In a recent Yoroi X (Twitter) Space, we had the pleasure of hosting wallet security experts Adam Cazes of Cardano Shield and Gero Wallet and Josh Marchand of SecurityBot. Wallet security is a topic that resonates deeply with Yoroi Wallet users and just about anyone navigating the Cardano DeFi landscape, so we’ve created a blog series from the X space discussion.
In this first part of the series, we sought to understand the broader context of Cardano’s blockchain security and what sets it apart. Join us by reading the transcript to learn why Adam believes Cardano stands at the forefront of security.
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Omar (EMURGO Fintech): Adam, let’s start with Cardano’s blockchain security. Can you shed some light on what makes Cardano secure compared to other blockchains, particularly those using an account-based model?
Adam (Cardano Shield / Gero Wallet): Absolutely. Cardano’s security is largely attributed to the Ouroboros proof-of-stake protocol, which employs an extended UTxO model. This model enhances security and privacy by segregating transaction validation data, thus reducing vulnerability to attacks.
One key feature is the mandatory signing of transactions, ensuring no action can occur without the user’s consent.
Unlike account-based networks, where wallet drainings are prevalent, Cardano’s structure prevents unauthorized access. When a user initiates a transaction, they are presented with a clear summary of its details, minimizing the risk of falling victim to scams. While true wallet drainings are virtually impossible on Cardano without user consent, ensuring a secure environment for transactions and smart contracts.
Adam highlighted the crucial role of user experience in maintaining security. Despite Cardano’s robust protocol, users unfamiliar with the eUTxO model may overlook transaction details, potentially exposing themselves to risks. However, at its core, Cardano prioritizes user empowerment, requiring explicit authorization for every transaction.
In comparison to Ethereum’s account-based model and other relay networks, Cardano offers a more secure platform for conducting transactions and executing smart contracts.
Read more: What is an account-based model vs. an UTXO model in blockchain?
Cardano’s commitment to security and user-centric design principles sets a high standard for blockchain technology, ensuring the protection of users’ assets and fostering trust in the digital economy.
Cardano’s secure backbone underscores a critical message for all of us in the digital age: the importance of being informed and vigilant in protecting our digital assets.
Stay tuned for our next blog installment, where we will delve further with Josh from SecurityBot on Attack Vectors within the Web3 Space.
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