Cryptocurrencies and other digital assets are marred by the menace of theft, hacking and data misuse. In last two years, over $1.2 billion worth cryptocurrency has been stolen and 4 billions record got breached.
Every now and then companies keeps claiming to have a fool proof security system, but still somehow hackers manage to find loopholes and vulnerabilities. This leads to a simple conclusion: "anything connected to internet can be hacked".
Goldilock Presents a Solution.
Goldilock is presenting a solution to all the hacking ,data theft and custodian problems.
Goldilock is offering an online offline storage place to its users.
It’s just like a bank locker, where all the fiats/valuables are kept offline in a vault, yet accessible at any time. The basic idea behind online offline storage is that the user’s data (personal or financial) is online only when he/she needs it and remains offline when he/she doesn’t.
Goldilock is built upon three key premises.
1. Users wants to access their data fastly, occasionally and only for a short span of time. This data if kept online is more useful to the hackers than the user.
2. Personally data should must be isolated, secured from any physical contact and human error, and fully backed up.
3. Personal data and private key must be readily accessible whenever needed.
Goldilock solutions are available for both Personal and Institutional Use.
Instead of using a personal cold storage device prone to theft and damage, an individual can use Goldilock to ensure the safety of their personal data (credit information, bank account information, health records, and other vulnerable digital assets). Goldilock will provide an encrypted storage device, which will be stored in a vault within a secure data center. This encrypted storage device will only get online and physically connected to internet, upon the client's request. The client access to the storage device will be managed via an authorized non-IP command, over the Public Switch Telephony Network (PSTN). The client will interact with his data via encrypted channel and after he/she is done, storage device will get offline and physically disconnected to internet. Goldilock will have no access to client's data or keys.
Institutions like Public centralized cryptocurrency exchanges, Online/Hot Wallet Operators and Hardware/Cold Wallet Operators can integrate into Goldilock system to enhance their existing technologies. Via standard cryptocurrency wallet functionality funds can be linked with a consumer’s Public Key without requiring the Goldilock Wallet to be online, ensuring fast transaction processing time and better handling during peak market hours.
Why Adopt Goldilock Solutions???
People and Governments worldwide are becoming more concerned about the safety of sensitive personal data and firms are required to adopt to the latest security protocols ensuring the security of their client’s data.
e.g. As per European Union’s General Data Protection Regulation (GDPR), a firm failing to ensure the safety of their client’s personal data can be fined up to €20 million. This is where Goldilock comes in, providing solutions to the institutions to protect their user’s data.
Security Has a Cost
In recent times data breaches, hacks and miss use has costed many reputable institutions billions of dollars. So the cost of adopting Goldilock solutions is minimal, when compared with the potential loses.
The Goldilock Security Suite Includes
Goldilock wallet will be developed for cryptocurrency investors. Initially the wallet can store and process transactions of NEO, GAS, and NEP-5 tokens.
The wallet will run on a web browser authentication over SSL. The keys of each Goldilock wallet will be stored unique, segmented and encrypted hardware device that will remain disconnected from internet. In order to access the wallet the user will send a non-IP command and PIN/voice verification over the non-IP Public Switch Telephony Network (PSTN). Upon closing the wallet, the hardware device containing the wallet keys will be disconnected from the internet.
Goldilock API services will be developed for the institutional users that already have wallet solutions. The API services will run on-premise (remotely-operated airgap security), colocation facilities (physical vaults in data centers for lease) and on cloud.
Because of its unique architecture Goldilock services will be available for other cryptocurrencies, after catering the needs of NEO community.
Goldilock will launch its digital token LOCK (NEP-5 token to run on the NEO blockchain).
In order to use Goldilock wallet, the user will need LOCK Tokens. Upon each log in request, the wallet will query the NEO Public Blockchain to confirm if the users public key address owns a LOCK Token. Upon confirmation the wallet will launch into the browser. Each login will be logged in a Private Audit Blockchain, providing user with the data of their node activity.
Why the NEO Blockchain.
From its inception, NEO plans to build a secure blockchain that is regulatory compliant and recognized by the most organizations and governments.
Neo is different from other blockchain competitors as it provides following features.
1. Regulatory Compliance
2. dBFT Consensus Mechanism
3. Faster Transaction Speed
These features make NEO platform perfect for a secure wallet utility token. Also the NEO founding principles align with the core Goldilock’s guiding premises.
For more details read @originalworks contest post, visit Golilock Website or read the White Paper.