What is Goldilock?
Goldilock is type of storage system which as a physical storage device (cold storage) until user requests to access their data.
Whitepaper page 1: logo
With cyber-crime plaguing the confidentiality of keys stored over the internet, cryptocurrency investors and managers of sensitive digital assets are forced to choose between personally-held hardware cold storage solution and online hot wallets, which can be hacked, destroyed, confiscated or may experience denial of service, and custodial company collapse.
Often times than not, traditional cold storage solutions are not the answer to providing investors a solution to managing cryptocurrency as paper and USB keys can be lost, stolen, or damaged.
Hot storage solutions in itself seems otiose as anything connected to the internet can be hacked.
Benefit of combining the best of cold and hot storage?
When users desire access to their private data stored in a physical storing device, the device storing the desired data is connected to the internet with request, requesting the data to be fetched. After which, the user is given limited time access through a non-IP technology with secure authentication layers.
With Goldilock, personal data, including keys, are isolated, secured from physical contact and human related error, and fully backed-up. And as such, personal data and private keys becomes quickly accessible when needed.
“Goldilock’s patent-pending technology treats these premises as requirements to make private key custody and personal data storage more secure without sacrificing accessibility”
— (Whitepaper page 6).
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1- Wallet is stored offline through a physical airgap mechanism which makes it inaccessible from the internet.
2- Using a non-IP mechanism, the user activates their wallet by making it available over the internet.
3- User can securely access their wallet over an encrypted connection using a dedicated URL and access credentials.
• Physical airgap disconnection from electronic networks
• Dedicated per-user hardware for processing storage of encrypted data.
• Biometric gateways
• Regressive connectivity and signal processing
• Personal generated codes
• Device recognition
• Secured physical vault
• Two-factor authentication
• Optional multi-signature security
• Multisite encrypted data backup
• Secured dashboards and live reports on access
Benefit of keeping data offline using airgap technology
In the airgap technology, storage devices which stores sensitive data are physically disconnected from the internet.
Goldilock comprises of an encrypted storage device, which is stored in a vault within a secure data center. The device is always offline until the client chooses to access it.
In accessing the device, clients can, through an authorized non-IP command written over the Public Switch Telephony Network (PSTN), remotely mount the storage device. By which the device is made accessible online through a secure web login.
When clients are done accessing their data using encrypted channels to complete transactions, the device which securely manages the private keys is physically disconnected from the Internet.
With the airgap technology, Goldilock has no access to keys or data stored on the client’s encrypted storage device.
Establishing a more secure standard
As cyber-theft increases, government institutions worldwide are adapting to the sensitivity of data, and many jurisdictions now have strict regulations requiring highly advanced data protection security.
Recent persistent hacks of cryptocurrency exchanges, key theft, and misuse have caused loss of billions of dollars. Institutions which rely on digital storage of personal information are required by law to implement the most advanced security solution or face massive fine.
The need of a more secured platform cannot be overemphasized. In 2017, Coincheck lost hundreds of millions of dollars due to insufficient security measures to hacking.
Coincheck claimed its NEM coins were stored in a hot wallet instead of a more secure cold wallet. They blamed technical difficulties and staff shortage.
Security is relatively expensive, but when compared to incurred losses of great magnitude at the expense of poor security measures, the Goldilock solution is indispensable at almost any price.
Integrating Goldilock technology into institution’s existing system
Last year, billions of dollars were stolen in cryptocurrency due to public centralized cryptocurrency exchange reliance on contemporary security methods.
Instead of storing client keys in an online hot wallet or leaving them disconnected and inaccessible in deep cold storage, Goldilock enables cryptocurrency exchanges to rely on an online-on-demand environment.
Therefore, reducing transaction processing time and enabling better handling of peak traffic periods.
Goldilock is an ideal form of an on-demand accessible storage and in partnership with banks, credit agencies, insurers, document storage, and data warehousing operators, Goldilock will offer solutions to these markets.
Goldilock API Services runs on-premise, co-located facilities, and in the Cloud.
These services, which can be embedded into stand-alone dApps or within non-decentralized applications, makes it easy for enterprises and partners to create privacy-focused, consent driven applications.
Goldilock’s digital token “LOCK” will be registered as an NEP-5 asset on the NEO Blockchain.
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Without the LOCK token, access will not be granted into the Goldilock Wallet. Whenever user seeks to log into the Goldilock Wallet, upon insert user’s public key address, NEO public Blockchain will have to confirm if the user owns a LOCK token.
If the user’s public key address owns a LOCK token, then, the Goldilock Wallet will launch in the user’s browser.
Why the NEO Smart Economy?
NEO is a non-profit, community-based blockchain project which utilizes blockchain technology and digital identity to digitize assets, automate the management of digital assets using smart contracts to realize a smart economy with a distributed network.
NEO offers a regulatory compliant smart economy. NEO provides contractor competitors with the following features;
NEO makes use of the Public Key Infrastructure (PKI) X.509 standard for identity. With this NEO is able to both issue and confirm digital identities and for large companies and government institutions to operate on the blockchain, these institutions will require the ability to audit digital assets and transactions.
• Utilizes a Superior Consensus Mechanism:
NEO makes use of an improved Proof of Work and Proof of Stake consensus mechanism, a modification of the Proof of Stake protocol, named ** “Delegated Byzantine Fault Tolerance” (dBFT)**. dBFT enables holders of NEO tokens vote for delegates.
• Processes Transactions Faster:
With the use of dBFT, NEO’s architecture does not require thousands of machines mining to complete a resource-expensive algorithm to verify transactions. Which on one end enables the blockchain process an excess of 10,000 transactions per seconds without transaction costs.
These attributes, regulatory compliance, consensus mechanism, and speed at which transaction is processed, makes NEO the ideal platform for a secure wallet utility token.
With combining digital assets, digital identity, and smart contracts, NEO is capable of building a secure blockchain that is recognized by enterprises and government institutions, which is core to Goldilock’s guiding premises.
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Meet Goldilock Leadership Team
Whitepaper page 13-16
You can watch this short clip to know more about Goldilock
More Information & Resources
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