Goldilock: the perfect storage for digital assets

Introduction

Since recent years, hacks on digital assets and datas occur on daily basis. But many cryptocurrency investors will never forget February 2014, the year Mt. Gox a cryptocurrency exchange handling over 70% of bitcoin transactions got hacked and approximately 850,000 bitcoin worth $5.9 billion at present were stolen. However, there has been so many attacks on exchanges and wallets until this day. This hacks which occurs more frequently has scare away institutional investors from investing in digital currencies and adopting blockchain technology. All this activities has led to so many research on how to safely and securely store digital currencies and data without the fear of it not been compromise by hackers.

_{Source: whitePaper, page 1}

Problems facing cryptocurrency storage options

The problems facing the storage option in the cryptocurrenc sphere are numerous. Presently the types of wallets available are Hot wallet and Cold wallet.

• Hot wallet : which is also referred to as online wallet which is the most vulnerable just like the case of Mt. Gox hack. This is because, the hot wallet are always on the Internet 24/7 giving numerous hackers the time to keep on performing various attempts on it.

• Cold wallet : Although this is a better option of storage of digital assets, but its for advance users and also has its own disadvantage. The security of the cold storage is placed in the hands of the owner. This devices in the hands of the owner can get stolen, lost or might get damaged. Also, for this type of wallet to be accessed, you require it private key. If this key gets lost, your digital assets is locked forever. Another disadvantage is its accessibility, this devices cannot be accessible from anywhere simply because its not advisable moving around with them, so this devices are mostly left at home or kept in the bank.

With all the above listed problems, i want to assure you today that there is a way to securely store digital assets with fast and easy access without the fear of it been hacked, which brings me to introduce to you Goldilock

What is Goldilock?

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_{Source: Goldilock Website}

Goldilock is a new type of storage that combines the features of online wallet and cold storage. Yes, Goldilock combines the security of cold storage and the easy accessibility of online wallets. Goldilock makes use of "Airgap technology", making your digital assets available online to you when needed and offline when not needed. Goldilock is built on the NEO blockchain which is recognized by many enterprise and by the government, thus making it a regulatory compliant blockchain.

You might want to ask how its possible combining the online wallet and offline wallet features together, which brings us to

Goldilock model

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_{Source: whitePaper, page 5}

1. The Goldilock
   Wallets are stored offline through a physical Airgap mechanism and its not available on the Internet, thus making it unaccessible to everyone including the Goldilock team.

2. When users are in need of their digital assets, they can access their digital assets through a non IP mechanism, a very specific network niche. The user then activates the wallet with LOCK tokens making it available online to be made use of within a short time frame.

3. On activation of the wallet, users can now access their wallet through encrypted connection via a dedicated url and credentials.

LOCK tokens

In order to access the Goldilock wallet, LOCK tokens are required. LOCK token is a NEP-5 asset built on the NEO blockchain which can be easily purchased by users. LOCK token will be the only acceptable form of subscription payment for users using the Goldilock Wallet. The LOCK token function is to also help in providing users activities about their nodes.

Reasons why Goldilock opted for NEO blockchain

NEO is a Blockchain that combines digital identity, digital assets and smart contracts. For blockchains out there to escape government surveillance and scrutiny, they need to have the ability of auditing transactions and digital assets. NEO plans on making use of the Public Key infrastructure (PKI)X.509 which will aid NEO to confirm digital identities. Also, unlike Proof of Work which requires electricity consumption, NEO makes use of dBFT enabling it in the confirmation of 10,000 transactions in a second without the use of electricity consuming mining devices.

Goldilock use cases

Goldilock can be use personally by an individual to store digital assets such as biodata, cryptocurrencies, digital files etc. Goldilock can also be used by large organisations to store digital assets and data ranging from health care data, financial and banking information, signatures etc

For more information and resources about Goldilock

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• Goldilock Website
• Goldilock Whitepaper
• Goldilock Tokenomics
• Goldilock Telegram
• Goldilock Discord
• Goldilock LinkedIn
• Goldilock Facebook
• Goldilock Twitter
• Goldilock Reddit
• Goldilock Github
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  This is a contest sponsored by @originalworks. Here is the link to the contest
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  My twitter post link https://mobile.twitter.com/Donefezy/status/1026486719670042625

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