BitMint: The Only Digital Money Designed to Withstand an Attack by a Smarter Attacker
Nominal crypto currencies, as well as digitized legacy money are engaged in a battle of wits which they cannot win often enough, and at the end of the day will clear the road for the randomness-based BitMint solution (or to a better version thereof).
When money has no physical representation, it faces the risk of a catastrophic cyber attack. The common defense measures are: (i) a secure ‘wall’ around money data at rest, and (ii) encryption for money data in transfer. Alas, databases, even the most secure ones, are compromised in proportion to their level of public interaction, and a money database is very interactive with the trading public. A daunting reality. Matters are even worse for data in motion: encryption today is based on mathematical complexity which is inherently vulnerable to more advanced mathematical insight, and to faster computers.
It is therefore the inescapable conclusion that money in the 21st century is not satisfactorily protected. This applies both to legacy money and to crypto currencies. The latter claim an advantage in as much as they are not reliant on guarded (breachable) databases as the legacy money is. However, they are totally exposed to a math attack that can evaporate at an instant, all the value of a crypto currency with the discovery of a single smart algorithm.
It is this harsh reality that the proponents of the prevailing digital money solutions are trying to keep hidden. These efforts are effective for a short while, or even a longer while, as it seems, but they are bound to fail. The alarming realization will dawn on the public’s mind: digital money, easy, convenient, and ‘cool’ as it is, is not robust enough to allow our civil order to be built upon it. It is then when people will ask: what else is there? And one loud answer will be: BitMint,
BitMint digital money will not be catastrophically compromised by having its database breached, and it is not reliant on mathematical complexity that surrenders to a smarter attacker. BitMint is clear of the vulnerabilities of its competition.
It is therefore that as the crypto money craze runs its course, and as legacy money databases are successfully raided once too often, BitMint will become the proposition of interest.
How exactly does BitMint work, if in its essence it relies on no complex algorithms? And how does it operate without establishing a public facing database?
The BitMint secret is a smart use of what is to be regarded as cyber oil — the resource that powers up cyber space: randomness. Randomness offers a unique cyber defense. It allows its user to effectively protect his or her money against a smarter attacker.
Come to think about it, the reason that cyber security is such a big issue is that in essence it is not a match of kinetics, nor of arms, and physical weapon, it is a match of wits. The smartest security people may indeed be smarter than the smartest hackers, but money data is protected by a large number of security experts, some of them are not as smart as the smartest attackers. And that is why they keep coming back. Frequently enough the attackers win. It’s the very battle of wits that keeps digital money at catastrophic risk.
The solution therefore is to constitute money on another basis. Since in a battle of wits we cannot win frequently enough, we should choose another battlefield, and that what BitMint does. It developed the means to use this emerging new resource — randomness — as a tool to help its user to neutralize the smarts advantage of his or her adversary.
BitMint operates either on high-grade quantum randomness, or on pseudo-randomness upgraded to satisfactory quality. It uses randomness to substitute for those vulnerable crypto algorithms, and it uses randomness to insure that even if an attacker is smart enough to compromise the BitMint money database there would ne no catastrophic collapse of the currency. In short, BitMint money is unique in as much as it can withstand an attack by a superior intelligence — which is where all its competition fails.
A ‘philosophical’ note: scientifically minded readers might be taken aback by the above claim, and consider it hubris. Not really: the essence of ‘pure randomness’ is a veil that perfectly hides what is behind it. What is not clear is that any real source of randomness is in fact such a veil. What appears random to the less insightful, will appear pattern-full to the more insightful. And to that extent BitMint is like-wise vulnerable to a smarter attacker. But in principle, give it perfect randomness, and BitMint will give you perfect cyber security. Quantum grade randomness which is emerging in commercial availability is certified as purely random by the likes of Albert Einstein, Werner Heisenberg, Neils Bohr, Richard Feynman, and their like. It does not get any better.