Formidable Digital Storage with Goldilock

zingybite (49)in #crypto • 6 years ago (edited)

Introduction

One of the most important aspects of the crypto era is security. Security defines the entire blockchain, starting from keep identities private down to keeping assets secured; it's only fair to say that the way blocks are stored determines the strength of a blockchain. However, despite the so called security on the blockchain, there has been countless hacks and vulnerability; from accessing private keys to hacking of exchanges, it a cold crazy crypto sphere we find ourselves and this has led some persons to quit using the blockchain. Today, any slight carelessness on the side of an assets owner or manager, he or she could loss all and only have themselves to blame.

Method of Storing Digital Assets

There are several ways in which assets owner/manager store their digital assets all in a bid to ensure these data/assets are thoroughly secured. These methods are:

Cryptocurrency Exchange: In order to trade coins/tokens, an exchange platform is most likely needed; with these exchanges one can easily sell and buy digital assets at a go. Some exchange require a wallet's private key before transactions can occur, other provide the wallet but without private keys. Both set of exchange are dangerous to store assets in as they are prone to cyber attack; these attack can disclose private keys which enable hackers to steal available assets forever.
Web Wallet: Web wallets are wallets created online on a website and can be access at any time with login detail which includes the private key. This is also not a safe method of storing assets as the private keys is partly shared with the website and any breach may lead to loss off assets.
Desktop and Mobile Wallets: These are application wallets which can be downloaded into mobile or desktop devices. These wallets are bit more secured than exchanges or online wallets. However, application wallets can also accessed by unauthorized persons who gets the opportunity to go through an asset owner's device and also certain virus can be used to access such information on the devices.
Hardware Wallets: Electronic devices which allows the storage of assets off the web and cloud. These wallets are special devices created to hold an asset owner's private keys and they are considered to be most secured. Major concerns with hardware wallets includes: difficulty in retrieving assets if wallet get lost and inaccessibility of assets without the device.

The methods of storing digital assets mentioned above can be categorized into two; the Hot storage which is the online exchanges, mobile/desktop wallets and then there's the Cold storage which is the hardware wallets.

With the cons associated with both Hot and Cold storage, it's indeed an issue for assets managers, investors, and even prospective investors to feel 100% confident with digital security especially on the blockchain. However, we have in sight a Great White Hope in GOLDILOCK

A Great White Hope in Digital Storage: GOLDILOCK

GOLDILOCK is a blockchain technology that is revolutionizing the way data is stored on the Internet by building an ecosystem to secure cryptocurrencies and digital assets for individuals and institutions. source

Principles of GOLDILOCK

Today, many digital data owners sought out different "secured" means of storing their assets however time has shown that theses so called means are very vulnerable and are not the way to go.

source

With Hot storage, there is the possibility of a hack or total disintegration of the system storing the assets and with Cold storage, there's a big of device theft, destruction or even hack. However, with Goldilock the right storage method is implemented with three unique principles.

The three unique principles of Goldilock which will make it the formidable way to go with data storage are:

Data owners have to access their data not only swiftly, but occasionally for a certain short interval. With this mechanism, hackers are unable to access these data due irregularity in accessing the data by users themselves.
Individual data must kept away from human contact and prone errors, this completely reduces the risk of exposure of such data.
Individual data and private keys should be readily available when needed in order to use swiftly and in short period of time.

Furthermore to theses principles, Goldilock will use of a physical airgap implementation which makes the wallet inaccessible from internet. With this implementation, asset owners can only access their data through an encrypted connection using a unique Uniform Resource Locator (URL) and access details. Goldilock will offer optimum security with easy accessibility in mind; it's indeed a great white hope. The diagram below explains the implementation of Goldilock

source, whitepaper page 5

Goldilock : The Application

Due to the unique security solutions Goldilock will offer, there are numerous sectors it can be applied.

Private Key Storage System: Private keys are one of the most digital assets an investor has and paramount security is needed to ensure they are not lost or stolen. With the proposed encrypted storage device Goldilock will possess, users will be able to store their private keys and other crypto assets in a very secured location. The encrypted storage device is always offline and physically disconnected from the internet until the owner decides to access it. With appropriate details, owners can instantly access their private keys through a Non-IP command over a Public Switch Telephony Network (PSTN) and do whatever they need to do. Since this is an encrypted channel, Goldilock has no access to the keys or assets.

Cryptocurrency Exchange Security: Due to the traditional hot storage most crypto exchanges offer for assets, billions of dollars have lost due to hacks or other problem.

source

Goldilock will offer better storage solutions with it's online-on-demand domain which aids adequate control of peak traffic periods during market runs. In the nearest, there will partnership with exchanges to offer better storage security.

Credit Report Storage: Many Credit reporting agencies have suffered hacks in recent times including the famous hack of a top credit reporting firm, Equifax which resulted in a theft of over a hundred millions customers. With the application of Goldilock , credit report do not have be available online except when needed by an agency for a period of time. The actual owner of such report can will grant access to such agency to use for that period of time.

** Healthcare Record Storage:** One of the most important application of Goldilock is in the healthcare sector. The technology has been recognized by health institutes such as Stanford University Hospital. Privacy for patient's healthcare records is very important in this modern age and Goldilock offers paramount security to health data while still granting instant access to appropriate users such pharmacists, doctors etc. on Goldilock .

Personal Data Storage: Goldilock will also serve an excellent storage system for personal data,information and files. For example, instead carrying a large of chunk of documents and information for a meeting in another city, users can store the information on Goldilock and instantly access it when it's time for the meeting.

Lock Token

Goldilock will create a NEP-5 token on the NEO blockchain.

Users will purchase LOCK tokens which, when coupled with Goldilock’s proprietary smart contract logic, will
allow for the storage of private keys for cryptocurrencies and other digital assets, as well as provide an
immutable auditing mechanism for each individual node using Default Byzantine Fault Tolerance (a type of PoS).

source, whitepaper page 10

The LOCK token is required to access the Goldilock Wallet. When the user logs into the Goldilock Wallet, the
Wallet will query the NEO public Blockchain to confirm the user’s public key address owns a LOCK token. If the
user’s public key address owns a LOCK token, then the Goldilock Wallet will launch in the user’s browser. When
the user is granted access, the Wallet will write audit information to our own Private Audit Blockchain. These
audit entries will ensure that every time your private key is brought online, this access is written to immutable
storage that can be queried from the Goldilock Wallet.

The intentions for the nearest future is to adopt other cyrptocurrencies besides NEO, GAS and NEP-5 which are currently adopted.

Goldilock Roadmap

source

The Roadmap shows that pre-sale of the LOCK token will kick start and be distributed in August, 2018. The wallet will be released by Q3 2018 and the main launch for digital assets is set for Q4 2018.

Goldilock Team

For a formidable technology such as Goldilock , the team behind the curtain is even more interesting; filled with experts of different fields coming together to devise the security solutions users yearn for.

Leadership Team

source, Whitepaper page 13

Advisors

source, Whitepaper page 15

Conclusion

In conclusion, there's indeed a great white hope for security with Goldilock ; users are guaranteed of not only high security for their data assets but also instant secured access whenever, wherever they desire. Beyond that, crypto exchanges soon will also be guaranteed grounds for storing assets through partnerships with Goldilock . It's a new age for digital security and by Q4 when Goldilock launches for digital assets, user can then boast of their secured assets without second thoughts.