Macauley Berg, Ankr: “people are looking for alternatives to traditional banking and financial systems”

Praised by active long-term investors, the popularity of cryptocurrency as an investment vehicle is only increasing, and for good reason. Crypto has many advantages, like enabling financial independence and serving as a hedge against inflation.

However, cryptocurrency is vulnerable to various types of cyber threats thanks to its natively digital nature, with the most common being malware and fraud. Such attacks can result in major money loss.

To avoid such detrimental consequences and have a safe crypto experience, it is vital to ensure that individuals are aware and make use of various cybersecurity solutions.

For this reason, to discuss the crypto environment and cybersecurity issues surrounding it, we invited Mac Berg, Content Writer at Ankr, a company providing decentralized infrastructure for the Web3 movement.

How did Ankr originate? What were some of your major milestones throughout the years?

Ankr started with the idea to utilize the excess cloud computing power that many cloud providers had laying dormant. The founders saw an opportunity to use this power to help grow the new digital economy. Since then, Ankr has continued to develop and expand its mission – now providing services like node hosting, RPC access, and innovative staking products. The ANKR token is used as a payment method for services and governance in the Ankr ecosystem.

In terms of milestones, we have had a busy run! I will give a few highlights from the last couple of years.

In 2019, we listed on a host of exchanges: Tokenman, Upbit, Bittrex, Bitmax, Kucoin, Bithumb Korea, Huobi Korea, Coinsuper, Bgogo, and others. We were also the first winners of the Binance DEX community program.

We partnered with Matic Network, MultiVAC, Blockcloud, and other blockchain projects – all while building our community. Finally, we launched the Ankr mainnet and web application.

In 2020, we ran a number of node hosting campaigns, listed ANKR in the Chinese and Indian markets, partnered with Vite, Pchain, IOST, Oasis, and others, and launched Stkr on the mainnet to great acclaim from users.

In 2021, we partnered with NBA’s Sacramento Kings, and released Ankr Protocol (an all-in-one DeFi developer suite), extensive Polkadot support, new DeFi products, and more. This includes Ankr Earn, a launchpad for liquid staking and liquid crowdloan products – innovative reward-based financial instruments. We are gearing up for a tremendous 2022.

For those who might not be familiar with what you do, could you briefly explain what Ankr is?

We are the proverbial building blocks for Web3, offering blockchain node infrastructure, staking, and DeFi products that make developing and earning easy. Our global, distributed network of nodes spans 50+ proof-of-stake (PoS) blockchains and supports applications, node hosting, and more.

Our suite of connectivity tools makes it easier than ever before for developers to launch their apps on Web3, and we also make it easier for everyday users to participate in the Web3 economy and its underlying PoS networks.

How do you think the pandemic affected the crypto landscape?

The pandemic had an indirect impact on crypto, starting with the global market crash and widespread panic of early 2020. With millions of people losing their jobs, and consumer demand wiped out, governments around the world responded with large-scale quantitative easing programs. This huge injection of liquidity into the global economy continues to erode the value of fiat currencies relative to Bitcoin and other digital assets.

Additionally, as society becomes increasingly digitized, people are looking for alternatives to traditional banking and financial systems. This has led to a surge in popularity for decentralized finance (DeFi) applications, which are built on top of blockchain infrastructure. DeFi is well-positioned to take advantage of the global pandemic, as people look for ways to protect their savings and earn a return in a difficult economic climate.

Beyond the obvious financial shifts, people are also spending more time than ever gaming, which has helped drive play-to-earn games and NFTs (non-fungible tokens) to the forefront of the Web3 industry.

Ultimately, people are putting more of their time, trust, and money into digital assets and technologies, which is strengthening the crypto ecosystem.

What are some of the main cyber threats surrounding cryptocurrencies that newbies should be aware of?

The first is malware. Hackers often use malware to steal people's private keys, gain access to their cryptocurrency wallets, and wipe them out. This could happen when someone is browsing the internet, clicking on suspicious links, or accidentally downloading malicious files.

The second is online scams. Hackers often try to steal people's cryptocurrency by setting up fake exchanges, wallets, and ICOs. They may also try to scam people by asking for money in return for guaranteeing investment returns or by promising to double or triple a person's cryptocurrency holdings.

Similarly, phishers try to steal people's cryptocurrency by sending them fake emails or text messages that look like they are from legitimate sources. The emails or text messages may ask for personal information like passwords or bank account numbers, or they may ask people to transfer their cryptocurrency to a specific address.

Another is the actual hacking of the smart contracts themselves. Hackers have been known to exploit vulnerabilities in smart contracts to steal people's cryptocurrency. One of the examples is flash loans, in which hackers take out a series of large, short-term loans to place sophisticated orders that skew oracle pricing and create opportunities for massive arbitrage, often to the tune of millions of dollars in only a matter of seconds.

Closely related is the idea of front-running. When you place an order on a decentralized exchange with a public mempool, a sophisticated arbitrageur can pay a higher fee to miners to have their order placed ahead of yours, potentially leaving you with a worse deal.

As we move into the world of Web3, which of its features are you most excited about?

I’m most excited about the potential for decentralized applications (dApps) to fundamentally change how we interact with each other. dApps have the potential to remove intermediaries, increase transparency, and create more efficient systems. For example, with a dApp like Aave, users can take out a collateralized loan without the fear of rejection from a bank or the involvement of traditional financial institutions. The metaverse gaming ecosystem is one area that I am particularly bullish on. Gaming is a perfect use case for blockchain technology. Games are already global, and players are accustomed to spending money on in-game items. The gaming industry is also incredibly fragmented, with different platforms and games that do not talk to each other. Blockchains provide the perfect platform for game developers to create a universal gaming economy that spans all platforms and games.

Alternatively, what issues do you think can come up with this new version of the Internet?

The biggest issue with Web2 is that it is centralized. With blockchain, we are able to move towards a more decentralized Internet. This is important because it ensures that data is not as easily manipulated and that we can maintain trust in the system.

However, Web3 does not automatically fix echo chambers, filter bubbles, privacy concerns, or other social ills. Users still need to be conscious of the websites they visit and the information they share on Web3. We will also need to build better tools to fight fraud and scams.

In your opinion, what cybersecurity measures should be a must for companies and individuals nowadays?

The first step is to have a cybersecurity plan. This document should include the company’s or individual’s cybersecurity goals, what assets need to be protected, who is responsible for implementing and enforcing the plan, and how it will be monitored and updated.

After the plan is in place, companies and individuals should ensure that their systems are up-to-date with the latest security patches. They should also use strong passwords and two-factor authentication whenever possible. Additionally, they should be aware of phishing and other social engineering attacks, and exercise caution when opening emails, clicking links, or entering information online.

What are your predictions for blockchain technology in 2022?

While we have seen the rise of NFTs and DeFi in 2021, DAOs (decentralized autonomous organizations) could see a surge in popularity in 2022. There has been a lot of skepticism when it comes to decisions made in blockchain projects, and weariness of insiders calling the shots. DAOs could potentially change all of that.

DAOs are organizations run by rules encoded in software rather than by people. They are essentially autonomous companies whose governance is determined by the shareholders (who are also the participants). The DAO model could completely decentralize power and trust within organizations. By removing the need for a centralized authority, it could solve some of the key issues with traditional organizations today.

Share with us, what does the future hold for Ankr?

In 2022, we will focus on developing enterprise-grade products and services. We will continue to build our infrastructure and support the growth of the DeFi ecosystem. We will also focus on expanding our user base and developing new use cases for Ankr.

Historically, partnerships, token listings, community events, and developer support have been major focuses for us. In the coming year, we will continue to emphasize these areas as we continue to cement Ankr as a valuable part of the global Web3 economy.

We are excited to see what the future holds for Ankr and we know that with the team we have, we can make great strides in terms of adoption and utility.