GOLDILOCK: THE RIGHT STORAGE FOR CRYPTOCURRENCIES

in #crypto2 years ago (edited)

WHAT IS GOLDILOCK?


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Source: Goldilock Whiterpaper

Investors in cryptocurrencies are mostly faced with the issue of digital data storage. Goldilock is a platform that secures or stores digital assets and cryptocurrencies for users. Goldilock acts as a cold storage till when a user wants to access his/her data or funds. It is a platform that allows digital (crypto) keys and assets to be active when a user needs it while being disconnected from the internet when the user is not making use of it.

Goldilock is online when you need it, offline when you don't, and available anytime from anywhere.


THE GOLDILOCK SOLUTION


Goldilock is built on three core principles:

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Source: Whitepaper Page 5

  1. Quick accessibility of personal data and private keys when needed by clients.

  2. Quick access to users' personal data but only for short period of time to prevent hackers intrusion.

  3. Personal data must always be kept away from physical contact when not in use by user and must be fully backed-up.


SENSITIVE DIGITAL DATA MANAGEMENT


Before now cryptocurrencies investors saved their crypto keys to online wallets which makes the data vulnerable to hacks, custodial company collapse and denial of service. Some opt to the use of personally-held hardware storage solutions which can be misplaced, stolen or destroyed. Goldilock helps keep your data safe from all of these issues. Goldilock provides a remote physical disconnection of data from the Internet when the user is not active. The advent of Goldilock will secure your offline data while offering you online accessibility whenever you need access. You don't need to copy your keys to USB drives or flash drives anymore which could be lost at anytime. You don't need to copy your keys into books and other hardware materials which is prone to destruction or being misplaced. [Goldilock] helps to secure your sensitive digital data while you stay at ease.


BENEFITS OF COMBINING BOTH COLD AND HOT STORAGE


Many might have heard of cold and hot digital wallets but never knew how they differ from each other.

Hot wallets are storage mechanisms connected to the internet. Hot wallets are similar to checking accounts. Cold wallets on the other hand are not connected to the Internet. They are like saving accounts.

Cold and hot wallets are designed for different purposes so most people who have digital assets hold both wallets.

People who have digital assets prefer to keep a small amount of money in their hot wallets while leaving the vast majority of their digital coins in their cold wallet. Cold storage solutions are not the answer to a suitable key management for investor's cryptocurrencies. Hot storage solutions on the other hand becomes unsuitable when it comes to the custody of private keys and digital assets as anything connected to the Internet can be hacked. Goldilock is not a cold storage neither is it a hot storage; It is just the right storage. [Godilock] understands that online data is more useful to hackers than rightful owners so it isolates personal data from physical contacts while backing it up fully.


HOW SECURITY CAN IMPACT MASS ADOPTION?


Goldilock establishes a security standard and security at the highest level makes sense. Persistent and rampant hacks of crypto exchanges, misuse and key theft have cost many millions of dollars. It turns out that standard security in cryptocurrencies digital assets encourage more people to come on board rather than leave, dissatisfied. News of hacking cryptocurrencies platforms have only left a dent rather than encourage use of cryptocurrencies. No one wants to be part of a system where your investment and funds are not safe. No one wants to lose in business.
So we see that security of any cryptocurrency project is going to be a huge priority and prerequisite for any single investor/user.

Key custody seems to be the primary reason why many individuals, institutions and maybe countries are slow in the adoption of crypto currencies. But with [Goldilock], the security of your wallets, passwords and private keys are ensured. Security has a price. The good news is that [Goldilock] solution is indispensable at almost any price. It worthy of note that [Goldilock] is here to ensure security of user's digital assets and crypto keys hence enhancing mass adoption.


AIRGAP TECHNOLOGY/MECHANISM: SECURITY BENEFITS


Wallet and personal data (including private keys)are stored online via a physical air gap medium. These physical airgap mechanism incorporated by [Goldilock] cannot be acessed from the Internet. Invariably, this implies that users' data cannot be hacked or acessed by hackers. Since the airgap mechanism is not connected to the Internet. Also issues of service denial is not heard of in this innovation. How then does the users acessed their wallets? Using a non-IP mechanism, users' activates their wallets making it acessible over the Internet for a short period of time. Upon activation of the wallets, users can securely have access to their wallets over an encrpted connection using a dedicated URL and access credentials.
We can conclude that the core benefit of keeping users'/investors' data offline using airgap technology is so that the data cannot be accessed by hackers and thieves owing to the fact that the data are not connected to the Internet.


WHY CHOOSE THE NEO SMART ECONOMY?


NEO is a non-profit, community -based blockchain project that utilizes blockchain technology and digital identity. The essence of utilizing digital identity by neo is to digitize assets, automate the management of digital assets using smart contract, and also realize a smart economy in disturbed network.

Every user, institution or government is on the lookout for a secured platform. NEO is bent on developing a blockchain that is secured and safe for transaction. [Goldilock] which priotizes security opted for neo on this premise. The security of neo is achieved through the combination of smart contract, digital assets and digital identity. The following features are associated with NEO:

  • REGULATORY COMPLIANCE :This helps large companies, enterprises and institutions in the auditioning of digital transactions and asset.

  • FASTER TRANSACTION PROCESSES: NEO makes use of "Delegated Byzantine Fault Tolerance" (dBFT); This mechanism enables the blockchain to process series of transaction without transaction cost.

  • SUPERIOR CONSENSUS MECHANISM : NEO uses the concensus mechanisms which are the prove of work and prove of stake entitled "Delegated Byzantine Fault Tolerance" (dBFT). Goldilock opted for NEO as via platform of choice on the premise that it features permit a secure and efficient user transactions.


USE CASES


Someone who's into crypto deals with many private keys and passwords. Some of these passwords are beyond memorizing into one's head, some cannot be modified into something simpler. On this premise, the issue of missing or forgetting private keys seem to be somewhat inevitable. Many go into a lot of strees trying to save this passwords to avoid losing it. Some opt for writing it down in diaries which can be so stressful. Unfortunately, the cold storage material might get misplaced or destroyed and the user eventually loses important information.

Goldilock just seems to arrive at the very right time. [Goldilock] can be a great help in this case. Users do not need to pass through this stress any more when your private keys can be easily stored and kept with Goldilock.


Goldilock is poised on rendering services to both institutions and consumers. This requires utmost security as investors' digital asset have been put under their care. [Goldilock] provides solutions to institutions looking for security upgrades in their systems through the introduction of the airgap mechanism. They also render services to consumers who require more safety of their private keys than it is offered by online hot wallets.

  • For Consumers:

The core benefits of [Goldilock] to consumers is the enhanced security and safety of their private keys. Goldilock works with an encrypted storage device which is stored in a vault in a secure vicinity. This device is always offline and disconnected physically from the Internet to avoid hacks and key theft until the owner seeks to gain access. The storage device becomes accessible online via a secure Web login or access credentials when it is being remotely mounted through the non-IP command by the consumer. The clients then gains instant access to carry out desired transactions.

GOLDILOCK HAS NO ACCESS TO KEYS AND DATA STORED ON THE CLIENT'S ENCRYPTED STORAGE DEVICE.

  • For Institutions:

[Goldilock] benefits institutions and enterprises in cryptocurrencies exchange. It makes cryptocurrencies to depend on online-on-demand environment hence it becomes an essential option for exchanges. It provides digital assets and data storage security.


LOCK TOKEN


Goldilock smart media token "LOCK" will be registered on an NEP-5 asset on the NEO blockchain. Users will have to purchase the LOCK token as it will allow for the storage of private keys and other digital assets.

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Source: Whitepaper, Page 10

The LOCK token will be required to gain access to [Goldilock] wallet. It also enables users to be provided with a record of their node activities. It is designed to be the accepted method of subscription for users on the [Goldilock Security Suite].


For More Information and Resources, visit:

Goldilock website
Goldilock Whitepaper
Goldilock Tokenomics
Goldilock Github

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