Whitelisting and Blacklist: What are they? And Now Introducing Withdrawal Address Whitelisting to iCE3X
So What is Blacklisting then? I’ve heard of that one at least.
I am certain that you have heard of blacklisting at one point in your life at least. Blacklisting has use outside of the security principle we are speaking about.
Blacklisting is the act of compiling a list of malicious agents or actions, and not allowing any of these on your platform. It makes a lot of sense in this age of the internet. In this age, we want to design systems to allow as many people to use them as possible. This is the traditional approach that security teams are using for their networks, applications and websites.
For example, you could have a blacklist of email addresses, like spam accounts, in which any emails from there will never reach your inbox. They could all funnel into your spam folder instead. This allows you to receive all of the emails and you will start to exclude malicious accounts on a case by case basis.
So then, What is Whitelisting?
Whitelisting is the polar opposite of blacklisting. Whitelisting gives you a list or users or actions which are the only ones allowed. If they are not on the whitelist, it is not happening.
Unlike the open access of blacklisting, whitelisting looks to restrict access to only the sources of most trust. An example of this would be a corporate server which only allows access to the one department which needs to access this data rather than the whole company.
Whitelisting as a policy can have specific security benefits, especially for financial applications. Having a whitelist of the usual payee accounts at your bank means you can easily send to these accounts. In cases of malicious attacks, the agent had to go through additional security to add to the whitelist which will notify you of such a change.
Well, how does that keep me safe?
For your bank, a whitelist would need to verify your identity, either through passwords, cards or two-factor authentication before allowing a change to the whitelist. You would be able to send your funds from your bank account to anybody on your whitelist easily. When you add to the whitelist, you will get a notice and need to authenticate, usually needing to wait sometime before you can send to this account as well. This will stop hackers from being able to get into your account and send your money to their accounts before you can notice.
The same thing can work for your exchange account, where your withdrawals are only going to your specific hardware wallets, so only a small number of withdrawal addresses. With only the whitelisted accounts available, it will help you not to accidentally send your funds to someone you didn’t intend to because of a small typing mistake.
Whitelisting is a better approach than blacklisting when it comes down to closing down the avenues of access an account has. This makes sense for your exchange account. We are introducing this to the iCE3X exchange now.
How do I enable Withdrawal Address Whitelisting on iCE3X?
Enabling Withdrawal Address Whitelisting – The Step-by-Step Guide
From the main page of the exchange, go to the top menu bar. Either log in if you have not done so already and then click on the accounts icon highlighted below from the top menu bar.
You will be put through to the accounts dashboard. Click on the settings tab from the menu on the left of the accounts dashboard.
On the settings page, click on the whitelist addresses option near the top of the page.
You will see that you will need to enable the whitelist addresses feature, with the same warning about the 3-day hold which we have outlined earlier.
You will be asked to provide your 2FA code which you can get from your authenticator app. Or you will need to activate two-factor authentication for your account if you have not done so already. This is a great tool to further secure your account. We recommend using Google Authenticator for this.
Once this is submitted, you can add the specific addresses for each available cryptocurrency. Before you can complete this, you will need to add your 2FA code before you finish and send a hash to your email which you have to add as well. Once this has been added, you can submit this. After a 3 day lock, you will be able to withdraw to these addresses with ease.
iCE3X continues to add more features and better security like this update. We hope you give it a try and keep your account as safe as it can possibly be. When we are talking about something to do with your money, it deserves the best, no?
In summary, whitelisting blocks harmful agents from gaining access to your account and trying to withdraw your funds secretly and quickly. They would have to change the whitelist first which needs verification, notifies you and takes time to change. What do you think of the new whitelisting feature?
Is there anything you would like to see in the next update for iCE3X? Please, comment below with your suggestions.