This article is only for the serious crypto-care-takers!
If you’re a traveler who’s depositing his/her crypto-funds at home where mommy, daddy, your girlfriend or boyfriend are taking care of your hardware ledger wallets, go on to the next article. Please don’t complain if your hardware wallets might break or you’re unlucky getting robbed and everything gets lost forever. Possessing a hardware ledger wallet is maybe one of the safest forms of keeping your cryptos, but it is not the most practicable one, especially not in a world of digital nomadism. If you want to belong to the group of innovative care-takers and smart travelpussies keep on reading. Goldilock [2] offers a solution of combining the best of two worlds: cold and hot storage hand in hand!
What are the benefits of combining the best of cold and hot storage?
Apart from the fact that exceedingly few of the current crypto businesses have built their operations, whitepapers and roadmaps on a patent, Goldilock [3] with its filed patent in 2017 is different! What can we find there?
The airgap security solution which will be discussed later has the power to handle the misuse of crypto-keys and eliminates some flaws of cold storage and hot storage. On the one hand from perspective of an investor, paper wallets are not the optimal solutions when it comes to trading. Ledgers and USB sticks can be damaged and can bring many problems by just being physical. On the other hand, keeping cryptofunds online, for instance at an exchange which can be hacked is not a better solution. Losing control over our money is not what we as whole entire crypto community had in mind, when we turned our backs and said good bye to banks and third parties in between. Goldilock’s solution is empowering the user by bringing control over sensitive digital assets and your crypto-keys. The difference to usual extensions like LastPass or Dashlane is that Goldilock is a blockchain solution, it is decentralized!
The Goldilock API Services will run on-premise, in our colocation facilities, and in the Cloud. These services will make it easy for enterprises and partners to create privacy-focused, consent driven applications. The APIs can be embedded within non-decentralized applications or into stand-alone dApps. Because of the way Goldilock is architected, after initial wallet deployment to users focused on NEO we will be in position to service other major cryptocurrencies in a matter of weeks. [4]
Goldilock can serve your needs online when you need it, e.g. when you need access to your money; Goldilock is offline when you are traveling. Goldilock is accessable anytime from anywhere. Furthermore Goldilock is with its promising API Services looking forward into a golden future, because it is not only the blockchain innovation in 2018 for travelers, digital nomads or the private person, but also advantageous for institutions.
How can banks, insurance companies, and other institutions benefit from integrating Goldilock technology to their existing systems?
Institutions are settled and powerful entities. They draw their strength from their organizational formats, the large number of people working together, conforming to a certain philosophy and complying to the logic of the environment. Employees are one of the major points and personnel costs are usually one of the most expensive ones within organizations. With a glance at how working scenarios look like today, home office, flexible and dynamic working, traveling and remote work are immediately on the table.
If you’re working within a bank, maybe you are rooted within your hometown, going every day to work, maybe as staff at the counter. Climbing the hierarchy, you will realize, the more you want to earn as an employee the more flexible you will have to be. Traveling and remote work will change the way you will think about work, i.e. earning more might be correlated with flexible working arrangements. Be aware of the risks! If you’ve made your way through several promotions and hard work, either within your bank or insurance company, you will care for the safety of your funds. You will also care to have a competitive edge on your colleagues, i.e. you will have to think how your flexible work setting fits with realization of the theory and practicability. You will have to manage your sensitive data in a different way you have done before.
Merging with Goldilock could not only make you as person more competitive, but differentiate your division, your whole company from other market competitors. Being able to dedicate yourself more to clients will make a difference, will highlight your position as institution from the mass. Trust is a crucial value that must be communicated appropriately via risk management. Goldilock would not only be this strong argument for your institution. It could change a whole institutional attitude and create a unique mixture of sensitivity digital security and trust. Not to mention Goldilock’s ongoing partnership building with banks, hence it is a company located in San Francisco many others in Europe are waiting for, too. [5]
When it comes to trust another very important sector has to be mentioned: health care!
What a shame that some pharmaceutical companies have still not entered crypto-sphere on the blockchain!
Blockchain won’t solve all of our world problems, but it could be the first step towards how we as society want openly discuss topics. Recent case in China about Changsheng Biotechnology’s vaccine scandal is not only an issue of how to track data safely on the blockchain, but also how secure is the environment until users are reaching the save haven of blockchain at all, meaning, “[t]he points of vulnerability lie instead in the ways users access the blockchain.” Pharmaceutical Companies that would care about their data would reconsider to secure their access via Goldilock's technology.
How will Goldilock change the way people handle their sensitive digital data?
People will stop to talk themselves into believing cold storage in form of hardware ledger wallets is the ultimate solution! Let it be supposed that the USB Stick gets damaged and we already know how hard it is to find crypto-and blockchain specialists on the market to build these devices. But are there enough experts to repair them? We know that the industry is booming and selling, booming and selling.. Are we really prepared for the case one of our devices gets damaged? Will we as digital nomads or travelers send our broken physical device to France when we are in the middle of the rainforest? Maybe our jungle hut has internet connection, but the postman or postwoman might not give us a visit regularly. Will we as a bank, insurance or pharmaceutical company feed the hardware ledger wallet monopolies, because there is no other competitor on the market? It’s time to open the eyes and reach out to the real solutions that suits us digital natives. Goldilock will give us the chance to live a blockchain solution. Lock token will give us the possibility to proceed in smart contract logic far better than the available one on Ethereum.
What is the security benefit of keeping the data offline using "airgap" technology?
The Goldilock enterprise has a good problem solution awareness and managed it insofar as to think out of the box in a visionary way. First, they knew that physical cold storage cannot be the end (future). Second, they learned from experience and the huge hack problems within crypto industry [6] that come with online hot storage of funds (history). Both combined within airgap technology and non-IP mechanism enable to store a wallet offline, which is not accessible from the Internet. The reliance on a patent gives the company as a whole stability. Who knows what could happen in wild west cryptoeconomy, at least the technology can be undoubtedly called save against competitors. The security benefit in keeping sensitive data offline is to make it also non-physically accessible, which can be compared to building bridges towards the future, where humans are not bound to only one location their whole life.
How can improved cryptocurrency security and access impact mass adoption?
This question can only indirectly be answered of how willing are cryptocurrency exchanges to implement Goldilock into their day-to-day operations? It’s out of question that Goldilock has potential to offer solutions for cryptocurrency exchanges’ hot wallet storage problems. Goldilock’s management services of handling peak traffic periods when the markets getting hot would be a positive side effect in these partnerships. As previously mentioned security is also about trust and cryptocurrency exchanges are lacking that kind of trust that could be restored by Goldilock. Thinking just in black and white, cold and hot storage is not conducive. To have a sustainable impact on mass adoption, partnerships have to be formed with institutions that have the masses already or will attract them in near future with a strong vision, excellent team, practicable and resolute idea implementation.
It is noteworthy that apart from exchanges, institutions, communities and social media platforms, there are networks. Networks are far more scalable than companies and have the advantage of an infinite co-operational arsenal. As soon as first approach with a network was successful, the flexibility will pay off, i.e., that network owners have different glasses on and in a purposive way know best which branch for Goldilock could be most promising, which network nodes or arms should be stimulated first to reach the masses effectively.
Goldilock and its team is already situated as professional, but for growth it needs more, it needs more partners from outside not only within its same geographical area. Europe is a huge market and having an implementation with growing Austrian cryptocurrency exchanges from the beginning on would be far easier than trying to reach cryptocurrency exchanges that are already too big, had already losses in their reputation.
Why did Goldilock opt for NEO as their platform of choice?
It’s interesting to see in what kind of superspeed crypto- and token-economy is proceeding. Whereas Bitcoin and Ethereum had been the disruptors and now have become mainstream, Goldilock is disrupting the first disruptors. Building its security system on NEO indicates Goldilock’s desire to enter the mainstream. Whereas Ethereum is not backed by a nation’s government, NEO is not only backed by Chinese government, but by tech giants like Alibaba, WINGS and Microsoft. [9] Mass adoption factor should be mentioned out of developer perspective. Ethereum uses a very rare language, called Solidity, whereas NEO’s smart contracts and DApps can be written in C# and Java. Python and Go about to come.
NEO claiming to be quantum computer-proof are the dreams of the future, they are not yet an important factor within other cryptocurrencies and ecosystems. For a look into NEO and BTC difference, please consider the additional reading in the footnote. [10] However, purchase options contain BTC, ETH and USD, NEO will be the partner matching with the long-term vision of Goldilock and its LOCK token. Neither private nor public token sale have started, yet. Hopefully the Goldilock team will find a good way to develop their project and not end up like others currently cancelling ICOs. Fortunately Goldilock has chosen NEO out of security considerations (delegated byzantine fault tolerance, a special form of PoS), speed advantages (customers' needs for fast transactions come first) and regulatory compliance (public key infrastructure standards for identity).
[1]Animated Gif created from the following material: Youtube Video; Goldilock Token SALE
[2]Animated Gif created from the following material
[3]Whitepaper Quote p.12: "Goldilock holds U.S. patent-pending protection on the implementation of technology which relies on an airgap toggled by non-IP triggers."
[4]Whitepaper Quote p.9
[5]Confirming the statement: “The conversation regarding implementation of our solution will continue during the second half of 2018, with the goal of Goldilock provisioning a secure backend solution for bank account and transfer management.” Goldilock Homepage “Bank” section / “For example, the European Union’s General Data Protection Regulation (GDPR) threatens fines of over €20 million for failure to protect consumer data. GDPR represents a massive opportunity for Goldilock, as many technology providers do not have a solution to sufficiently protect consumer data.” Whitepaper p.8
[6]Further Reading: problem of two-factor-authentication
[7]Animated Gif created from the Whitepaper p.13-15
[8]NEO Picture Source
[9]NEO vs. Ethereum
[10]Further Reading: NEO different from Bitcoin
https://steemit.com/crypto/@originalworks/810-steem-sponsored-writing-contest-goldilock
https://twitter.com/viennalex/status/1026625072679866368
- viennalex
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