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INTRODUCTION
In case you are new in the world of cryptocurrencies i would like to explain what a cryprocurrency is. A cryptocurrency is a form of digital asset which uses a decentralised system unlike the traditional electronic money system and does not rely on a central bank. It makes use of encryption techniques to secure financial transactions, control the creation of additional units and also verify transfer of funds. Cryptocurrencies have a lot of advantages for instance they can not be counterfeited or reversed by the sender, you do not have to bother about identity theft, you should know of course that whenever you use your credit card for transactions you have given the merchant you bought from access to your full credit line, also one of the greatest advantage of cryptocurrencies is that there is immediate settlement you do not have to go through third parties and lastly it is accessible to everyone. The truth is no matter the advantages there always is a disadvantage.
THE PROBLEM
Cryto keys, financial records, digital identification and other sensitive records require maximum level of security at the same time readily available at all times. There are two methods of storing digital assets namely hot storage and cold storage.
Hot storage is method of storage that is always connected to the internet always meaning the digital asset can be accessed at any time. This might look like an advantage but it comes with a penalty, in the sense that it is prone to hack always.
Cold storage on the other hand is a method of storage that makes use of hardware device which is not connected to the internet, it can be carried around easily but that puts it at risk of loss, theft or destruction. Investors and manager's are left with no choice but to go with either of the two which both have disadvantages. Allow me to introduce you to a better solution for storing digital assets Goldilock.
THE GOLDILOCK SOLUTION
Goldilock is not hot storage neither is it cold storage but rather is the perfect storage for your digital assets. Goldilock is a combination of both concept of hot and cold storage, but then has been able to remove the problems associated with this two methods
Goldilock allows you to cold store your digital assets in a secure, remote location disconnected from the internet through a physical air gap mechanism and is only brought online when you need it. You don't have to be bothered about your digital asset being backed, stolen or destroyed. Goldilock encrypted data vaults allow your digital assets to be available to you over the internet the moment you need it through a non IP trigger mechanism. The data is available through an encrypted channel for a period of time that can only be specified by you the owner, then it is reverted to it's previous state of physical isolation. Goldilock is based on a matrix of tested technologies, biometric gateways and encrypted security protocols, but most importantly a physical disconnection which makes your data invisible and inaccessible over the internet when you do not need it.
Below is an introductory video about Goldilock and it's advantages to both customers and financial institutions.
SOLUTIONS FOR CONSUMERS
Consumer's will own an encrypted storage device which would be stored in a vault at a Goldilock data centre. The device would be kept offline and physically disconnected from the internet and would remain in this disconnected state until the consumer requires use of the digital asset. When the client wants to make use of the data he would send an authorized non-ip command over the public switch telephony network, the storage device will then be remotely mounted and become accessible online through a secure web login. After the client has finished making use of the data the device would be disconnected from the internet and return to it's state of physical disconnection. Goldilock has no access to whatever data is stored in its vault so customers can be rest assured that their data is safe.
SOLUTIONS FOR INSTITUTIONS
Cryptocurrency exchanges
In the previous year alone billions of dollar have been lost as a result of cryptocurrency theft. Now the good news is that public centralised cryptocurrency exchanges which in most cases act as key custodians won't have to risk storing clients keys on online hot wallets or keeping them disconnected and inaccessible in cold storage when needed urgently, as Goldilock will provide an online-on-demand environment for this cryptocurrency exchanges to store clients keys. Cryptocurrency exchanges will also benefit as this method will reduce transaction processing time and enable better handling of peak traffic periods during inevitable market runs.
Online/hot wallet operators
Hot wallet operators and custodial service providers can now make use of Goldilock remotely-automated air gap custody solution. This operators can either choose to go for an in house proprietary license or to make use of an outsourced service model. One thing is sure no matter the choices of the operators their data is safe as Goldilock
has no access to it, but rather relies on encrypted information flows to route requests via individual Goldilock user devices.
Hardware/cold wallet operators
Goldilock can also assist cold wallet operators to upgrade their existing technologies and integrate them into Goldilock systems. By doing so cold wallet operators can offer a more readily accessible, yet secure and remote solution.
Data storage and digital asset security
Goldilock would provide an on-demand accessible storage for health financial and legal records. This would be made possible by partnering with banks, credit agencies, insurers and data warehousing operators to offer solutions that address this markets.
ESTABLISHMENT OF A SECURITY STANDARD
With the recent hacks on crypto currency exchanges and comparing the amount of money lost, no amount seems to large to spend on security. Institutions who rely on digital storage of personal information are required by the law to implement the most advanced security solution or face massive fine as in the case of coincheck that lost hundreds of millions of dollars because they were hacked in late 2017. Now with the understanding that certain security protocols would evolve into standards for future licensing of crypto exchanges, digital custodial services and other processors of personal data. This protocols would also be requirements from the government and insurance companies. Goldilock would make sure that it provides the best solution to this security problems and becomes a standard to achieving compliance with this directives.
APPLICATION LAYER
Goldilock has provided a lot of opportunities to build the next generation of consumer and institutional application with maximum security.
Goldilockwallet for cryptocurrency
Goldilock core development team is working on the development of the Goldilock wallet which would be used to transact and store NEO, GAS and NEP-5 tokens. Thereby making NEO the most secure cryptocurrency available. Goldilock plans to make this wallet more secure than the regular wallets available now by making it to run inside a web browser authenticated over SSL. Other features about this wallet that make it more secure are as follows:
β’ The keys for each wallet will be kept on a unique, segmented and encrypted hardware wallet device that is disconnected from the internet.
β’ This wallet unlike the regular wallet which is always online, can only be brought online via a non-ip command and pin/voice verification over the non-ip public switch telephony network (PSTN).
β’ Immediately the wallet is closed, the unique hardware device is disconnected from the internet.
β’ Each wallet will maintain a unique personal assigned URL.
GoldilockAPI services
Institutions that already have wallet solutions are not left out of benefiting from Goldilock as the Goldilock core development team plans on developing Goldilock API services after it has finished developing the Goldilock wallet. The purpose of the API services would be to enable this institutions make use of Goldilock patent-pending solution for their solutions that need to be improved.
LOCK TOKEN
There has to be a method of payment for users on the Goldilock security suite.The accepted method of payment is the Goldilock token LOCK, which is a NEP-5 asset on the NEO blockchain
User will purchase LOCK tokens which when coupled with Goldilock's proprietary smart contract logic will allow for storage of private keys and other digital assets as well as provide an immutable auditing mechanism for each individual node using default Byzantine fault tolerance. The LOCK token would be required to access the Goldilock wallet. Whenever the user logs in to his Goldilock wallet, the wallet will query the NEO public blockchain to confirm the users public key address owns a LOCK token. If the userβs public key address owns a LOCK token, then the Goldilock Wallet will launch in the userβs browser. When the user is granted access, the Wallet will write audit information to Goldilock's 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 GoldilockWallet.
THE REASON FOR USING THE NEO SMART ECONOMY
Goldilock chose to use the NEO blockchain because of the peculiar features it has that makes it stand out from other blockchains. This features are also inline with Goldilock mission which is to ensure that clients transact on the blockchain in the easiest and most secure way. This features are highlighted below.
β’ Aims for regulatory compliance
β’ Utilizes a superior consensus mechanism
β’ processes transactions faster
USE CASE
Daniel has heard a lot about blockchain and cryptocurrency but as much as he has heard about the advantages he has also heard about the risks and is reluctant to invest in cryptocurrencies, but one day at work Daniel's colleague mentions Goldilock to him and how it can help him secure his private keys. Daniel is not convinced to invest in cryptocurrencies and in no time is making a lot of profit from trading cryptocurrencies and has told a lot of people about Goldilock
CONCLUSION
We have been able to establish on truth and it's that the only way to keep digital assets safe is by keeping them offline. This is what cold storage achieved unfortunately data in cold storage is not readily available but Goldilock has overcome that barrier and has developed the most effective means of securing digital assets
Below is a video I made highlighting what Goldilock is all about and how clients can benefit from it.
TOKEN SALE
Goldilock will hold a token sale in Q2 2018. Goldilock plans to sell 670 million tokens to the public out of a total pool of 1 billion.more will details for the sale would be announced during Q2 2018.
Goldilock is presently working with the Monetary Authority of Singapore (MAS) to be compliant with regulators.
ROADMAP
Goldilock has proposed the following preliminary release schedule:
2017
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November: Goldilock patent filed
2018
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Q1: Technical Proof-of-Concept Delivered
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Q2: Closed First Institutional Client Agreements
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Q2 2018: Release of Goldilock Wallet for NEO
and NEP-5 Cryptocurrency to presale participants July 2018: Lock Token Sale
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Q3 2018: Release of Goldilock Wallet for Cryptocurrency to all token holders
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Q4 2018: Launch of Goldilock for Digital Assets
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2019
Q1 2019: Release of Goldilock API Services
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Q1 2019: Launch of institutional services
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Q2 2019: Direct Device manufacturing kickoff for cost and size reduction
THE TEAM
The Goldilock team has been in the game of financial services, emerging technology and marketing with focus on innovation for over a decade.
ADVISORS
PARTNERS
MORE INFORMATION AND RESOURCES
DISCLAMER: The information contained within this post shall not be taken as financial advice. I am not a financial advisor and none of your investing should be carried out based on any information presented here. You can lose all of your money by not investing wisely. The above information is for educational and entertainment purposes only. Endeavour to do your own researchβ
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