The ethereum have an interface known as the port 8545 which is a perfect target since it is the standardized port for the JSON-RPC interface on which the ethereum wallets and mining hardware was built. Even though there are lots of insecurities observable in the software of the ethereum, it have been observed by the ethereum management and it was issued that there are some clients on the ethereum service that are not secured and they are prone to some things like theft. A simple scan on the software can easily cause a loss in the value of the ether on the part of the clients that are not really protected through the ethereum security software. There are some other treats that the ethereum cryptocurrency is prone to such as:
- removal of the port 8545 by some mining right vendors
With the increase in the amount of people on the ethereum service provision service, the number of clients of the ethereum who are vulnerable online increases at a high proportion with the amount of people who make use of the ethereum technology. In addition to the theft that can occur with the use of the ethereum technology, there could be a theft of a large amount of currency owned by a group of people by an individual or hacker on the internet. It is important to protect the software and to design a way through which the software can function in a more secured manner pending the time when there will be an improvement in the software of the ethereum technology. Having a more decentralized, hack-free or theft-free software will make all clients available on the program to feel secured and safe. There are also some instances when someone devices allows for the exposure of the port – which is meant to be exposed locally, nor on all platform so as to secure informations available – of the ethereum cryptocurrency and this makes it easy to hack allowing the ethereum software to function less in the protection of its clients from fraud online.
Although there is a low value on the price of the ethereum’s cryptocurrency, this does not mean that the coin should be left unprotected. The insecurity of these coins makes it very easy for fraudsters to be able to look a particular amount of free available coins online. The decrease of the coin brings down the coin on a great scale, reducing the amount of individuals that are ready to invest in this coin. All procedures that will help to keep the cryptocurrency at its level mist be well projected so as to make it different and distinct to all other kind if cryptocurrencies. It is expected that there should be a significant rise in the value of the ether in the early period of 2019 if the ethereum is properly managed.
One pending reason why the ethereum should be relieved of theft is because there could be the re-occurrence of a theft issue which occurred in the early period of the year which caused some people a whoop sum of 20 million dollars due to the exposure of the interface. Even though the value of the coin has reduced, the worth if these coins are immeasurable because when these coins become large enough and there is an increase in the price or value of the coin, it will be in favour of the investors and they will have a great gain which will increase the gain of the investor on a pretty large scale as compared to the gain it was meant to have on a normal note.
As a business which is believed to have the capacity of replacing cash-at-hand and will make transactions and all kind of money through the mobile currency. Such a currency should at first have a consistent increase in value, must be free from theft and it must be well secured because we will be dealing with money that we can see, hold or touch / feel and any compromise might cause a lot of disruption in the value of the cryptocurrency. Probably it will be better if the interface of the cryptocurrency comes with a password, thus preventing the accessibility of third parties to information regarding another individual and this will help to keep all clients available on the site safe at all times. There should be the consideration of so many factors that can be inculcated into the software to make it more secured. Since there have been a bid for the development of a new software, this should be approved so as to prevent the loss of lots of cashless value to online theft and some other possible discrepancies that can be happening online without the idea of the client participating in trades and other things online.