What is clear signing and why is it so important?
In the digital world of cryptocurrencies, security is a constant issue. The recent hack at Bybit, where attackers stole significant amounts of cryptocurrencies through blind signing, highlights the need to fully understand transactions. This is where “Clear Signing” comes into play, a technology that emphasizes transparency and security.
What is clear signing?
“Blind signing” is like signing a blank check. You approve transactions without really understanding the details. “Clear Signing”, on the other hand, transforms complex transaction data into easy-to-understand information that is displayed directly on the screen of your ledger device. You can see the recipient address, the exact amount and the details of smart contracts. This means you know exactly what you are approving before you do it.
Why is clear signing so important?
This technology protects you from fraud and gives you full control over your cryptocurrencies. Attackers use “blind signing” to trick users into authorizing malicious transactions. With “Clear Signing” you can check every transaction and ensure that it is correct. Ledger has developed this technology to improve the security of cryptocurrencies and give users a sense of security.
The safe screen makes all the difference
A secure screen, as used with ledger wallets, is crucial. It is controlled directly by the Secure Element Chip, a high-security microcontroller that protects against attacks. Without this protection, you have to rely on the display on your computer or smartphone, which can be vulnerable to manipulation. Ledger’s vision is that “what you see is what you sign” becomes a reality.
The Bybit hack and clear signing
The Bybit hack is a perfect example of how “clear signing” could have helped. If the users had used Ledger hardware wallets, they would have recognized the manipulated transaction on the secure screen and prevented the theft. Ledger’s initiative would have immediately displayed the fake smart contract logic and thus prevented the hack.
Ledger as a pioneer for security
Ledger is a leading provider of hardware wallets and is driving the development of “Clear Signing”. The company is working with partners such as MetaMask, 1inch, Rabby and WalletConnect to establish this technology across the industry. Ledger sets new standards for cryptocurrency security and provides users with the tools to protect their assets.
Conclusion
“Clear Signing” is a decisive step towards more security in the crypto world. Ledger shows how it’s done and sets a new standard for the entire industry. If you really want to protect your cryptocurrencies, a Ledger hardware wallet is the best choice.
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