GOLDILOCK: A CRYPTO KEY CUSTODY AND DIGITAL ASSET STORAGE SYSTEM

in goldilock2018 •  last year 

INTRODUCTION
As we all know cryptocurrency is online digital money built on blockchain technology which is geared towards achieving its global adoption, so as digital assets and data are integrated into them. The security of these assets and data is of utmost importance to the users and organization operating with them. Digital assets and data such as password, private keys and wallets most times are secured and stored inadequately and in an inefficient way, this creates an avenue for panic by individuals and institutions that makes use of these platforms. This is one of the reasons why crypotocurrency is slow to global adoption. There is also need to have full access and security to stored data whether online or offline, this problem is mostly encountered by users trying to access their stored data on physical devices that has their data stored in them when connected to the internet, most times users have their data exposed to hackers in the system. The call for the security of digital assets and data by users arises. There is need to build more secured blockchain and cryptocurrency ecosystem, that’s why an excellent team came together to develop Goldilock which is a solution to problems surrounding storage, access and security of digital data and assets.
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What is Goldilock?

Goldilock is a storage system built in a well secured ecosystem to store and secure digital assets, data and cryptocurrencies for users, organizations and institutions whether offline or online. Goldilock is a system that utilizes a remote physical airgap disconnection method to disconnect storage devices containing highly sensitive data and digital assets from the internet. Goldilock is a system built to guarantee the security of offline data and digital assets in combination with creating a well secured online accessibility anywhere and anytime. Goldilock is a system that utilizes both hot and cold storage means by creating and adding highly secured physical layer, which was unavailable previously in the market. Goldilock is a system designed to change the mindset over the way highly sensitive digital assets and data are handled by users and institutions. Goldilock utilizes encrypted individual HSM vaults to make accessible and available digital assets through a non-IP mechanism at the same time invisible and disconnected from the internet when not in use. Goldilock partners with NEO, combining their core values towards achieving a perfect and secured technology.

Goldilock ROAD MAP
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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.

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Feature of NEO

• Aims for Regulatory Compliance

For large companies and governments to operate on the blockchain, these institutions will require the ability to audit digital assets and transactions and digital identities will need to be known and verifiable. NEO make use of the Public Key Infrastructure (PKI) X.509 standard for identity, which means that NEO will be able to issue and confirm digital identities.
• Processes Transactions Faster

NEO’s use of dBFT means that its architecture does not require thousands of machines mining to complete a resource-expensive algorithm to verify transactions. NEO’s consensus mechanism enables the blockchain to process in excess of 10,000 transactions a second without transaction costs.
• Utilizes a Superior Consensus Mechanism

NEO uses an improvement to the Proof of Work (e.g. Bitcoin) and Proof of Stake (e.g. NXT) consensus mechanisms entitled “Delegated Byzantine Fault Tolerance” (dBFT). The dBFT is a modification of the Proof of Stake protocol in which holders of NEO tokens vote for delegates, and the delegates must reach a consensus on acceptable transactions.
These above Feature of NEO are the reason why Goldilock opt for NEO as their platform of choice. These features are in accordance with Goldilock’s mission to ensure that consumers are transacting business on the blockchain in the most secure and efficient way possible.

Case

Jeffrey was call for jobs interview in another country. He has saved up enough money to travel to the county. He will be travelling to big cities as well as remote locations, so he would like to minimize his luggage to essentials.
Throughout his trip, Jeffrey will need:
• Documents - Passport, Certificate , Visas etc.
• Finance - Cryptocurrencies
While Jeffrey was packing up his important documents in a small bag, he kept worrying about what would happen to him if he misplaced it. His career would be ruined, and it would take him forever to replace all the lost documents.
Jeffrey mentioned his worries to his friend, shina, who mentioned Goldilock!
With Goldilock, Jeffrey can rest easy. He can leave his documents and cryptocurrency wallets at home where they belong. There is no need for him to carry around such important items and risk losing it all.
Instead, he can store relevant data with Goldilock, and access his data whenever he needs it!

GOLDILOCK API Services:
This gives an interface for institutions that use other wallet solutions to make use of GOLDILOCK’s airgap technology to store sensitive digital assets/information.

On-Premises Deployment Option:
With this option, user can use physical devices to remotely operate the air-gap mechanism to ensure security.
Recall that I made mention that GOLDILOCK would be based on the NEO blockchain. Now, I am sure that some of us would want to know why GOLDILOCK decided to use the NEO blockchain. Well, GOLDILOCK is making use of the NEO blockchain because the NEO blockchain has the following features:

Ability to audit digital assets and transactions:
GOLDILOCK attempts to entice large companies and governments to come operate on the blockchain, and for this to happen, these large companies and governments need to be able to audit digital assets and transactions. This is where NEO blockchain comes to play. You see, the NEO blockchain is building a digital identify mechanism that is capable of issuing and confirming digital identities via the Public Key infrastructure (PKI) X.509 standard.

Delegated Byzantine Fault Tolerance (dBFT):
The dBFT is a consensus mechanism that is an improvement to both the Proof of Work and the Proof of Stake consensus mechanism. With the dBFT consensus mechanism, holders of NEO tokens would vote for delegates and then, these delegates must reach an agreement before transactions are made. Also, with the dBFT consensus mechanism, transactions are processed faster (10,000 transactions per second) at no transaction cost. This is due to the fact that, with dBFT, the NEO blockchain is a platform that does not require numerous computer resources to verify transactions.

As we all know, two cannot work together, unless their goals align. With the features above, the NEO platform aligns with GOLDILOCK’s goal of providing their users an effective and efficient way to store sensitive digital assets.

Conclusion:
GOLDILOCK is here to ensure the secure storage of sensitive digital assets such as cryptocurrencies. And once cryptocurrencies can be well protected, mass adoption of cryptocurrencies is achieveable, as users are sure that their cryptocurrencies would be protected.
Every institutions that handles sensitive data should integrate the GOLDILOCK solution into their existing technologies, as with GOLDILOCK, high end security and accessibility is ensured.

For more knowledge watch this short video

More Information
https://www.goldilock.com/

goldilock2018

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