On Goldilock : Standing In The Gap For Blockchain Adoption

in godilock •  last year  (edited)

Screenshot (130).png

Image Source


There has been a lot of talk about the necessity for Individuals and Institutions to adopt the Blockchain as it provides a whole new platform for them to partake in financial activties in a more efficient and effective manner

Over the past few years we have seen the amazing things that the Blockchain can help us achieve if we put it to work,and also different Institution has tested it out and the results has been as projected. There is however a stigma of Insecurity still hanging in the Blockchain space

These Institutions might be tempted to come on-board the Blockchain due to it's many benefits. Everyone CEO will want to take a more efficient and effective option, but for these Institution the major goal is Capital Preservation. They will rather realize a profit of $50 million after making expenses of $10 million, than to use a system that reduces that running cost by 75% and end up losing all the Money

Security is a huge concern in the case of customer funds. We have always seen cases where banks were Hacked it has always been an ugly affair, and financial Institutions will always want to avoid that

Blockchain startups itself has not been Immune from hacks. We have seen the different occasions where huge amounts of Money were made away by Hackers, from the infamous Mt.Gox hacks down to the hack of the Ledger Hardware Wallet by a fifteen year old

This has made security on the Blockchain look like a child's play. With the state of things it will be hard for Financial Institutions and even the Government to adopt Blockchain protocols. This made the need for a unique solution obvious, one that would able to protect all points of entry by hackers

With all these vulnerabilities, making a choice between a hardware wallet and online storage is akin to choosing between the devil and the deep blue sea. We have all seen the problems that comes with these two forms of asset storage

And while one option might seem like the best solution, it may not work for all parties.

  • For example John is the HR manager of a building project and he has been entrusted with the weekly wages of the Construction workers, so to keep it safe, he locks the Money away in a vault and only opens it at weekends to take workers salaries. This is a more secure option for John because the money is safe and he has no worries about people breaking into the vault.

  • This approach won't work for James who is in charge of a Crypto exchange. Fund movement is dynamic on exchanges, which means the wallets are hot all the time as customers can make demands on their Money at anytime

The fact is that Hot wallets on exchanges can also be hacked, the latest is the Coincheck hack where NEM(XEM) worth $530 Million were stolen by hackers. The exchange stated that this was possible because the tokens were in Hot Wallets

On Goldilock : The Golden Standard

Goldilock provides an all in one Security solution for those who wants to make use of Blockchain system to facilitate financial transactions

Goldilock is building a Platform that makes use of Multi-factor Authentication, Bio-metrics, regressive technology triggers and Cryptography to remove the burden of keeping keys safe

The technology offered by Goldilock will go a long way in revolutionizing how people handle their personal data. There are currently two major ways to store data - Hot storage and Cold Storage. I have talked above both above and they both have their disadvantages. With hot wallets assets are readily available but susceptible to theft while with cold storage assets are not readily available but this method does not work for Institutions who need assets to be readily available

So is there a way to create a system that harnesses the strengths of these two methods while eliminating their weaknesses at the same time ?

What will be required to bridge this gap. I ask this questions because the answers is what huge Blockchain firms has been unable to answer. Coinbase keeps 97% of user funds in cold storage as a result of hacks and this led to the Cool down period where customers who just made new deposits has to wait five days before they could start trading with the Money

How can Goldilock achieve this phenomena which has been Imppossible to circumvent ?



On AirGap : Goldilock Weapon of Mass Adoption

The engineers at Goldilock has been able to birth a world class Airgap solution that bridges the gap between Hot and Cold Storage. This Airgap works with a principle of Isolation , it gives users just enough up time to access their funds and after that the system goes into a downtime so that a hacker cannot Infiltrate the system


Screenshot (126).png

Image Source


This Diagram above from the White Paper explains this process well

So now , you may be wondering how the system will know when it is a hacker and when it is the real owner of the funds. Like I stated above the Goldilock system makes use of Bio-metrics , Mulit-factor Authentication and other added security measure to ensure that access is granted only to the right person

No one would love to use a system that will deny him access to his funds, that'a actually the greatest fear in Crypto- losing access to your funds

Goldilock is built on three premises and they are :

Users need access to the their personal data qucikly, but only occasionally and for short periods of time

Personal data muct be Isolated , secured from Human contact and fully backed up

Personal data and Private keys must be quickly accessible when needed

A look at this premises will show you that Goldilock was built upon the principles of both Hot and Cold Storage. The benefit of this integration of cold and hot storage is that it ensures security and fluid accessibility


This capability of the Goldilock suite will make it possible for a lot of Financial institutions and any other sector like Health and Legal adopt the Blockchain more readily . The health sector will not switch over fully to the Blockchain until they are assured of security. Patient records are very sensitive Information that are meant to be closely guarded .Law firms will also adopt this method to endure the safety of confidential case files

The Airgap technology will go a long way in assuring people that no one can just have straight access to their funds. The person will have to hack the Human being behind that portal first before he can breach the Airgap technology and that is not possible


On NEO Blockchain : From Zion With Love


download (1).jpg

Image Source


Goldilock is built on the Robust NEO blockchain which has a lot of amazing features that makes it the best option for Goldilock. NEO was developed by the City Of Zion

NEO is a community based projects with a lot of avid contributors, this is very good because there are a lot of people peering though the Blockchain to make sure that there is no any point of failure. It won;t be good for any project to build on a faulty foundation

NEO is best suited for Goldilock due to the following features :

  • Aims for Regulatory Compliance - NEO plans to make use of Public key Infrastructure that will enable firms and government that have interest in operating on the Blockchain audit digital assets and transactions whenever possible, this is because they will be held accountable by both customers and citizens respectively. Verification will be made possible with this protocol to prevent bad actors from taking advantage of the system.

  • Superior Consensus Mechanism - When you consider the fact that both companies and governments make use of consensus mechanism where a select few are given power to make Important decisions, be it a board of directors or senators in the National assembly. NEO makes uses of "Delegated Byzantine Fault Tolerance"(dBFT) which enables holders of NEO vote for delegates which makes decisions. This ensures order and progress.

  • Fast Transactions- One of the advantages of bBFT as seen in Blockchains that adopted it like EOS is that there is no need for massive amount of machines to compute Blocks. This frees up the workload and greatly enhances transaction speed unlike POS and POW models that is much slower. NEO has a transaction speed that is North of 10,000 transactions per seconds while eliminating huge costs at the same time

These features of NEO makes it an obvious choice for Goldilock that aims to serve across sectors like Finance , Health, and Government


Use Cases

Banks

Banks have been the victims of hacks lately due to an obvious reason. They have a need to maintain liquidity, so they always nees to have funds in Hot Wallets. Customers are always withdrawing money and making transfers and it is not good if Customers are always hit with that annoying message :

Temporarily unable to Dispense Cash

And Banks are mostly affected when hackers gain access to customer card details and use it to make withdrawals from ATM's. Hackers get this access with something as mundane as an E-mail to a bank staff.

If banks adopt the Goldilock suite and use it to secure Hot Wallets and Customer data, Hackers will not be able to gain remote access to steal Money. The Airgap technology will ensure that they don't gain access


Insurance

Insurance companies actually face double risk of losses from hacks . let me give an Illustration

Camel Bank took an insurance policy with Regal Insurance company to serve as a protection for user funds. They receive monthly premiums from Camel bank and a host of other customers, now if they don't have a system like Goldilock , they stand a huge risk of getting hacks and losing the premiums paid to them

At the same time without a system like Goldilock, Camel Bank might also get hacked and Regal Insurance will find themselves paying back the Money to Camel bank to indemnify them .


The Token


Screenshot (127).png

Image Source


Users of Goldilock will be required to purchase LOCK tokens which will provide a conducive environment in coalition with the Goldilock smart contract to ensure an efficient storage of Cryptocurrencies and digital assets. The tokens will grant the user access if the Blockchain query confirms that the public key address owns a LOCK token

If affirmed, the user will now gain access to carry out different activities in the Goldilock wallet ranging from Auditing Information to recording node activity while maintaining total encryption levels at all times. The LOCK tokens is an acceptable method of payment for individual users on the Goldilock Suite


Screenshot (128).png
Screenshot (129).png

Image SOurce


Quick Explainer Video

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

This post has been submitted for the @OriginalWorks Sponsored Writing Contest!
You can also follow @contestbot to be notified of future contests!

you have explicitly illustrated everything that is needed to know about goldilock, the secure storage interface is superb and the project is mind blowing