smartphone application. As long as the client is content that their money is secure, there is little concern for the format. That is because security has fully transitioned from the physical to the digital and, while there remains something of the past in our concept of cash and currency, the shift is complete. Cryptocurrency is the natural, next-step in the industry’s evolution.

People have become used to the idea that money doesn’t have to be a tangible representation of wealth, and that the ease of access that comes when wealth is digitized is a part of the value of an individual’s or organization’s finances. Today, more than a decade after Bitcoin’s advent, cryptocurrency represents the next phase of finance, but to get there means taking these important steps and adopting meaningful controls in order to satisfy the demands of traditionally staid industries like financial services. The good news is that, while the market recognizes that the mainstreaming of cryptocurrency is an inevitability, we have the model for making it work. We can—and must—do so for the benefit of the global economy.


Nick Carmi is the Head of Financial Services at BitGo