In the 21st century, Cryptocurrency enthusiasts who depend on hardware wallets to keep their bitcoins or Litecoins safe ought to exercise extreme caution when sending fund because highly trained and experienced hackers might be out to re-route your digital cheddar away from your intended recipient and straight to their own wallets instead. However, am going to be discussing on a very sensitive and digital data storage for cryptocurrency called GOLDILOCK.
"Goldilock is a revolutionary digital asset security system which acts as remotely disconnected cold storage until such time that the user needs access to their data for its intended purpose". The Goldilock storage system platform was launched in the 2nd quarter of 2018 to provide physical disconnection from the internet and also to store data in the internet. This process is accomplished by creating an ecosystem that will be of great value to secure cryptocurrency and digital assets for individuals and the organizations. Digital assets are file any organization or individual has the right or license to control or use. It includes use cases beyond what the term currency implies. An example of Digital assets is a cryptocurrency wallet keys.
Presently, every owner of Digital assets have been subjected to forcefully use some storage medium that are very vulnerable. I will briefly write on two storage medium;
- Traditional cold storage: This method is for investors that tend to preserve their digital assets for a long-term investment. Although, this cold storage is different from other types because the crypto ecosystem is quite new and a little tricky to understand. Also, continuous usage of these this medium is apt theft or hackers . Examples of cold storage devices include CD-ROM, Flash drives, Hard drives, e.t.c.
- Hot storage: This method lnvolves storing of digital assets online. It is easier to setup and accepts more data. But it is vulnerable and hackers and theft can gain access to it with ease. "Considering the 4 billion records breached impacting email providers, banks, and credit card accounts over the last two years, and given that over $1.2billion in Cryptocurrency has been stolen in that same period, it’s clear that the traditional digital asset storage industry is compromised". Example of hot storage method include cloud storage, online wallets, e.t.c.
Goldilock solution can used to solve cases in the health sector, banking firm and other organizations.
"Goldilock will register its digital token “LOCK” as an NEP-5 asset on the NEO Blockchain". It allows the user to purchase a lock token, which allows the user to store private keys for cryptocurrency and digital assets.
Thank you
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