Without question, the crypto space is the Wild West. Multiple people have lost a lot of fiat currency due to the “unexpected” occurring. Many lost a nice amount on cryptopia.co.nz exchange, including myself. These are the lessons learned through time. Personally, I do not recommend that any individual leave crypto on an exchange, unless you’re actively trading. Even then, ensure that you have only a portion online when dealing with various exchanges.
This is why ProperSix offers a Cold Storage Wallet alternative, which is a great source for keeping yourself protected from the unanticipated. All this leads me to regulation, which is a hot topic internationally at the moment. Too much government oversight is not a welcomed thought, but some regulation is much needed to ensure the consumer is protected from fraudulent companies. ProperSix does make it very clear that zero warranties are given, so it is on the end user to be responsible for their cryptocurrency exchange management.
The international crypto industry is considering regulation through the following aspects:
· Token creation — thousands of entities possibly will create a utility token.
· Token distribution — various methods, such as airdrops and forks.
· Token storage — wallet and key management, along with software programming.
· Exchanges — centralized, decentralized and peer to peer services.
· Payments systems — consumer payments, business to business services and billing options.
· Token mining — mining pools, cloud mining, remote hosting and hardware distribution.
· Token Investing — asset management accounts, retirement accounts and brokerage services.
· Other — software development, identity compliance (KYC), blockchain analytics.
Governments will try to inch into control of all mentioned throughout time. Although, other tribulations may present themselves in the blockchain environment that government cannot stop. Best example of this would be hackers or malicious software ran by specific cyber organizations with intentions of stealing data and crypto funds. Numerous exchanges have been subject to serious hacks over the last ten years. As a note to remember, the Pro6 Token will be an ETH based token, therefore on an open sourced network that is also prone to transaction congestion.
ProperSix has taken many steps to reduce third party involvement as a means to protect members from hacking abuse. The ProperSix exchange will offer at least two layers of KYC protection. It is advised that all members of ProperSix engage in the security measures set forth by the company. Such procedures being used are E-mail Authentication, Google Authenticator, Login Passwords, SMS Authentication, Trade Passwords and Anti-Phishing Codes. Interesting enough, ProperSix will offer an Escrow option as well. This will be done through the use of blockchain and smart contracts in efforts to give members more privacy and transparency. Seems that the ProperSix team plans on staying around in the crypto space for many years to come with the dynamic array of options they are presenting to end users!