Humans are creatures of habit. We enjoy stability to the point that even monotony can be considered a good thing. Think about it: we want our jobs to be secure and not worry about being retrenched — we don’t want to think about looking for a new job every day or every week. We want to marry the person we love because we’ve had enough of partying and want a stable relationship. We need to know that our loved ones will be still here tomorrow, the day after and so on. Stability brings about comfort and peace of mind.
The same goes for crypto currencies — however they are inherently volatile and definitely not very stable when it comes to price movement. While we cannot control price movement, we can control how we store our coins. Is it a safe solution? Can we access our crypto if we lose our phone or if our laptop dies? What about that piece of paper you wrote your private key on — oh, you lost it? Unfortunately, that’s not stability and that’s where INFINITUS comes in. By storing your private keys on the blockchain which is encrypted, fragmented, replicated and distributed across a peer to peer network, Infinitus is ready at any time to be retrieved and/or sent to a person you’ve designated prior.
The Challenge That The Crypto World Is Facing
We insure our houses and cars but there’s no way of insuring our crypto possessions. What we can do is to make sure we don’t lose it in the first place — and for that we have crypto wallets. Hot, cold, hardware- based or web-based; all these wallets are protected by a private key, a mnemonic phrase, a 12–24 word seed or an alphanumeric password, which you can then use to restore your wallet in case you lose access to it.
Let’s assume you’ve just bought your brand new Ledger wallet (a hardware wallet, looking like an USB stick). If you lose it or there’s some sort of malfunction, or it simply dies on you, it is fairly easy to restore it if you have your private key. Simply buy a new Ledger and use the private key (in Ledger’s case it’s a bundle of 24 words generated randomly) to get your crypto back. When you enter your 24 words into the new Ledger, it will become a “clone” of the old one, with all your crypto in it. This is all peachy but you need to have access to those 24 words, otherwise… your stability in the crypto world is out the window.
Fiat money can be stored in a bank and bankers will take care of it. Nonetheless, you can take your money to a bank office and if that particular office catches fire, it doesn’t mean that your money is lost. You simply go to another branch office and get your cash out if you need it. The same idea applies to ATMs: if one is broken, you can go to the next one and get your cash out because your Fiat money is actually numbers scattered across the banking network (until it becomes cash at least — then it’s just paper).
Crypto is actually not very secure in terms of storing. It’s not like you can deposit it in a bank and then visit any branch of that bank and get it out. If it’s on your Ledger, you can access it only from that Ledger. If it’s in a mobile wallet on your phone, you can access it only from that phone. If you want access from another Ledger, phone or wallet, you need to have your private key. The private key is your access to your crypto — hey, that’s why they call it a “key”, you know — so let’s see what are the options for protecting it.
Current Available Solutions VS Blockchain Solutions
Right now we can store our private data on a laptop, desktop, USB stick or even write it on a piece of paper but all these solutions are fragile. Laptops get hacked, USB sticks get lost or corrupted and paper has a serious vulnerability to fire, water, and basically everything else. Jokes aside, none of these solutions are bullet proof and can fail one way or another. Some paid services offer to store your passwords for a price ranging from $1.50 to $29.99 per year and although these are safer, they are still not a decentralized, blockchain solution and if you are reading this, then you would probably choose a blockchain solution over a “non-blockchain” one every day of the week.
INFINITUS dApp proposes something new: an accessible and user friendly blockchain solution that complements your crypto wallet. In a nutshell, you download the mobile app, type in the private key (or other type of byte-sized private data you want to protect), set an inactivity period and insert the contact details of the person you want to receive the private key in case you lose it. Now you’ve activated your very own Smart Designation Repository.
Once that’s done, the data is encrypted, fragmented and scattered across a peer to peer, decentralized network. If something happens to you or your phone, the dApp will detect the inactivity and gather back all the data from across the network, sending it you the person you’ve designated.
What all this means is that you are protecting your private data — the blockchain way — and ultimately your crypto stability because there’s no fear of hacks, hardware breakdowns or any other such perils.
There’s one more important point that needs some attention: INFINITUS Token (that will act as a key for your Repository) is a utility token and usually this type of token is stable in terms of price movement. We don’t intend for INF Tokens to be used for speculative purposes, meaning that price fluctuations will be more tame compared to other coins.
However, we don’t advise you to invest in the token itself, because after the Crowdsale, the price will be determined by the market; we can only control the launch price. What we advise you is to make sure you remain in control of your private keys! The most stable way of doing that is by using blockchain technology, state of the art military-grade encryption and a decentralized network. The dApp that binds them all together: INFINITUS — The Smart Designation Repository
.A Network Draws Its Power From The Users
The bigger the user base of a network, the more stable and secure that network becomes. Ultimately, users form the backbone of any project and that’s why it’s very important for us to have your feedback. We want to know what features you would like to see implemented, how to make it more user-friendly and how to make you feel safer when using the INF dApp. Reach out to us and make yourselves heard. We love to listen.
