Security is really important for us. Hand carrying a lot of money attracts robbers and other people with bad interest. This is the reason why bank issued ATM where in you don't need to carry loads of cash in your wallet but instead going to any ATM machine to withdraw just the right amount that you needed.
BUT...
What if you have a lot of Cryptocurrency? Would you trade them all off and put it in the bank to be safe? What if your crypto of choice is on on the downfall? Is it ideal to just withdraw it and lose a lot of money just to be safe? NO! One solution is buying Hardware Wallets for Crypto Currencies. These are specialized wallets which looks like a USB that you can hand carry with you which costs a lot of money-
AND...
If you store all the hard earned money in here, and you misplaced it, it's goodbye cash!
So? Do we just let them stay at online storages like coins.ph or coinbase?Online wallets are an eyeful for hackers and the transactions with cryptos leaves a lot of fingerprints (things hackers use and trace to do bad stuff).
So many IF and Questions. Don't worry. There is a solution to these questions and it's not as long as this introduction. :)
Let me tell you about Goldilock. Goldilock is a new type of storage system that combines both digital and physical storages. It functions as an online ATM in which you would save your cryptos, and can withdraw them whenever you wanted to use them.
How is this different with other wallets? Goldilock uses these steps that I would try to simplify.
Goldilock uses digital storage when you are connected to the internet and trying to login your credentials and the transactions. Think of it as you are walking towards an Atm machine.
Upon logging in Goldilock, you would be accessing the account as you enter your password which is like entering your pin in ATM.
On Deposits, after you have chosen to save your cryptos and leave it with Goldilock, The system saves them in a Physical Wallet. Yes you heard me. It is the same with Hardware wallets that costs a sum of money but in this case, Goldilock is sharing them / let's you borrow them. This step causes a "physical airgap disconnection". If someone is trying to hack your account, as soon as you finished the transaction, the connection stops thus hackers cannot proceed on transfer etc, without your permission.
If you choose to Withdraw, the other thing happens in which from the Physical Storage, it will be sent to your account/desination via secure internet connection.
Isn't it great? You won't need to have those huge amount of money you earned by trading and online that can be hacked anytime since they are stored physically.
The problem is that in order for you to avail, Goldilock needed a number of personal data to be registered. However, if you think about it, this is not so much different than going to a bank and filling up a KYC (know your customer). The forms includes name, address, contact information and other that is needed to preserve the storage in a high level of security.
With Goldilock, users can access the documents on a per needed basis and will not be able to be accessed by anyone as the data goes offline after performing identity verification.
Banks could partner with Goldilocks to have a more secure connection and as more people adopt, in the future, you might be able to withdraw money from your bank through Goldilock.
This project is really useful for individuals and companies alike. As the world becomes more and more digitized, more hackers are finding new ways to mess with people who does not have high computer knowledge. Hackers uses cyberspace or internet to get information of their targets and transfer money to their bank accounts. Since hackers needed to be connected to their target, the "airgap disconnection", the information going offline is a huge conundrum for them to be able to succeed hacking you.
For more information:
- Goldilock Website
- Goldilock WhitePaper
- Goldilock Tokenomics
- Goldilock Telegram
- Goldilock Discord
- Goldilock Linkedin
- Goldilock Facebook
- Goldilock Twitter
- Goldilock Reddit
- Goldilock Github
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