In the rapidly evolving world of cryptocurrencies, maintaining wallet security is essential for the average user. From major hacks that use lookalike websites to exploits that have taken advantage of wallet connect software for decentralized finance apps, the risks associated with being actively involved in the cryptocurrency space continue to increase. In Episode 42 of Hashing it Out, Kevin Larson, chief technology officer of WalletChat, explains how users and platforms can ensure better wallet security.
Before building WalletChat — a wallet-to-wallet chat application — Larson worked as a penetration tester probing traditional Web2 security. Since entering the cryptocurrency ecosystem, Larson has applied that knowledge to understanding how Web2 security crosses over to Web3. Asked whether crypto wallet security is at its worst point, Larson said the answer depends on how it’s viewed. He argues that for new users and the risks they face, this is the worst point ever. However, he explains that the security issue is not a crypto-specific problem, as various Web2 platforms are struggling to keep users safe and are mostly the starting point for Web3 hacks.
For the average user, Larson explains that securing a crypto wallet starts from the basics, like keeping seed phrases off cloud storage platforms and using hardware wallets for high net-worth portfolios.
He says that security is not just a tool but also a method of being patient and asking many questions before taking steps on-chain. Larson says new users can double-check their information and links from multiple sources to ensure they use the correct links, products or decentralized applications (DApps).
The rest of the podcast looks at how new technologies like account abstraction could improve wallet security as adoption increases, and how DApps can take steps to improve user protection.
Listen to the full episode of Hashing It Out on Spotify, Apple Podcasts or TuneIn. And don’t forget to check out Cointelegraph’s full lineup of other shows!
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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