Introduction
Also, the issue of losing one's password which cannot be recovered could bring about great loss in a case whereby an individual possess a large amount of these digital money.
In this publication, a platform with the intrinsic ability of changing the way sensitive digital assets are kept, its features, benefits on blockchain technology and some other info about it will be properly and articulately communicated in a very simple language for better understanding.
Currently Available Solutions With Their Intrinsic Problems
● Centralized/Hot Storage System
Virtually all currently available storage systems are centralized. However, the shortcomings associated with keeping such sensitive data/funds with a centralized entity is actually far more than its advantages as the data stored on such system can be used for other purposes without the knowledge of the owner.
Most of us store our funds on an online wallet or exchange and we never can tell or have no idea of what is happening to it there; whether it is safe or not, who knows? The sad aspect is that most of these websites might be vulnerable to security flaws and this could expose all the user funds to hacks. This very issue has been seen with most online wallets.
Obviously, storing our funds with a centralized system takes away our right.
● Personal Cold Storage
Cold storage refers to keeping a reserve of cryptocurrencies offline which could involve keeping them on a USB drive or other data storage medium in a safe place, for example; safe deposit box, or on a paper wallet. This actually offers great degree of security benefits over keeping these coins or data online as they are not subjected to bring hack in any way. Despite the great benefits, there are some problems associated with this physical form of storage which include;
Breaking of such devices which could lead to a great loss of data/funds
Using this form of storage requires a level of technical-know-how which most people don't have
The users are denied of access to their data/funds in the absence of such physical device.
Goldilock's Solution
Goldilock is built on the NEO platform and aims at creating a new means of storage system with the ability of functioning
Goldilock is born out of the fact that data kept online is exposed to a high degree of being hacked and be wrongly used, and stolen in the case of funds. For the proper security of these data/funds, Goldilock will use a physical airgap disconnection method, implying that these devices storing sensitive data are physically disconnected from the internet, isn't that cool? Interestingly, whenever a user needs access to their private data, the physical device which stores the data is connected to the internet thereby given such users access to them through non-IP technology with secure authentication layers, usually, this is limited.*
Goldilock will act as a cold storage when the information contained in it is not needed, and as hot storage when such information is urgently needed. It is however built on three premises as seen below;
I. Users need access to their personal data quickly, but only occasionally and for short periods of time. Otherwise, online data is more useful to hackers than rightful owners.
II. Personal data (including private keys) must be isolated, secured from physical contact and related human error, and fully backed-up.
III. Personal data and private keys must be quickly accessible when needed.
However, these premises are treated as necessities for making private key custody and personal data storage more secure without any restrictions as regards accessing them. In addition to this, Goldilock will deliver a unique key custody and data storage solution which relies on a framework of proven technologies and innovative processes. These include;
●Physical airgap disconnection from electronic networks
●Dedicated per-user hardware for processing storage of encrypted data
● Regressive connectivity and signal processing
●Biometric gateways
● Device recognition
● Personal generated codes
●Scalable physically-segregated connectivity solutions
●Two-Factor Authentication
● Optional multi-signature security
● Secured physical vaults
●Multisite encrypted data backup
● Secure dashboards and live reporting on access and usage
● Fully-insured third-party guarantees for the extraction and delivery of data to owners on demand or in the case of business distruption
The Goldilock solution is available for;
- Consumers
- Institutions
For Consumers
Private Key Custody
For the sake of cusumers, an encrypted storage device will be embedded in the Goldilock platform.
Via this, Clients can easily access their data using encrypted channels for the completion of transactions without any delay. After he/she must have been done with any transactions, the device is then disconnected from the internet thereby keeping the private keys safe, since no one will have access to it, even Goldilock doesn't!
For Institutions
Cryptocurrency Exchanges
As said earlier, available public cryptocurrency exchanges have access to the private keys of their users, since they act as keepers of those keys.
Online/Hot Wallet Operators
Goldilock's services will also be available to hot wallet operators and custodial service providers by allowing them to make use of their remotely-automated airgap custody solution. Here, operators are allowed to choose between anin-house proprietary license and an outsourced service model, where clients' data is not accessible to Goldilock.
Hardware/Cold Wallet Operators
Goldilock services are also available to cold wallets operators willing to improve their technology. Here, the cold wallet solution can be added to the Goldilock system, thereby giving operators the chance to offer a solution which is secure, remote and easilyand readily accessible.
Data Storage and Digital Asset Security
Keeping medical, financial and legal record safe is very essential. For the purpose of being safe, keeping such sensitive data on Goldilock is considered ideal as they are safe and easily accessible when they are needed.
Application Layer/Features Of Goldiblock
The application layer is made up of;
- Goldilock wallet for cryptocurrency
- Goldilock API services
The Goldilock Wallet for Cryptocurrency
This will be made available by the Core Development team of Goldilock and it will be used for the purpose of storing and and making transactions involving NEO, GAS, and NEP-5 tokens at start. This subsequently makes NEO the most secure cryptocurrency on the market.
Features of the Goldilock wallet...
- A web browser authorized over SSL will be used for running the wallet.
- For security purpose, the keys for each wallet will be saved or stored on a unique, segmented, and encrypted hardware wallet device, disconnected from the Internet.
- In case such wallets need to be accessed(usually done online), users will be allowed to use a Non-IP command and PIN/voice verification instead of a Non-IP Public Switch Telephony Network (PSTN).
- Once the wallet is closed, the unique hardware wallet device will also be disconnected from the Internet.
- A unique personal assigned URL will be supported by a single wallet.
- A two factor authentication will be required by any signed transactions
Goldilock API Services
This will be developed after a successful development of the Goldilocks wallet. The sole aim of creating this is to *allow institutions already having wallet solutions, but which require an improved security, to make use of Goldilock's patent-pending solution.
Moreover, these services will run on-premise, in Goldilock's colocation facilities and in the Cloud, making it convenient for various enterprises and partners to create applications that ascertain the security of the potential user's privacy. Also, this APIs can be stacked within non-decentralized applications or into stand-alone dApps.
With the way Goldilock is structured, it will make the incorporation of other cryptocurrencies easier instead of only NEO which the team intends to start with.
Benefits Of Combining The Best Of Cold And Hot Storage
The fact that Goldilock is combining the power of both Cold and Hot storage, makes it a lot beneficial to it adopters.
● The airgap security solution made available on Goldilock ensures proper handling of private keys, thereby eliminating some of the flaws associated with cold storage and hot storage as discussed earlier.
● The fact that it is using both the Hot and Cold storage system make the funds/data stored on it more secure and easily accessible.
Influence Of Improved Cryptocurrency Security and Access On Mass Adoption
What else do one need when security is provided in this world of insecurity, especially in the aspect of funds/data?
Security is one of the major problems disrupting the crypto world and it is really causing a whole lot of drawbacks, because with the we are now, cryptocurrencies should have been a widely accepted form of payments, but it's yet to be as the issue of security has brought in fear to the mind of potential adopters who are willing to invest a great amount of money in it. However, with the solutions Goldilock has brought for everyone, that is; ensuring security and at the same time easy accessibility, the impact of this will be felt in the crypto world since it will trigger mass adoption of cryprocurrencies which subsequently brings a great value to them, as in the price.
Security Benefit Of Keeping Data Offline Using Airgap Technology
The Goldilock team has actually come with a good problem solution since they are fully aware of the problems being faced in the cryptography industry regarding the storage of funds. First, and foremost, their team is able to identify problems associated with physical cold storage as they fully know it cannot solve the issue at hand. Also, they are able to to fish out the problem associated with the online method of keeping these funds, that is; hot storage system which is associated with hacks.
Identifying this problems, they are able to combine these two already available solutions within a airgap technology and Non-IP mechanism which enables the storage of funds/data offline where it is inaccessible from the internet. The security benefit of keeping these sensitive data offline is to ensure that it is NOT physically accessible.
Why Goldilock Opt For NEO as their Platform Of Choice
The fact that Goldilock is opting for NEO as their platform of choice is to ensure that they are broadly accepted. NEO is a platform supported by Chinese government and also by tech giants like Microsoft.
Their features include;
- Aims for Regulatory Compliance
- Utilizes a Superior Consensus Mechanism
- Processes Transactions Faster
Unlike the ethereum blockchain which is slower in making transactions and also the security of funds is not assured, all these features together make NEO the perfect platform for a secure wallet utility token. Also, these features goes in line with of Goldilock as it ensures consumers transact business on the blockchain in the most secure and efficient way possible.
How Banks, Insurance Companies And Other Institutions Can Benefit From Integrating Goldilock Technology To Their Existing Systems
● For Banks
Integrating Goldilock into the existing database of banks will ensure that their database are purely free various external attacks or prevent it from any form hacks. However, this is made possible due to the fact that the database of banks is always offline and it's only accessed online when any information of the user is needed.
● Insurance Companies
Personal details and probably, the scanned documents requested by an insurance company while signing up for an insurance policy are stored in an email or drives which are prone to hacks. The trust of such insurance companies might be lost when attacks occur as the personal documents of their customers will get leaked into the wrong hands.
This vulnerability of such documents could be prevented when the insurance company integrate Goldilock into their system. What Goldilocks does is that it helps to keep these sensitive information offline which are only brought online when needed. The purpose of this is to ensure that customers' information are kept safe and secure.
Use Case
Let's assume Mr acheever is actually afraid of investing in cryptocurrency due to the fact that he has heard a lot of downs associated with it, such as the issue of security. However, on hearing about Goldilock Wallet Application which assure him maximum security of his coins. The fear he has will immediately disappear and he will eventually embark on the journey of investing in crytocurrency. Subsequently, he his able to recommend this to any other person having the same feeling as him.
Goldilock Lock Token
This token will play an important role in carrying out various transactions on the Goldilock platform. It would however be registered on the NEO blockchain as a NEP-5 asset.
Token Allocation
Proceeds From Token Sale
The Goldilock Roadmap
Meet The Team
The Advisors
The Partners
Summary And Conclusion
Looking at the various problems surrounding the currently available storage systems, especially the issue of security, as in the case of hot storage and the damage which the cold system of storage is prone to, it will be seen that lot of people are afraid of giving their personal information out to any organization, whether they are assured of safety or not. Also, so many people are yet to lay their hands on any crypyocurrency investment due to this same security issue.
However, the invasion of Goldilock in this aspect and the unique services it is coming with will revolutionize the data storage industry as it solves the issue of security.
A Recap Some Of It's Features
- Wallet is stored offline through a physical airgap mechanism which is not accessible from the internet.
- It uses a non-IP mechanism with which users use for the activation of their wallet making it accessible over the internet.
- It enables users to securely access their wallet over an encrypted connection using an assigned URL.
With all these services, what else do one need? Obviously, Goldilock is the right storage!!!
For More Information & Resources:
Goldilock Website
Goldilock WhitePaper
Goldilock Tokenomics
Goldilock Telegram
Goldilock Discord
Goldilock Linkedin
Goldilock Facebook
Goldilock Twitter
Goldilock Reddit
Goldilock Github
goldilock2018
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