1 month ago
In a caller SlateCast episode, CryptoSlate’s Editor-in-Chief, Liam “Akiba” Wright, spoke with AuthLN Founder Mike Siers astir leveraging Bitcoin’s Lightning Network to code the monolithic occupation of cybercrime. Drawing connected his inheritance arsenic a subject veteran, Siers explained however his proof-of-work-based authentication attack tin enforce genuine costs connected would-be attackers.
Mounting Cyber Threats and the Need for Change
Modern nine relies heavy connected integer infrastructure, yet hacks and information breaches proceed to escalate. According to Siers, losses from cybercrime successful 2024 unsocial are estimated astatine 9.5 trillion dollars, acold eclipsing the comparatively smaller sums often highlighted successful crypto-related thefts.
“There are monolithic cyber attacks happening each azygous day,” helium said. “We’re conscionable going connected arsenic if everything is mean and our full satellite is anchored online.”
Siers argued that existent information measures, specified arsenic firewalls and password protections, often enactment much similar puzzles that attackers tin yet solve. “At the extremity of the day… attackers person the vantage of time,” helium pointed out. “There truly is nary deterrence factor.”
Introducing Proof-of-Work Authentication
AuthLN seeks to adjacent this spread by applying Bitcoin’s proof-of-work concept to authentication. As Siers enactment it:
“What AuthLN is doing is introducing a outgo mechanics via impervious of enactment that wasn’t determination before, that you’re going to request to fulfill anterior to making immoderate authentication attempt.”
In applicable terms, users (especially astatine an endeavor oregon nation-state level) indispensable spot a definite magnitude of Bitcoin arsenic collateral done the Lightning Network earlier adjacent trying to log in. If credentials neglect to match, the collateral is forfeited—instantly turning break-in attempts into a costly gamble. Conversely, authorized users who “fat-finger” a password tin inactive beryllium protected by arrangements betwixt AuthLN and their organization.
Why the Lightning Network?
Asked wherefore AuthLN turned to Bitcoin, Siers highlighted the robust and planetary quality of the Lightning Network. Its near-instant settlements and tiny transaction capabilities marque it peculiarly suitable for continuous authentication requests. By embedding fiscal hazard into each login attempt, attackers are forced to measurement existent monetary costs.
Wright noted that 1 of the large appeals of AuthLN’s attack is its simplicity.
“I deliberation it’s unbelievably elegant,” helium said. “It’s 1 of those things that you look astatine and go, ‘Why has nary 1 done this before?’”
Challenges and Future Plans
Despite excitement from immoderate corners of the Bitcoin community, Siers acknowledged the uphill conflict successful convincing accepted cybersecurity circles.
“I get deed by Bitcoiners, cybersecurity people, [and] task capitalists,” helium said with a laugh. Overcoming these hurdles, helium believes, is captious to establishing monetary deterrence arsenic a cybersecurity standard.
AuthLN is focusing initially connected endeavor and government-level organizations, with aviator programs underway. According to Siers, the nationalist tin expect much quality connected large-scale deployments by precocious summer.
“We’re not rushing for accolades,” helium emphasized. “We attraction astir helping our customers, helping humanity, and doing thing pivotal.”
Looking Ahead
Siers sees adjacent wider applications connected the horizon, particularly with the advent of AI-driven bots. As helium pointed out, blase AI has small occupation acquiring usernames oregon passwords, but “do they person capable vigor to get past your wall?” By forcing attackers—human oregon automated—to wager existent Bitcoin, AuthLN aims to extremity the equilibrium distant from the limitless puzzle-solving that defines overmuch of today’s hacking ecosystem.
The station AuthLN’s Mike Siers connected harnessing Bitcoin’s lightning web to revolutionize cybersecurity appeared archetypal connected CryptoSlate.
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