Shiba Inu lead developer Shytoshi Kusama is convinced that the memecoin ecosystem could be the solution to the CrowdStrike failure.
CrowdStrike Failure Ripples Through Many Companies
On Thursday, the United States cybersecurity company released an update that took a toll on IT systems globally, interrupting the operations of these systems.
A few organizations that utilizes the service of CrowdStrike, including emergency services, airports, and stock exchanges confirmed failure in their systems. For context, a bug in the CrowdStrike Falcon EDR’s latest version caused a blue screen of death errors and crashes for millions of Windows users globally, impacting airlines, railways, stock exchanges, and more businesses.
Shytoshi Kusama highlighted how the CrowdStrike event successfully cripple many businesses, citing that it underscores the need for a new worldwide operating system. The potential solution should be one that is not centralized or reliant on a central authority. Rather, it should be decentralized and powered by Web3.0 technologies.
#treatyourself pic.twitter.com/TVlGDK6P9D
— Shytoshi Kusama™ (@ShytoshiKusama) July 19, 2024
In his opinion, the Shiba Inu ecosystem fits this description perfectly especially in the context of why Web3.0 is the future. Kusama outlined the need to move away from a Web2 mentality and software and move towards higher level of engagement, security and innovation.
Battle Between TradFi And Web3.0
Traditional financial institutions like Bank of America, Wells Fargo, Chase Bank, and Capital One were all affected by the global outage.
Polygon Labs was one of CrowdStrike’s clients who claimed to be unaffected by the global outage. Its Chief Information Security Officer (CISO) Mudit Gupta, took to X on Friday to say that the protocol does not roll out non-critical updates before testing. This is a few of the measures the company takes for security.
Additionally, Bybit confirmed it was also not affected by the outage, assuring clients and traders that “it’s very much business as usual at Bybit.” To a large extent, crypto and Web3.0 firms have remained unfazed by the outage. Unfortunately for TradFi, it reflects the unreliability of its systems, further giving crypto and blockchain technology an appeal hand.
Consequently, crypto experts have warned industries that are still reliant on Web2 for business. They believe that the outage is another wake-up call for these companies and industry. According to Shytoshi Kusama, blockchain and digital assets like Shiba Inu might be long term solutions.
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