Intro
As of late, security has been of major concern in the world. Whether you lost your bitcoin in the Mt. Gox hack, or had your personal information stolen in the Equifax hack, when institutions are compromised, everyone suffers. Due to this, Goldilock is looking to change the face of security as we know it.
Overview of Goldilock
Hot storage is storage that is accessed very often and quickly, such as on an exchange for cryptocurrency holders or an online. Cold storage is generally accessed less often and is offline on a physical device such as a Ledger or on your PC. Goldilock's aim is to combine the benefits of both these storage methods using a patent-pending remotely operated airgap technology, which only puts your assets online when you need them. Their security suite is comprised of:
The Goldilock Wallet - For crypto investors
Integration via the Goldilock API - For Institutions to leverage the technology
Colocations - Physical vaults which can be leased by institutions
On Premises Deployment Options - Physical devices that enables the airgap technology
Benefits of Combining Hot and Cold Storage
By combining the benefits of hot and cold storage, you can quickly and easily access your data from wherever you want. However, the will only be online when you need them and will be disconnected as soon as you are finished. This means your data won’t be prone to attacks since it won’t be connected to the Internet. For a crypto holder, it would be as effective as a Ledger but as convenient to access as an online wallet.
Improved Security and Access Comes More Adoption
Many people are afraid to hold large amounts of crypto on exchanges in fear of hacks such as Mt.Gox, however, hardware wallets aren’t the most user friendly. By implementing this technology, Goldilock will enable everyone to safely store their cryptocurrency, increasing the the appeal. Ease of access also makes it easier to spend and transfer. Both of the above would in turn lead to more adoption by the public.
Why NEO?
While there are many blockchains that Goldilock could have used to deploy their project, they selected NEO for a number of reasons. First and foremost, NEO’s outlook and values when it comes to government compliance, digital assets and digital identity should serve as a strong base for the Goldilocks project, as stated in their Tokenonomics Overview. Furthermore, NEO has quick, free transactions and can process over 10,000 transactions per second, so the platform will not bottleneck the potential of Goldilock. Finally, NEO improves upon Proof of Work and Proof of Stake, instead using a consensus mechanism called “Delegated Byzantine Fault Tolerance” or dBFT.
How Institutions Benefit?
By combining Goldilock with their current services, banks, insurance companies and the like have been able to add a new layer of security to their operations. Banks specifically have been partnering with Goldilock in order to use their service for larger accounts and wire transfers.
Potential Use Cases
In addition to the uses mentioned above, there are a couple other use cases I thought of for the Goldilock system. With healthcare records moving online, it’s very important to keep them secure from hacks. Hospital, clinics and other stakeholders in the medical record industry could use Goldilock to ensure their information is safe. Another potential use case is a variety of IOT devices. Security in IOT is a big concern which can be mitigated by implementing Goldilock’s solution.
Here’s the post where I found out about Goldilock:
https://steemit.com/crypto/@originalworks/810-steem-sponsored-writing-contest-goldilock
And here's my tweet:
https://twitter.com/denesh0124/status/1027036267106775040
- denesh0124
I encourage you guys to do your own research and find out more details about the project!
goldilock2018
goldilocktwitter