Whether you’re a business or a home user, the idea of lending your computer’s power to a third party can seem intimidating. Does mining cryptocurrency pose a risk to network security?
Cudo Miner uses a locally-installed desktop application to allow the mining of cryptocurrency. The back-and-forth of data with the internet can set off alarm bells, but the reality is, desktop mining from a reliable source is perfectly safe.
Companies who wish to download Cudo Miner onto their business hardware needn’t worry for their IT infrastructure.
The packets of data which Cudo Miner exchanges are tiny, and entirely numerical; they contain no personal data whatsoever. The miner isn’t programmed to access or understand it.
Similarly, the miner uses SSL protection to provide an encrypted link between the server and client; so any data passed between them will remain entirely private.
Those who use Cudo Miner on their home computer will find the software comparable to other platforms which they regularly enjoy.
You probably wouldn’t think twice about using Slack as a messenger tool, or Spotify to listen to music. Cudo Miner employs the same level of reliability.
Mining platforms are built on an open source, which is entirely verifiable. It also won’t leave you susceptible to hacks; as previously mentioned, Cudo Miner only deals with packets of data, not your personal information.
This data wouldn’t make sense to anything except the blockchain; and as blockchain technology relies on multiple confirmations before transactions are authorised, there’s no opportunity to tamper with any information therein.
By nature the blockchain is transparent, yet impenetrable.
Your cryptocurrency is safe with us.
Once you’ve downloaded the miner and started to earn cryptocurrency with your spare computer power, those coins need to go somewhere.
Your crypto will initially be held in a virtual wallet on your account – Once you’ve added a wallet address, your coins will draw down automatically.
We recommend that you also take extra precautions; once we’ve sent your cryptocurrency to you, we’re no longer looking after it on your behalf.
Sending and receiving your cryptocurrency requires you to have a personal key. If you lose the key, it’s much like giving your credit card PIN number away. So, keeping your keys protected is integral.
There’s many ways for this to be achieved, but a cold storage wallet is a particularly reliable method; keeping your keys on a hard drive with no internet access, so it can’t possibly be accessed by anyone accept yourself, when you come to need it.
Is there a risk of system failure?
All systems run a risk of system failure, no matter how small it may be. No server, from any provider, can guarantee to be 100% immune.
Cudo Miner is highly unlikely to experience a major system breakdown. We have back-up systems to prevent data loss, as well as using Google Compute Engine to ensure that at the absolute worst, only a single day of mining would be lost (which is still incredibly unlikely, given Google’s reputation).
As discussed above, we only look after your cryptocurrency when it’s being mined; so, once it’s in your wallet, you’ll need to keep your stash safe, in case your own IT infrastructure encounters an internal problem.
Although we can keep our own technology as safe as houses, we unfortunately can’t control what’s in your own home and office!