Security is a concern for everyone, but it is a particularly important issue for users of Bitcoin and other cryptocurrencies. Whether you view your cryptocurrency holdings as a secure and anonymous form of payment, a vehicle for short-term trading or a long-term investment that could add to your wealth, your coins will do you no good if they disappear into the ether (pun intentional) – or into the hands of a hacker.
That is why improving security is so important, and those enhancements in security are behind the creation of the CryptoCurrency Security Standard, or CCSS. The CryptoCurrency Security Standard helps to ensure that the various information systems that use cryptocurrency adhere to a standard set of security procedures.
The purpose of the CryptoCurrency Security Standard (CCSS) is to standardize the security techniques and methodologies that are used by the many cryptocurrency systems around the world. Due to the adoption of this single standard, the end users of those cryptocurrencies can make more educated decisions about which products and services they will use, and which companies they will use going forward.
The Draft Standard
The draft standard for the CCSS has been published on GitHub. The publication of the draft standard is designed to make comments by end users, exchanges, and other stakeholders easier to gather. The standard itself is to be maintained by the CCSS Steering Committee, a group of experts dedicated to the security of the universe of cryptocurrencies and the protection of its users.
The CCSS Mission
The mission of the CCSS Steering Committee is to ensure that the standard is kept up to date, that it remains neutral and that it continues to utilize industry best practices. The Steering Committee is made up of experts in the cryptocurrency industry, including the following individuals:
- Andreas Antonopoulos – CTO of Third Key Solutions and author of “Mastering Bitcoin.”
- Mike Belshe – BitGo CEO
- Glen Bruce – Deloitte
- EJ Hilbert – PwC
- Eric Lombrozo – Ciphrex CEO
- Joshua McDougall – C4
- Michael Perkin – ShapeShift Chief Information Security Officer
- Micah Winkelspecht – Gem CEO
As you might expect, the organization overseeing the CryptoCurrency Security Standard (CCSS) accepts donations in the form of Bitcoin. These donations help to fund the development of a robust security standard, something every holder of cryptocurrency can appreciate.
Security is always an important consideration, especially when it comes to your finances. But unlike bank accounts, credit card transactions and mutual fund holdings, money stolen from cryptocurrency accounts is almost always unrecoverable. That is why security is such a vital issue for anyone who uses any form of cryptocurrency. Whether you are a merchant who accepts Bitcoin as payment, a long-term investor in the cryptocurrency or a day trader hoping to make a profit, you have a vested interest in the development and maintenance of the CryptoCurrency Security Standard (CCSS), and plenty of reasons to keep it robust and up to date.