Exposure of sensitive data can lead to a multitude of problems that may never be contained. Loss/hacks ensures that the faith customers put in an organization is lost, and this might also mean loss of funds or exposure of private information, which can be taken advantage of, in many ways.
THE DILEMMA USERS FACE
Currently, cryptocurrency enthusiasts have two ways of storing their funds. It’s either via an online wallet(also referred to as hot storage) or via a hardware device (commonly referred to as cold storage).
Depending on the side of the fence you sit on, both modes of storing assets/data have major disadvantages-online wallets in particular.
A number of hacks have been carried out in recent years, and it is estimated tht up to $1B in crypto funds have been stolen, never to be seen again.
This is a major talking point for opponents of the cryptocurrency revolution. If funds can be stolen easily, and users do not have better options of storing their funds, why bother? These concerns are legit.
On the other hand, cold storages ensure that users can only have access to their funds when these devices are connected to the internet. Once they are plugged out, there is no risk of loss hacks and phishing scams, seeing data/funds are stored in an offline storage device.
But then, can't these devices could be stolen, misplaced or damaged? What happens then? All funds evaporate, that’s what!
GOLDILOCK: IMPROVING ON EXISTING SOLUTIONS
Goldilock understands that users safety and security should not be taken lightly. It ensures that organzations that have been skeptical of embedding cryptocurrency into their businesses have their fears allayed.
They have one simle mission, which is to put the safety of the user first, and ensure that they can sleep with both eyes closed.
Its offering is based on a remotely controlled airgap solution that helps in ensuring the safety of users assets and data.
This effectively ensures that users still have access to their assets at a moments notice, howbeit, in a more secure way.
These assets are stored in vaults in secure data centres. When the user needs to effect a transfer or carry out a withdrawal, it comes online. Once the user is done with the transaction, the device is physically unplugged, ensuring that users are protected from loss of these assets.
This is achieved by combining the positives of cold and hot storages.
Core premises picture here
It’s solution is aplicable to users and organsations alike, who need improved securty for their data or assets.
GOLDILOCK’S SECURITY SUITE PARTS:
GOLDILOCK WALLET FOR CRYPTOCURRENCY
This wallet has the capability to store NEO, GAS, & NEP-5 tokens. It will run inside a web browers with SSL authentication.
Other features are:
- Wallet will be online through a non-IP command and voice/PIN verification over non-IP Public Switch Telephony Network (PSTN).
- The wallet will be disconnected from the internet, as soon it is closed, ensuring safety of funds.
- Every wallet will have a uniquely assigned URL
- Every signed transaction will require two factor verification.
- Wallet keys will be housed on unique, segmented and encryted hardware wallet device, which isn’t based online.
GOLDILOCK API SERVICES:
Organisations can make use of Goldilock’s API’s to create secure solutions embedded into their services, for their users.
This service will run on colocation, on-site and in the cloud.
This API can be used for centralized solutions and standalone Decentralized Apps as well.
GOLDILOCK SOLUTION FOR ORGANISATIONS
Crytocurrency exchanges: They will no longer have the burden of storing users keys and sensitive data. Such exchanges can rely on Goldilock’s on-demand online environment, to meet their users needs. Transaction speed will also be improved, as a result of mkaing use of Goldilock’s solution.
Hardware/Cold Wallets Operators:This can be integrated seamlessly into Goldilock’s solution, and ensuring that users have better flexibilty, while not compromising on security.
Hot Wallet Operators:Goldilock’s automated airgap solution will ensure that organsations offering such services are better protected from loss of assets. Goldilock will not have any access to data. Information will pass through encrypted channels, from the source, directly to the users.
Data Storage: Health and financial instiutions among others, can leverage this technology to ensure that data is better protected. Goldilock will be able to support PaaS, and deploying the solution offline, within the clients premises.
These will be used to foster the enviroment and exchange, through which users can can store pricvate keys of their cryptocurrencies and other digital assets as well as providing an immutable auditing mechanism for each individual node, thanks to Default Byzantine Fault Tolerance.
They give access to the Goldilock wallet, and users are able to use it to pay for subscriptions with regards to the security suite.
WHY IS GOLDILOCK MAKING USE OF THE NEO BLOCKCHAIN?
NEO strives to not run foul of government regulations and policies. Thanks to Public Key Infrastructure (PKI) X.509 standard, they are able to issue and confirm digitial identities.
NEO also makes use of an improved version of Proof of Work (PoW) and Proof of Stake (PoS) consensus mechanism known as Delegated Byzantine Fault Tolerance (dBFT). It’s a modifcation of the PoS protocol.
NEO has the ability to process more than 10,000 transactions per second (tps). This can’t be said for others. Transactions do not have an additional cost either.
NEO is built to be secure, while not sacrificing transaction speeds, hence the reason Goldilock feels it is the best fit.
Goldilock’s solution can be applied to solve problems for health organizations, store banking and credit card information, personal data, digital media, signature or approval keys.
TrueEye is a credit score organisation and has millions of records hosted on it’s database. Identity thieves hacked their database, due to its archaic technolgy, and made away with 75% of data stored.
To avoid a repeat of this scenario, they did a little research and stumbled upon Goldilock, which they decide to use as it only comes online, when access to data is needed, and once the user is done, it is entirely offline.
With improved security measures in place, they can sleep with both eyes closed, because of Goldilock’s revolutionary solution.
Jean is a exchange student from France. She is a crypto enthusiasts, and loves trying new technologies.
She was a pioneer when the bitcoin revolution came, and bought some funds worth $700 at that time. Unfortunately, due to a hack on her crypto exchange, she lost all her funds, and will have been a multimillionaire in this present day. She was heartbroken, but was resolute. However, she doesn’t want this scenario to play out again, so she becomes a part of the Goldilock ecosystem and her crypto assets are better protected, and availble to her anywhere at anytime, seeing she is overseas. She also use it to store other sensitive information, along with her cryptos. She doesn’t have to worry about any harware device getting lost, seized or stolen or her hot wallets being hacked, anymore.
Goldilock will install confidence into individuals and organsations alike. Users have been clamoring for more security measures put in place and Godilocks ensures that this is a reality.
Users will no longer be scared of breaches, loss of data, and loss of assets. The abilty to carry out transactions without the risk of losses will ensure that more ground is gained, the indsutry becomes more stable, and businesses that have been skeptical about embedding crypto tech into their businesses will be more open to having it as part of their operations.
This will also increase the growth of the industry, and foster an enabling environment for mass adoption.
By financial organisations, such as banks and insurance companies integrating Goldilocks technology, they will ensure security of their customers data and assets, leveraging on improve technologies that ensures that a connection to the internet is only created when needed.
This ensures that malware, hacks and loss of sensitive data will be a thing of the past.