GOLDILOCK: PROVIDING SECURE AND ACCESSIBLE STORAGE

vic-thor (42)in #crypto • 6 years ago (edited)

The world as we know it, is developing into a digital age. This means that business ventures and startups are embracing digital means in their development. To prove this, recent trends involve blockchains, cryptocurrency, decentralized economy, smart contracts etc. With increase of digital means, storage for all that information becomes pressing.

THE PROBLEM

In previous times, cryptocurrency investors and managers of sensitive digital assets must choose between two options about means of data storage, the cold storage; which involves personally-held hardware devices, storage devices like flash drives, hard drives and other forms of storage media, which are not connected to the internet, hence cannot be hacked, but can be damaged, lost, stolen etc. Bottom-line is the cold storage offers security against hackers and computer related issues, at the expense of accessibility; and the hot storage means which is the alternative form of storage that is connected to the internet, accessible so long as an internet connection is available to the user. However, this means offers accessibility at the expense of security, as the data is susceptible to hackers and cyberattacks. It can be argued that cold storage devices can be encrypted and stored in secure facilities, however, what happens when such facilities are closed due to a public holiday weekend, destroyed or such a media is needed at a time. It can also be argued that the hot storage method can be secured by means of a pass key, but what happens when the user can’t remember the pass key, or the pass key is discovered by a malevolent third party. That is, if we are to ignore that statistics that in the last two years 4 billion records have been breached across many sectors, from the banking sector through to the health and within the same period $1.2 billion in cryptocurrency has been stolen.

THE SOLUTION

By the description above, it can be said that both systems are flawed in their operation. GOLDILOCK , has come about a solution to the problem. achieved first by identifying what Individual users as well institutions desire;

Quick access to personal data, but only occasionally and over otherwise short periods of time, for security against hackers.

Personal data as well as private keys need to be isolated from all form of human related errors, as well as fully backed-up.

Personal data and private keys must be quickly accessible when needed.

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GOLDILOCK

Before I go further, allow me to introduce GOLDILOCK. GOLDILOCK, is a digital security platform, that has devised a means of storage, that utilizes the strengths of the aforementioned methods, without the need to compromise due to the weaknesses attached. GOLDILOCK has achieved this feat by acting as a remotely disconnected cold storage, up until the user accesses the stored data, and the application of encrypted nodes, which remain offline, completely disconnected from the internet, remaining that way until the user desires to access their stored information, by accessing the internet with a personal device connected via a non-IP method. Once the data has been accessed and the user is done, the nodes return to their previous state; completely isolated from the internet.
GOLDILOCK works with the premise that whatever is on the internet, isn’t entirely secure. One might begin to wonder, if the internet is the problem, why not do without as a solution? As easy as that may seem, it is rather impossible to do that, if 100% accessibility is to be achieved. To achieve the aim of a secure and accessible system, the airgap technology is utilized over the NEO smart economy platform.

WHY THE AIRGAP TECHNOLOGY?

GOLDILOCK uses both the hot and cold storage methods. The AIRGAP technology is realized because of this. The theory behind this is, simple. By utilizing both storage methods, data is stored on a physical drive which is completely isolated from any form of network, creating an airgap which can only be accessed by the user over a non-IP method, thereby making said drive a hot storage. However, the drive only retains this hot storage status only when the user is accessing the files stored. Once the user is done, the drive returns to its initial state (cold) until such a time that the user desires to access the drive. The whole process described above is what is referred to as the AIRGAP TECHNOLOGY. The benefit of this is that; third parties (hackers) cannot access data stored when the drive is in cold storage, and the user does not require to be subjected to the issues surrounding an absent drive, during its time of need.

HOW IMPROVED CRYPTOCURRENCY SECURITY AND ACCESS IMPACT MASS ADOPTION

Based on known statistics involving loss of $1.2 billion in cryptocurrency in the last 2 years, not to mention the high transaction processing time, it will come as no surprise that individuals as well as institutions will be skeptical about trading in crypto. With GOLDILOCK integrated into the crypto world, the fear associated with loss of funds due to hacking as well as difficulty in accessibility is eliminated, triggering a mass adoption, as funds involved are secure, accessible at the time needed and at an increased transaction processing time.

APPLICATION OF GOLDILOCK?

At this point, you might be wandering if GOLDILOCK can provide its services to individuals and institutions, providing adequate security and accessibility services to both sets. GOLDILOCK provides solutions to both sets individually;
For individuals;
GOLDILOCK has devised the ‘private key custody’. In this case, GOLDILOCK will be made up of an encrypted storage media, stored in a vault on a secure data center. As mentioned described above, the device remains offline, completely isolated from any network as well as the internet, until the user decides to access it. The accessing by the user is done via an authorized non-IP command over the Public Switch Telephone Network (PTSN), storage device is then remotely mounted and becomes accessible online through a secure web login. Transactions can then be completed over encrypted channels and the stored data is completely accessible to the user. When the user is done with the storage device, it is unmounted and becomes isolated from networks. The device manages the private keys used in the secure web login, and GOLDILOCK has no access to them.

For institutions;
Cryptocurrency Exchanges
GOLDILOCK can be benefit institutions in two major ways

Cryptocurrency Exchanges

In this case , the common practice consists of a public centralized cryptocurrency key custodians, which either store the keys in hot wallets ,susceptible to third party intrusion or in cold wallets, with issues concerning accessibility GOLDILOCK has offered a means for cryptocurrency exchanges to rely on online-on-demand environment, improving both transaction processing time and handling of peak traffic periods, as a solution. GOLDILOCK offers a means for both hot wallet and cold wallet operators to operate effectively. For hot wallet operators, service providers can use the remotely-automated custody solution. For cold wallet operators, operators can utilize GOLDILOCK to bolster their existing technologies. It is important to note that in both situations, GOLDILOCK has no access to client data.

Data Storage and Digital Asset Security

GOLDILOCK can integrate with financial institutions, health institutes, data warehousing operators, as well as document storage, to improve security and accessibility of personal(health, finances etc) data. This is because GOLDILOCK can support both Platform-as-a-Service and on-premises deployment model.

USE CASE

PM Inc. is a tech company that specializes in the design and production of health-technologies, like pace makers. They have decided to design a pacemaker that can be accessed occasionally by a trusted party while in use by a customer. During testing, they discovered that security issues arose when the pacemaker was accessed remotely. With a GOLDILOCK, can be established between the trusted party and the pacemaker, and the stored information can be accessed quickly without worrying about hackers.

Lock Token

The utility token of the GOLDILOCK platform will be LOCK. LOCK will be a digital token, registered as an NEP-5 asset on the NEO blockchain. LOCK tokens will be purchased by users and be used as an additional form of security measure, that also enables GOLDILOCK to keep tabs on a user’s nodes.
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Why the NEO Smart Economy Platform

GOLDILOCK aims for regulatory compliance, faster transaction processes and a superior consensus mechanism. This means that, GOLDILOCK is to be designed to provide a consensus method based on an improved Proof of Work mechanism, which will increase transaction time and aim to comply with regulatory demands. GOLDILOCK aims to provide a means of operation, that does not sacrifice a feature to improve another, and the NEO platform is the most suitable platform of operation, if all these goals are to be achieved.
GOLDILOCK doesn’t aim to be just a standalone platform, it aims to be able to integrate into a variety of institutions. Take the banking sector for example. Mobile banking can be carried out without the troubles of being hacked, transactions can be made with less hassle, even on networks with heavy traffic.