Most cryptocurrency users will know that crypto wallets and exchanges are constantly the targets of cybercriminals, but the good news is that most of the time, these attacks are not successful. However, there’s no denying that security vulnerabilities have contributed to massive amounts of money being stolen from individuals and organizations alike over the years, which makes it all the more important to choose your cryptocurrency storage solutions wisely and regularly check them for safety and security breaches. That’s why we’re so excited to introduce you to Immutable X, an innovative platform designed with security in mind from the very start.
What is Immutable
Immutable is a decentralized platform that allows you to store your data on the blockchain. This means that your data is stored securely and cannot be tampered with or deleted. Plus, because it is stored on the blockchain, it is available to anyone with an internet connection. And if one Immutable node goes down, all other nodes will still have access to your data.
It has been shown that in general, storage on hard drives can cause vulnerabilities due to file system failures. But not only do these failures happen at random times but also leave users vulnerable to ransomware and hackers.
In comparison, storing files on immutable servers eliminates these vulnerabilities and makes them impervious from attacks by attackers who are looking for weak points in your security. As long as there is an internet connection, you’ll be able to access your information. You don’t need a password; just login using the same email address and Ethereum address that was used to create the account. All information uploaded onto Immutable servers is fully encrypted so no third party can read what’s inside without first decrypting it through the user’s private key.
But wait! There’s more! Your private key never leaves your device – even when uploading or downloading content onto our service! You may think how does this make my data more secure? What we’re really doing here is preventing things like Man-in-the-Middle (MITM) attacks where someone could easily intercept passwords or steal personal information by posing as a trusted source. With immutable, none of your data is ever transferred in plain text. So when you upload any kind of document – say a resume for example – it won’t contain any kind of identifying information about yourself until after it’s been decrypted by your private key. So now whoever wants to see your resume would have to decrypt the document before they can see any part of its contents.
Why Is It Important
As the world becomes more and more digitized, it’s important to have a secure way to store your digital assets. That’s where Immutable X comes in. Immutable X is a new blockchain-based platform that offers unparalleled security for your digital assets. With Immutable X, you can rest assured knowing that your crypto is safe and sound. You don’t need to worry about hackers getting into your account because you’re protected by state-of-the-art cryptography. Plus, with this system there are no third parties holding onto your data so all transactions are direct – reducing fees and increasing efficiency overall. Finally, there’s an on-site storage unit where you can pick up or drop off anything from physical goods to virtual assets. What Is Next? It will be exciting to see what happens next as the project moves forward and grows! The whole idea behind Immutable X is to provide you with the safest place possible to store your digital assets.
To do this, we’ve utilized some of the most cutting-edge encryption techniques available today and gone without any third party involvement whatsoever.
This ensures maximum protection without any needless expense.
In addition, we’ll soon be opening up a physical location that provides easy access to both items within the digital realm and items within our ever-growing tangible world.
You’ll also find helpful customer service representatives waiting on site if you have any questions along the way or if you want help making an upgrade or adding another level of protection to your profile (yes, customer service representatives actually exist!).
How Will I Use It
In the past, crypto investors have had to store their tokens on exchanges or in hot wallets, which are both vulnerable to hacks. But with Immutable X, you can store your tokens offline in a cold wallet, which is much more secure. Plus, you can earn interest on your tokens just by holding them in your wallet. Immutable X is the future of crypto storage, and I’m excited to be using it. I love that all my tokens are safely stored offline, out of reach from hackers who want to steal my funds. And if I want to buy something from an online retailer like Amazon, I can quickly send money directly from my wallet without having to move it onto an exchange first. It’s so easy-to-use, too! All I have to do is log into my account and enter the recipient’s address along with how many coins I want transferred. If they’re not already in my account (like when buying something), then they’ll automatically show up as soon as they arrive at my address. Best of all, since my holdings never leave the safety of my wallet, I don’t have to worry about losing anything. For example, there was recently a hack on one of the major exchanges where people lost millions because their coins were held there. With Immutable X, I’m never going to lose any of my hard-earned assets because they’re always safe and sound in my wallet.
Next Steps
1. Choose a wallet. There are many wallets that support Ethereum and ERC-20 tokens, but not all wallets are created equal. Do some research to find a wallet that suits your needs.
2. Buy some ETH. You’ll need ETH to interact with smart contracts on the Ethereum network, so you’ll need to purchase some from a cryptocurrency exchange.
3. Get familiar with MetaMask. MetaMask lets you interact with decentralized applications without having to run a full Ethereum node.
4. Deposit your ETH into MetaMask. Once you’ve bought ETH, you’ll need to send it to your MetaMask account so you can start using it on the Ethereum network.
5. Visit the Immutable X website and create an account. Follow the steps to buy METX coins.
6. Get a paper wallet or use MEW to store your METX coins securely offline in cold storage.
7. Install MEW for offline storage if you don’t already have it installed, then export the private key from your online computer’s MEW app by going to View Wallet Info > Private Keys. Download this file as a file onto your offline computer’s desktop or somewhere else safe where you can access it easily for later import back into MEW on another device or when you want to spend METX coins again on Ethereum networks.