Another day in the Bitcoin world and another crisis has been averted, even though plenty of users were worried when several exchanges experienced the same issue at the same time. Incapsula, the DDoS protection provider for several major Bitcoin exchanges, was experiencing some issues earlier today. As a result, trading was temporarily unavailable, although the issue was rectified rather quickly. However, this “centralized” form of protection is an annoyance for a decentralized ecosystem.
While it is of the utmost important for Bitcoin exchanges to have some form of DDoS protection, it is not helpful if all of these platforms use one and the same provider. Bitcoin and digital currency are all about decentralization, yet companies seem to be using one centralized security solution.
Granted, Incapsula is one of the market leaders when it comes to DDoS and platform protection services. It only makes sense when companies such as BTCC, Bitstamp, BitFinex, Vaultoro, and others have taken a liking to this company. Not that there is anything wrong with that, as long as there is no outage as Incapsula itself.
There is no mention on the Incapsula Twitter account as to what went wrong exactly, or how the matter was resolved in the end. Whichever way the company handled this issue, the issue was sorted in a matter of minutes, which is commendable. Nor do any of the affected Bitcoin exchanges posted any messages on social media either, which is quite disconcerting.
Security is the top priority for any Bitcoin exchange platform, as most companies act as a custodian while watching over customer funds. DDoS attacks, hacking attempts, and database breaches need to be avoided at all costs.Incapsula is a well-respected company capable of delivering such a service.
But at the same time, this situation begs the question if there are no other companies who can provide this service as well. Granted, security is an innovative business in the online world right now, and there are hundreds of companies in existence who want to be market leaders. Incapsula has secured their spot already– for now – but other players need to emerge and collaborate with Bitcoin platforms to create more decentralization in the security department.