VNX Exchange, Luxembourg University To Improve Digital Asset Security
In order to enhance the security of digital assets, VNX Exchange, based in Luxembourg, announced collaboration with the University of Luxembourg. The VNX Exchange claims to create the world’s first secondary market for Venture Capital (VC) investments–using blockchain innovation.
Alexander Tkachenko, VNX founder and CEO said “In creating a secure and regulatory compliant marketplace for the transparent trading of tokens representing digital assets we aimed to introduce modern security mechanisms that could totally secure our platform and could impact the global cybersecurity market.”
Tkachenko further claimed that the technology arising out of the partnership will slash the worldwide costs of cybersecurity to half. Analysts at the Interdisciplinary Center for Security, Reliability and Trust (SnT) at the University of Luxembourg intend to create a secure marketplace through the improvement of higher levels of crypto asset network security. In arrange to make strides the secure exchange and custody of digital assets on blockchain systems, they will create new IT framework.
Dr Radu State, expert in network security at SnT, said “Broadly, we need to address two aspects – protecting against criminals who might try to hack the system to steal money or information, and guaranteeing compliance with anti-money laundering and KYC regulations.”
He said that heterogeneous frameworks that issue blockchain tokens have “unresolved challenges.” For illustration, security on the “software layer” must guarantee that contracts that control the execution of individual dealings have no vulnerabilities. There must also be way better security in the blockchain stage and in the database itself.
Tkachenko said “I believe that blockchain technology is the next big step in the financial sector’s evolution. This evolution will require three things: Regulatory clarity, investor protection, and compatibility with current market standards. We hope that this partnership will make major strides in securing all three.”