Joseph Lubin, the CEO of Consensys and co-founder of Ethereum, has emphasized the challenges of security in the digital asset space, describing crypto as “the hardest thing” in software history due to its threats, vulnerabilities, and complexity.
In an interview with Gareth Jenkinson, managing editor of Cointelegraph, Lubin stressed the importance of security in the crypto industry, drawing parallels between its current state and the early days of banking. He also shared advice on how users can protect their digital assets.
Lubin believes that as the crypto industry advances, it is crucial for professionals to continuously improve the technology and build better implementations. He compared the evolution of crypto security to the advancements in banking infrastructure such as stagecoaches, vaults, safes, and banks over a hundred years ago.
As the crypto space grows, Lubin warned that it will attract bigger threats and more malicious actors. He emphasized the need for the industry to be prepared for these challenges as the world transitions to decentralized protocols and internet rails.
In response to a recent incident where a developer lost $40,000 in crypto after accidentally posting secret keys on GitHub, Lubin advised users to avoid taking financial advice from social media and to refrain from sending assets to anyone. He also cautioned against clicking on random links in emails and websites, urging users to keep self-custody digital assets in cold storage for added security.
Lubin also compared the early days of crypto to the emergence of the internet, highlighting the difficulty of effecting a paradigm shift in how the world organizes itself. He described the shift from top-down command and control through trusted intermediaries to a decentralized trust paradigm where trust flows bottom-up as a significant challenge in the industry.
In conclusion, Lubin stressed the need for vigilance and proactive security measures in the ever-evolving crypto space to safeguard against potential threats and attacks.