In today’s cyber-world there is an ever-present risk of unauthorized access to all forms of data. Most at risk is financial and payment system data that can expose the personal Symmetric key cryptography (or symmetric encryption) is a type of encryption scheme in which the same key is used both to encrypt and decrypt messages. Such a method of encoding information has been largely used in the past decades to facilitate secret communication between governments and militaries. Nowadays, symmetric key algorithms are widely applied in various types of computer systems to enhance data security. How does symmetric encryption work? Symmetric encryption schemes rely on a single key that is shared between two or more users. The same key is used to encrypt and decrypt the so-called plaintext (which represents the message or piece of data that is being encoded). The process of encryption consists of running a plaintext (input) through an encryption algorithm called a cipher, which in turn generates a ciphertext (output). If the encryption scheme is strong enough, the only way for a person to read or access the information contained in the ciphertext is by using the corresponding key to decrypt it. The process of decryption is basically converting the ciphertext back to plaintext. The security of symmetric encryption systems is based on how difficult it randomly guess the corresponding key to brute force them. A 128-bit key, for example, would take billions of years to guess using common computer hardware. The longer the encryption key is, the harder it becomes to crack it. Keys that are 256-bits length are generally regarded as highly secure and theoretically resistant to quantum computer brute force attacks. Two of the most common symmetric encryption schemes used today are based on block and stream ciphers. Block ciphers group data into blocks of predetermined size and each block is encrypted using the corresponding key and encryption algorithm (e.g., 128-bit plaintext is encrypted into 128-bit ciphertext). On the other hand, stream ciphers do not encrypt plaintext data by blocks, but rather by 1-bit increments (1-bit plaintext is encrypted into 1-bit ciphertext at a time). Symmetric vs. asymmetric encryption Symmetric encryption is one of the two major methods of encrypting data in modern computer systems. The other is asymmetric encryption, which is the major application of public key cryptography. The main difference between these methods is the fact that asymmetric systems use two keys rather than the one employed by the symmetric schemes. One of the keys can be publicly shared (public key), while the other must be kept in private (private key). The use of two keys instead of one also produces a variety of functional differences between symmetric and asymmetric encryption. Asymmetric algorithms are more complex and slower than the symmetric ones. Because the public and private keys employed in asymmetric encryption are to some degree mathematically related, the keys themselves must also be considerably longer to provide a similar level of security offered by shorter symmetric keys. Uses in modern computer systems Symmetric encryption algorithms are employed in many modern computer systems to enhance data security and user privacy. The Advanced Encryption Standard (AES) that is widely used in both secure messaging applications and cloud storage is one prominent example of a symmetric cipher. In addition to software implementations, AES can also be implemented directly in computer hardware. Hardware-based symmetric encryption schemes usually leverage the AES 256, which is a specific variant of the Advanced Encryption Standard that has a key size of 256 bits. It is worth noting that Bitcoin’s blockchain does not make use of encryption like many tend to believe. Instead, it uses a specific kind of digital signatures algorithm (DSA) known as Elliptic Curve Digital Signature Algorithm (ECDSA) that generates digital signatures without using encryption. A common point of confusion is that the ECDSA is based on elliptic-curve cryptography (ECC), which in turn may be applied for multiple tasks, including encryption, digital signatures, and pseudo-random generators. However, the ECDSA itself cannot be used for encryption at all. Advantages and disadvantages Symmetric algorithms provide a fairly high level of security while at the same time allowing for messages to be encrypted and decrypted quickly. The relative simplicity of symmetric systems is also a logistical advantage, as they require less computing power than the asymmetric ones. In addition, the security provided by symmetric encryption can be scaled up simply by increasing key lengths. For every single bit added to the length of a symmetric key, the difficulty of cracking the encryption through a brute force attack increases exponentially. Source:https://academy.binance.com/ Image: https://blockgeeks.com/

The entity promised its new crypto trading and custody service would provide clients with the best trading experience in a blog post last week. “The trading orders placed with Maerki Baumann are directed to professional crypto brokers and the world’s largest and most liquid crypto exchanges via proven partner companies,” Maerki Baumann announced. “This ensures that transactions are carried out quickly and with a narrow trading range between the buy and sell price (spread).” Maerki Baumann’s clientele includes institutional investors and high-net-worth individuals (HNWIs). The bank has also offered corporate accounts for qualifying crypto businesses ever since it first made its entry into the space in April 2019. Regulated by the Swiss Financial Market Supervisory Authority (FINMA), the new offering is set to go live sometime this month. Starting with bitcoin (BTC), bitcoin cash (BCH), XRP (XRP), litecoin (LTC) and ether (ETH), the bank said it will gradually expand its list of supported assets based, in part, on client feedback. See also: Swiss Crypto Firm Closes $14.5M Series B to Help Secure Brokerage License But the takeaway here is premier crypto trading services, to a select, exclusive clientele, is a growing and lucrative market. Just last month, FalconX – a company offering best trade execution to institutional and professional clients with a minimum $10 million in assets under management (AUM) – raised more than $17 million in pre-seed and seed round funding. Reading through the description, FalconX’s offering sounds near-identical to Maerki Baumann’s: Both are hooked up to the order books from multiple crypto exchanges, giving clients an overview of the market that allows them to transact at the best available price and with minimal slippage. And they aren’t the only ones. Coinbase, Genesis Trading (CoinDesk’s sister company), and BitGo have all made plans to become prime brokers – a type of fixer that provide specialized trading services for institutional investors, including best trade execution. See also: Crypto Data Provider Skew Raises $5M, Launches Trade Execution Platform Maerki Baumann has already said its new crypto trading and custody offering may just be the start. It wants to offer some of its private banking products to its crypto clients as well as launch a new crypto investment service, which could possibly include opportunities to invest directly in selected blockchain companies. CoinDesk reached out to Maerki Baumann to comment on whether it thought its newly launched crypto trading service had any rivals to speak of. We hadn’t received a response by press time.

Scottish Coldplay bass artist, Guy Berryman, has joined the crypto space, funding a Bitcoin (BTC) exchange application called Zumo. “Covid-19 has fast forwarded the move to a cashless society and for safe and easy ways to invest in new forms of currency that are more resilient to crises such as this one," Zumo CEO and founder Nick Jones told the Edinburgh News. The app is a basic avenue into Bitcoin Zumo touts basic Bitcoin functionalities, allowing users to buy, sell, transact and store BTC, the May 21 Edinburgh News article detailed. In addition to Berryman, the app boasts funding from the Scottish Investment Bank and market firm Murray Capital. Zumo aims for a broad audience Jones added. Blockchain advisor Charles Read explained the pains non-tech-savvy users face when it comes to blockchain, noting the app's user-friendly approach. “Zumo has all the benefits of decentralized technology without the teething problems for new users," Read told the Edinburgh News. The present is a prime time for tech investment "Now is the time to be investing in the technologies that will shape the financial security of future generations," Murray Capital managing director David Murray told the news outlet. He also mentioned the app's potential for those without banks accounts. Berryman is only the latest mainstream music personality entering the crypto space. Akon also currently heads up a crypto endeavor. [SimpleSwap Cryptocurrency Exchange ](https://simpleswap.io/?ref=2b89490256b2https://)

Ripple is a real-time gross settlement system that also supports fiat currency, cryptocurrency, and commodity exchanges and remittances. The native cryptocurrency of the platform are Ripples, abbreviated as XRP. Ripple was made by the Ripple company, but can function without it due to its shared ledger. Used by companies such as UniCredit, UBS and Santander, Ripple has been increasingly adopted by banks and payment networks as settlement infrastructure technology because of the payment’s speed within the network, stability of the technology, and the ability to its coin as a bridge currency. There were 100 billion XRP created at Ripple's inception, which is the currency’s cap according to the protocol's rules. Of the 100 billion created, 20 billion XRP were retained by the creators and the remaining 80% of the total were given to Ripple Labs for sale. [SimpleSwap Cryptocurrency Exchange ](https://simpleswap.io/?ref=2b89490256b2https://)