Source: pixabay
The fact that we now have a lot of cyber crime in the world as a result of the evolving technology, of which I have fallen victim of is one of the primary reasons why a lot of investors and institutions don’t welcome the idea of cryptocurrency.
Then the fact that users don’t have access to their data anytime they desire it is another issue of concern.
Goldilock, which is a new storage device used to store sensitive data storage and cryptocurrency has a solution to this. With the use of Goldilock, people can now smile without being in constant fear while traveling or sleeping because with the use of combining the best of cold and hot storage, Goldilock has got them covered.
What are the advantages of combining both cold and Hot storage?
There are some advantages of combining both storage. The first is for accessibility.
As discussed earlier, the fact that personal data cannot be easily accessible is one of the primary reasons why people and institutions dread using it, but with the use of both cold and hot storage, users would easily have access to their file, then with it, the issue of the safety of the users wallet is also guaranteed.
There would be lots of advantages for the different financial institutions that decide to adopt the use of Goldilock. The first is that it encourages the exchange of cryptocurrencies.
This would make it easier during the inevitable market runs while handling the peak traffic periods.
Through the combination of both storages, it would help keep the data offline when the user(s) is not using it which would definitely keep it away from hackers getting their hands on it.
Image source: Goldilock whitepaper
Then apart from making the user's data more secure, the fact that with it, privacy is allowed, and the fact that it would give the users quick access to their data is an added bonus.
The reason why Neo is perfect for Goldilock
Neo which is a blockchain project that aims for regulatory compliance, and is thus able to confirm and issue digital identities, makes transactions faster without cost also utilizes a consensus mechanism which is superior and the fact that a lot of enterprises and governments recognized are the reasons Goldilock opted for it.
Keeping data offline using the airgap technique makes the wallet inaccessible to the internet since it is stored online. This is a great security benefit as it would make hacking an impossible task.
Goldilock is indeed the solution to make the mass adopt cryptocurrency since it has settled the issue of accessibility and security. In line with this, a lot of people would definitely feel motivated to adopt the use of cryptocurrency for transactions.
This is my entry for the@originalworks contest
Goldilock2018