The Current State of Data Storage
Traditional Cold Wallet and HSM Based Solutions Are Not Fail or Hacker Proof
Purely cold wallet solutions provide offline secret data storage, but SPOFs (single-point of failure) cause security to remain fickle:
- Hardware loss/failure
- Remembering critical recovery data and entry pin-codes.
If private keys are stored in one place, then hackers only need to breach one layer of security to access your account/wallet.
Hardware is not built to last forever. Firmware Is rarely audited properly and cold storage devices like Ledger relies on the security of the MCU implemented and language that it’s based on.
HSM hardware is expensive and administrating it needs to be done by a trained IT consultant.
The Future of Data Storage is Decentralized
A Decentralized Alternative To Traditional Cold Wallet and HSM Based Solutions
SafeTech combines 3 layers:
- Cloud Storage
- Cold Storage or Mobile Storage
- Distributed Ledger Technology (DLT)
We use cloud storage to store a passphrase that we use to decrypting the DLT based shares.
The cold or mobile storage is used to store shares data. SafeKey is our custom FIDO2 based hardware device that can do this. Inheriti Mobile will provide an alternative to SafeKey and will store benefactor shares on your mobile device claimed from the Inheriti Vault.
As last, the Distributed Ledger Technology (DLT) is used to store our validator and DMS Shares.