The co-founder of Ethereum and founder of Cardano has offered to help Twitter solve its security problems using crypto and prism.
In an animation video centered on the problems faced by Twitter, the cryptographer said, Twitter is faced with major security issues and he’s ready to help the firm solve the problems behind authentication and verification for a cost.
The great microblogging platform owned by Jack Dorsey, recently saw a massive hack that cost its users from around the globe over $100,000 in Bitcoin. Meanwhile, another close to $300,000 funds sent to the hackers was averted by the U.S-based cryptocurrency exchange Coinbase.
Since then, experts have been on the lookout for a solution to the disheartening action that affected the accounts of influential entities across the US. This act has made Hoskinson propose a longlasting solution to the problems.
The co-founder of Cardano and Ethereum said those who are not popular, who are not “Donald Trump, Elon Musk, Bill Gates or Barack Obama” but had their account comprised or impersonated, are battling the trauma of knowing that someone somewhere is impersonating them purposely to cause all kinds of havoc by posing to offer Bitcoin giveaway scams.
In his basic principle of solving the Twitter problem, Hoskinson advised that much must not be changed on the platform and the social blogging platform needs to be built on its already existing solid foundation.
“So don’t make radical changes…keep it simple and easy to understand,” Hoskinson suggested.
He noted that the solution won’t cost Twitter much, and it is going to be very cheap for the firm to bear.
Proposing the solution, the CEO of IOHK also said he would employ signature, which is “an artifact of cryptography.”
For these problems, Hoskinson said he will make use of the public key crypto and the private key crypto which has been around since 1970.
DID and Prism to Solve Twitter Problems
He mentioned that the W3C created a DID standard with a foundation comprising of Microsoft, IBM, Hyperledger, and some others. He said DID has two parts, a DID ID and a DID document which contains a set of information about the DID and it can include crypto where public keys are stored.
Hoskinson enjoined that through the idea, a set of verified tweets can be introduced to the platform. The idea will make a verified tweet and a regular tweet to be available on the platform. Through that, it will be easy for people to understand that a particular tweet is coming from the real owner of the account and not just those who registered an account in their name.
He suggested that a DID will be embedded in a blockchain technology like Cardano, where anything saved will be online every time and no one will be able to change it.
The co-founder of Cardano suggested that users can create or import a DID or get a DID verified or pay for it, noting that Twitter won’t have access to the private key. On the Twitter side, Charles said Twitter “can either just sign anything they get or have a standard” like an additional level of checking.
Through the initiative, users will have access to a credential that Twitter does not have, which is the DID document.
What this denotes is that anytime Twitter is hacked, it is easy for the hacker to Tweet from, say Donald Trump’s account or Bill Gates’s account or whoever account got hacked, however, it is impossible for the hacker to produce verified tweets.
“The only thing they (hackers) could send would be unverified tweets, you can even have a policy for high-value users that they can only send verified tweets,” he added.
The cerebral cryptographer said the power of the prism framework would be used alongside DID for the verification. He said users can have a 3-Factor verification using the prism to increase the access control.
Atala: Cardano Blockchain Solution Introduced into the Food Industry for Traceability
The traceability, immutability and transparency features of Cardano blockchain technology has granted it a place in the food industry, as the first United States Department of Agriculture (USDA) certified blockchain company, Beefchain, adopts Cardano to fight against food fraud.
The Wyoming-based traceability solution company Beefchain collaborated with Cardano to utilize the latter’s blockchain technology in tracking beef from its source to the final consumer, the CTO at IOHK, Jerry Fragiskatos said during the last Cardano Virtual Summit.
The president of Beefchain, Steven Lucan, said partnering with Cardano was a perfect move in realizing the company’s vision. Beefchain was established to fight against frauds, intermediaries and regulatory problems among others affecting the ranching community and Cardano offers a true solution to all the problems.
Lucan said Beefchain can now store and share data with farmers and consumers without any hassle or fear of data breach.
Cardano blockchain technology, via the partnership, now lets ranchers make more earnings by eliminating intermediary and security food problems. According to the Chief Ranch Officer at Beefchain, Tyler Lyndholm, the use of blockchain technology to verify data will now let ranchers make extra $25 to $30 thousand a year on a herd of cattle.
Beefchain will leverage the Cardano’s recently launched decentralized identity system, Atala Prism, for the food traceability innovation.
Cardano released the Atala prism early this month. It was named after a butterfly in Florida, and it was designed to offer solutions to businesses, governments and developers, especially in developing countries.
Atala Prism is a Cardano-based technology. It offers the world a secure and trusted way of interacting. Atala also offers authorities and enterprises a secure way of saving money with true serverless solutions.
The Atala scan has a temper-proof system for traceability, authenticity and auditability of products. Hence brand owners will have optimum control over their supply chain, improved visibility and enhanced sustainability.