Technology pioneer and founder of the anti-virus product, John McAfee, has claimed that there is a need for a major shakeup in cryptocurrency security to prevent the virtual money world from crumbling.
This is despite his view that there will be a cryptocurrency standard for the world soon whether governments like it or not and tracking money flow would be difficult as well as the irony created by cryptocurrencies being powered by blockchain – considering its various real-world use cases in various sectors – as a system built to give anonymity also being used to identify.
“Security is the biggest problem. The hacking world hasn’t quite figured it out, but they will,” McAfee said to IBTimes UK at London’s Blockchain: Money event adding that changes have to be made to avoid chaos “not because we don’t understand it or we can’t understand the math [but] because there is no security whatsoever.”
He points out there are dangers in how people interact with their online money – namely via smartphone and how they are used to interact with Bitcoin.