Goldilocks...A Secure Storage Solution On The Block chain.

cheekah (54)in #blockchain • 6 years ago (edited)

"I lost my private keys!" Now my money is gone...I have no access to my wallet anymore!"
I am sure we know at least one person that has gone through this phase at one time or the other. Yes, we have a whole new world open to us via cryptocurrency.

However, there is a demerit to the whole idea...online wallet. All cryptocurrencies are stored online, kept away in respective wallets held by individuals as well as corporate organizations. They cannot be taken offline neither do they have a physical storage system. The little fact that they are online exposes them to potential attacks from hackers.

Have they(the hackers) succeeded? Yes, they have...several times! One of the most recent is the Coinrail hack. Coinrail is a South Korean cryptocurrency exchange that lost millions worth of coins to the hack. It was not surprising that bitcoin price dipped after the news was made public.

Potential threats of hacking have kept many from the cryptocurrency world and the few that are in are cautious and ever fearful over the fact that they could be next.

Two storage systems are available, cold storage or online hot wallets.

Cold Storage
This means storage offline, not connected to the internet. I bet it seems safe, away from possible internet hacking but cold storage also has issues. They can be stolen, lost, damaged, misplaced and even hacked! What more, some like those offered by Coinbase has limited accessibilities.

A person who is tech ignorant is limited from using cold storage. Once the physical device used is lost or damaged, valid information is gone. Your data is nothing without the presence of the physical device.Nevertheless, there lies more benefits to using cold storage than online wallets.

Online wallets and exchanges
This is connected to the internet. It cannot be used without internet. The owner of an online wallet has no power over how their cryptocurrency is stored. Once there are flaws in security, coins are susceptible to attack. Individuals are put in charge of storing their own keys for security purposes. This form of storage has several demerits, the first which is vulnerability to hacking. The collapse of the company means a loss of crypto-assets.

Security is not only limited to cryptocurrency assets only, bank records, health records, even fiat needs to be secure.

How exciting would it be to have a solution to the security problem on the blockchain. Combining hot and cold storage would surely be the best...data online when you need it and offline when you are done, safe from hackers.
But is any of this possible? The answer is yes. Goldilock is offering this and more. Let us read more about this project.

Goldilock
Goldilock is a unique type of storage system based on the blockchain ecosystem which acts as a cold storage as well as hot storage. Goldilock is built on three premises;

Users need quick access to data occasionally and only for short periods of time. Data left online is vulnerable to hacking attack.
It is required to keep personal data especially private keys isolated, free from physical contact and must be backed up in case of loss.
These data should be accessible quickly when it is needed.

Goldilock makes use of physical airgap mechanism. Wallet is stored offline and is disconnected from the internet. With Goldilock, the devices that store important data are physically disconnected from the internet.

Benefits of Goldilock
Combining the best of hot and cold storage has its benefits. Through Goldilock,

data is more secure, free from possible hack
data is easily accessible and available
privacy is assured
multipurpose wallet that can store a variety of data from private keys to banking and credit records to health records among others
Cost effective method of storage for companies
Global availability

A lot of people are discouraged from delving into the cryptocurrency world due to the security problem. An effective solution to the problem means a lot more people embracing the idea of cryptocurrency and actively taking part. Goldilock would change the way people think and behave about cryptocurrency, with them, the blockchain is secure!

Applications of Goldilock
Goldilock has a variety of applications for individuals and companies that consider security a priority.

For the individuals
Storage of personal data is a matter of high priority, as this is required for a variety of life processes, it could be a new school registration, bank account sign up, insurance policy sign up among others. It is therefore important to have these data close by and accessible at all times. Storing them online on emails or drives can expose them to hacking.

With Goldilock, the individual has access to personal data as at when needed. After use, the data goes offline, inaccessible to anyone.

For Companies
Various establishments like banks, insurance companies, exchanges and other institutions can benefit a lot from integrating Goldilock technology to their existing security systems. With the improved security, their systems would be impenetrable to hackers. Data would be kept offline in cold storage and only goes online when needed.

Goldilock wallet
In addition to being a regular wallet that stores crytocurrencies, the Goldilock wallet also offers the security of cold storage. Until a user requests for data, information is stored offline. The wallet can only be brought online through a non-IP command mechanism.

LOCK token
Goldilock's digital token, LOCK will be registered as an NEP-5 asset on the NEO Blockchain.

The purchase of LOCK tokens would allow users store private keys and other digital assets as well as provide an auditing mechanism. The token is also required to assess the Goldilock wallet. A comprehensive history of users' node activities can be accessed too.

Why is NEO the platform of choice for Goldilock?

NEO is a blockchain project that uses block chain technology to digitize assets as well as automate the management of digital assets via smart contracts. NEO ecosystem identifies with Goldilock's premises, a platform recognized by enterprises and governments.
NEO is different from its competitors with the following features;

Regulatory compliance
A superior consensus mechanism
A fast transaction rate

These features makes NEO the ideal platform for a secure wallet utility token. It is Goldilock's goal to make sure their customers are served in the most secure and efficient way possible and NEO is the best choice.

Goldilock use cases

Use case 1
Sandra has to travel, its a job emergency. She is skeptical about packing up her important documents as she has heard that region is notorious for theft. She is scared of losing a her documents as well as crypto wallets. She remembers Goldilock which would help her. She can leave her documents at home where she is assured of their safety while she travels with ease, her documents on Goldilock within reach whenever she needs it.

Use case 2
Digital pictures has just produced a new film on which a lot of money has been spent. Previous unauthorised distribution of their production has nearly run them into debt. They are counting on this one film to save them.

A member of the team suggests Goldilock which is implemented. This way, they are able to control who sends and receives their movies while allowing a faster distribution. Millions of people now have access to the movie through legal means. Digital pictures is able to stay afloat and in business, thanks to Goldilock.

Conclusion
Goldilock provides secure storage of data which is unique in its own way. It combines hot and cold storage in a way that is effective and secure. Finally, blockchain lovers can be rest assured the platform can be secure. Goldilock is the right way to store all data.
Watch this video for more information.

Roadmap