In this article you would be able read and learn about the security layer provided by Gigzi to the ecosystem. The article mainly focus on how the system works, why this is the best, other institutions who use the same technology. You would be able to my concluding remarks on the presented subjects.
Introduction
There are three main problems of cryptocurrency ecosystem especially for newcomers and unexperienced traders or investors. These are hyper-volatility of the cryptocurrency market, account vulnerability and market instability. All of these problems have potential to cause loss of funds. Therefore, solutions need to be delivered to help wider adoption of cryptocurrencies.
Gigzi solves hyper-volatility problem by introducing Gigzi Metal crypto-assets which are Gigzi Platinum, Gigzi Gold and Gigzi Silver. Price of each Gigzi metal crypto-asset is pegged to the corresponding the associated precious metal. Exchanging crypto-assets to these Gigzi Metal assets will prevent the losses which may result from volatility.
Although many security layers applied to all of cryptocurrency wallets, hackers find ways to steal user’s funds. According to the statistics, more than $200 million in cryptocurrency has been stolen, hacked or locked-up in 2017 due to poor storage and inappropriate security measures. Gigzi solves this problem by introducing a cutting-edge technology a biometric device, Gigzi Iris.
Because of the instability of the cryptocurrency market, prices would fall or increase easily to two times in minutes. Such occasions may result in sudden losses. Having a precious metal, which are stable in price would enable users to prevent losses during sudden crashes.
Gigzi Iris
Gigzi Iris which is a biometric security layer, is offered as an option on the wallet application. A hardware iris scanning device is issued to enable this functionality. Users will be able to start the device just by simply following the on-screen instructions in the wallet application. Iris image of the users will be converted into a code-based template using a unique algorithm developed by IriTech. The code-based template is then used to generate an encryption key which secures the newly generated Blockchain Private Keys. Code-based template of the users will then be divided into multiple parts and stored on distributed Gigzi servers. The Gigzi Iris device and Gigzi servers communicate using an encrypted channel.
User authentication with the Gigzi Iris device starts with an iris scan in which a new iris template is generated, it is then divided into multiple parts and sent to the Gigzi server where a 1 to N matching process is initiated. Once matching is successful the encrypted Blockchain Private Keys are pulled from the Gigzi server database, and a decryption key is generated using the iris template.
The Blockchain Private Keys are decrypted and used for authenticating a transaction or accessing an account. The end to end solution is protected by multiple high security servers, a proven and secure IriTech algorithm that has generated the iris templates, and One-Time Pad encryption.
Gigzi Iris will be manufactured by the worlds’ leading iris security technology provider IriTech. Its algorithm was the highest ranked security technology according to the US governments’ NIST IREX test. IriTech iris recognition is currently used by many US Governmental Institutions and international non-governmental organizations.
Conclusion
The three solutions created by the Gigzi team are unique and will capable to provide the promised values to the ecosystem participants. These solutions offered make the platform to become a pioneer in cryptocurrency-based wealth management platforms.
Gigzi Iris is a revolutionary approach to the security in the cryptocurrency ecosystem. Implementing such a solution to the ecosystem will surely help wider adoption of cryptocurrencies. In addition, this feature will help the project to have more followers and supporters.
As a concluding remark, these are the ideas of a single person who is not a financial consultant. Therefore, I suggest strongly to make your own research and make an investment decision.
Important Links
Website: https://www.gigzi.com/
Whitepaper: https://www.gigzi.com/whitepaper
ANN: https://bitcointalk.org/index.php?topic=5047392.0
Bounty: https://bitcointalk.org/index.php?topic=5055492.0
Telgram: https://t.me/gigzicommunity
BTT @meejay: https://bitcointalk.org/index.php?action=profile;u=1027151