RAYS Network – Focussing on Security

raysnetwork (25)in #blockchain • 6 years ago (edited)

RAYS Security.jpg

In a couple of years, we will all look back and say in hindsight that "This" and "That" was so important for the success of Blockchain and Crypto, similar to our view today at the big internet success stories. Well, that's absolutely fine but doesn't help us today.

A company can be successful in copying innovations from others and add something new to create an even better product. Alternatively, a company can define a new standard and stay progressive and will always be ahead of the competitors. RAYS Network will do precisely this with everything they already started. The holistic security approach combined with their flexible network system is top notch and unique in today's blockchain world.

You could ask now, why would a Blockchain Project with a cryptocurrency do not concentrate on the security of their client's assets? Correct why wouldn't you? We are almost in the last quarter of 2018, and most projects still do not face the fact that their priority should be the security of their token or coins, which investors and customers bought. This is still an apparent fact, and I shake my head every time I search for at least a functional and secure wallet. There are projects which were hacked several times and still did nothing against it afterwards. However, before this little rant goes out of hand, I will return to the RAYS Network project which is the focus of this article.

RAYS Network will have its first birthday soon, and in the short span of this first year, the team accomplished many goals. The release of the MVP is the most significant one. The upcoming first prototype of the 3S Hardware wallet will be one of the next significant milestones.

I know that many investors in the Crypto Space can't hear it any longer, but imagine those 225.000.0000.000 $ which are currently invested in Cryptocurrencies are put into pure shiny Gold bars. The Gold price per one kilogram Gold is approx 38800 $ today which brings us to 5798 metric tons of pure Gold. The picture below shows a fraction of what 6000 tons of gold would look like.

Why do I come up with an example of physical Gold in an article about the security of cryptocurrencies?

Imagine you put just one hundred single Gold bars each of them with a weigth of one kilogram into a shop window, where everyone could see it. You would know at the same time that only a little bit of glass is between you and approximately 3.8 million Dollars. That's how it must feel for some of those hackers out there, who look at the cryptocurrency assets which are stored on exchanges and in dubious wallets.

In comparison to that Gold is handled completely different in our world. The Bank of England alone stores approximately 4600 tons of Gold at least 47 floors deep into the underground behind unbelievable thick doors and thousands of security systems. We can guess that only a few assets in the world are equally protected. Would anyone try to rob those precious Gold bars? The answer is obvious.

So the question should be - Why are cryptocurrencies not stored with the same intention?

The invested money is the nearly the same and could grow at a rapid speed in the volatile cryptomarket, but those funds are not even close to being stored like the physical gold. Keep in mind that I'm still talking about the sum of 225.000.0000.000 $ which in part is stored save in vaults but the whole attitude and usage of large amounts of money are not secure at all. The RAYS Team knows precisely why they are so focused on security. The creation of the RAYS 3S Wallet shows how determined we are, when it comes to the most critical topic in asset management – Security. With the growing usage of Blockchain technology in the coming years and the importance of their Cryptocurrencies, the whole awareness of the users needs to focus on security, because hackers, thieves and scammers will not stop to exploit the mistakes and flaws of those digital assets. RAYS NETWORK is creating the most secure hardware wallet so far, and once the users figure out that the safety of their assets is even more in danger as they thought, they will have a product in their hand, which will help them massive in this regard.