Which is better Crypto Storage? Is it Hot? Is it Cold? It's Goldilock Storage.

ajah025 (39)in #contest • 6 years ago

Cryptocurrency is a digital form of money online. We uses wallet in real life to store money and uses Digital Wallet to store a digital money. Storing Digital money is really dangerous since it can be hacked. When there is a connection and while we are online, we are prone to have these hacks and can lose our money. These storages online are called Hot Storage.

Some of us who have money to spare can save our digital money offline. We can use hardware devices or Cold Storage to store digital money into our pockets or at home. The issue is that the user must be tech savvy and can be lost, broken or stolen in which our digital money will be lost as well. Data are also unaccessible if the device is not present.

Using each of these storages possess risks. However, if combined, those risks would become little to none.

Goldilock apply the same idea in which it uses both Hot Storage and Cold Storage at the same time. How does it work?

During the storage process, there will be a gap in which storage would be present. Withdrawing / Depositing online uses the Hot Storage so you can do anything with the digital money you have real time. As soon as you log out, it will be put into Cold Storage thus none can hack it since there is no internet connection on your account.

For the security, you would need to do a KYC or Know your Customer. These are the same stuff you would fill up in opening up a bank account or credit card. It would include name, address and other personal data that will be used to protect your account.

With Goldilock, the risk of losing the money is really low. Getting information for your personal use will be less hassle as well since when you did a KYC, you can access a personal document that can be used when you are applying for Driver's License, Visa, Insurance policies, etc.

Goldilock uses LOCK token which is also required to access your wallet. This is the currency used in the project. According to Goldilock itself "The LOCK token is required to access the [Goldilock](https://www.goldilock.com/) Wallet. When the user logs into the [Goldilock](https://www.goldilock.com/) Wallet, the Wallet will query the NEO public Blockchain to confirm the user’s public key address owns a LOCK token. If the user’s public key address owns a LOCK token, then the [Goldilock](https://www.goldilock.com/) Wallet will launch in the user’s browser. When the user is granted access, the Wallet will write audit information to our own Private Audit Blockchain. These audit entries will ensure that every time your private key is brought online, this access is written to immutable storage that can be queried from the [Goldilock](https://www.goldilock.com/) Wallet.

LOCK token allows Goldilock to provide users with a record of their node activity, while keeping user-owned data encrypted and locked away even from everyone including the Goldilock team."

This ensures that the account is really secured since even their team will not be allowed to check your account.

Goldilock will be first integrated with NEO then others will be following shortly thereafter.

These new system would be a start of better service and security for our digital wallet and would save us from those hackers who makes living online.