A key benefit of cryptocurrency is security. Cryptocurrency is secured by cryptography, meaning that it’s almost impossible for it to be counterfeit, falsified, and duplicated by individuals or organised groups. Most cryptocurrencies are also secured by decentralized blockchain technology, meaning that entities like governments and banks cannot interfere. The appeal of using cryptocurrency is obvious.
While cryptocurrency generally offers the security that banks and other financial institutions cannot guarantee, there are still ways that cryptocurrency users can enhance the security of their funds and transactions further. One key method is ensuring that you are trading on an optimal platform. SphynxSwap’s All-In One (AIO) solution for trading, farming, staking and holding cryptocurrency trading platform combines a myriad of technologies and methods to ensure that its users are ultra-secure when trading cryptocurrency.
One way SphynxSwap enhances security for cryptocurrency traders is through its virtue of being an Automated Market Maker (AMM) -- the protocol underlying decentralised exchanges which is a part of the Decentralised Finance (DeFi) ecosystem. AMM technology allows any combination of tokens to be exchanged on the Binance Smart Chain. AMM is one of several methods to trade cryptocurrency, such as Peer-to-Peer (P2P) transactions and decentralized exchanges. However, it is one of the most optimal protocols to further mitigate the already low risk of hacking.
SphynxSwap also uses smart contracts to facilitate transactions. Smart contracts store digital assets momentarily on an encrypted network before facilitating the trading transaction. Once a smart contract is signed, no one can change or tamper it, and a record of it is on the blockchain forever. SphynxSwap uses “MasterChef” smart contracts, which offers more security than many other smart contract iterations.
SphynxSwap also incorporates third-party audits through CertiK, which ensures that SphynxSwap’s platform uses enhanced security protocols to further reduce the risk of hacking. Certik is the leading security-focused ranking platform that monitors blockchain protocols and DeFi projects, using formal verification technology to conduct security audits.
Another way SphynxSwap enhances security is that it allows individuals to trade, stake, farm and hold cryptocurrency in a single platform. By shifting between platforms for different crypto-related needs, people decrease their security. Why do these things on different platforms if one platform is able to provide you with one of the most secure ways of doing it all?
Cryptocurrency is one of the safest forms of currency through cryptography and the underlying technology that secures most of them -- blockchain. But there is no reason not to enhance your security further when trading cryptocurrency. While extremely rare, hacking and stealing does happen when trading cryptocurrency. SphynxSwap has carefully considered these risks and incorporated various technologies in its platform to protect its users.
(Brand Desk Content)
