Every data that is connected to the internet is prone to hacking, whether if it is a data from an organization such as a bank, government agency, school, financial institution, hospital and many more. As long as its crucial information is available on the internet, it is hackable.
The fact that critical data like these are exposed online, it is really alarming. I am a cryptocurrency hodler/trader and incident of hacking is not a new thing to me. I, myself has this feeling of insecurity and relying on an online storage is never been my option. A good friend of mine who is also a crypto trader suggested a physical crypto wallet. At the back of my mind, I have this thinking that this wallet is vulnerable to damages and lost but is a better option than an online wallet. I am still in a middle of a decision.
I felt some security when I hear about Goldilock I am amazed by its features and I would like to discuss it.
Since the new generation of computers existed, most people or let say all people depend on its capability. We tend to store important data on our computers and sometimes archive it on a cloud-based storage. Goldilock is changing the traditional way of using a storage. Goldilock has this belief that anything that is online is hackable, and so it came up with a solution of forming a storage that is not available on the internet when not in use.
Cold storage (a data storage that is tangible)
Something that is tangible such as paper or USB is exposed to damage or loss. The commonly used cold storage is not suitable for keeping a huge amount of crypto or any critical data.
Hot storage (a data storage that is intangible or known as cloud-based storage)
- Vulnerable to hacking
- denial of service
- custodial company collapse
Likewise, keeping your important data online is not a good idea as if you are displaying all your assets to strangers like hackers.
The best part is, Goldilock formulated a solution by combining both ideas of cold and hot storage.
The Goldilock Solution
1. Using a physical airgap mechanism, a wallet will be stored offline and will not be available on the internet.
(Airgap mechanism) is physically separated from unsecured networks
2. A wallet can be activated by a user and will be available online through a non-IP mechanism.
3. By going to an allotted URL and providing access credentials, a user will be able to access its wallet from an encrypted server.
Goldilock is providing services to:
- People who wanted to enhance the security of their cryptocurrency wallets.
- People who seek for a much flexible, secured and globally available private key.
- A company or institution that is researching for a better storage for their customers crucial data.
Solution for users:
Securing Private Key
Within a secure data center, an encrypted storage device is archived. The device is not accessible online but can be available upon the need of the user. Over the Public Switch Telephony Network (PSTN), an authorized non-IP command triggered by a user will remotely be mounted the storage device and will be available online. The user can now execute all the transaction that he needs and after accomplishing all the matters, the device will be physically disconnected from the internet. Goldilock will not be given any access to the private key and to the device storage.
Solution for institutions:
Cryptocurrency exchanges have become a crypto storage to many which seems for me is not right. According to a report from 2017 a huge amount of crypto have been stolen from crypto exchanges. By using Goldilock, it will decrease the transaction processing time. Goldilock is allowing cryptocurrency exchanges to depend on an online-on-demand environment.
Goldilock is aiming to enhance a better-secured environment when it comes to digital data. Its mission is to eliminate the insecurities of losing valuable data by providing its services.
I like the concept of Goldilock, of combining the hot and cold storage features and making it as one whole new storage. The ability to disconnect your crucial data from the internet yet can be pulled out anytime or anywhere depending on my need is amazing!
A created video by me about Goldilock