Offline cold storage cryptocurrency wallet service provider GK8 has said it’s ready to offer awards worth $250, 000 to the first person to crack the ‘Hack-proof’.
GK8 offers solution as a “hack-proof digital vault” with no connection to the internet, said the company which presents solution needs no direct or indirect connection to the internet, nothing that anyone who succeeds in breaking into the wallet would be compensated with a bug bounty of up to $250, 000, plus an additional prize that its worth $125, 000.
According to them, the program will run for 24 hours starting from February 3(9:00 a.m EST) to February 4, 2020(9:00 AM EST).
However, Israel-based GK8 makes claims that its high-security custody solution allows banks and other institutions to have full access as well as managing their crypto holdings and related information without connecting to the internet.
There’s a claim that the firm’s site is designed to “minimize the wallet’s attack surface and block attackers’ influence on security-critical components.”
Similarly, GK8 assured sponsoring state attacks and stealth APT(advanced persistent threat) as part of risks it aims to mitigate.
In this regard, a founding scientist and cryptography researcher, Prof. Eran Tromer assured his satisfaction and endorsement of the project. Eran noted that cold wallet solution developed by G8 will set a new standard for high-security cryptocurrency custody offerings.
“Having only outbound unidirectional communication and then building the rest of the cryptographic protocols around it using multi-party computation, validation protocols, the transmission of policies to the environment, all while preventing the injection of malicious inputs from the internet back into the cold wallet,” he explained.
A cryptocurrency wallet allows the owner to with unique ID to make cryptocurrency transactions. The user having a wallet address is entitled to have a personalized unique key which belongs to him alone.
This is why it takes a longer process trying to hack into one’s transaction.
But it has been said by the girm that any person who tries to compromise these transactions by cracking the ‘hack-proof, would be celebrated and compensated.
Cold storage wallet users are guaranteed safety and security. The private keys are secured as it will never be able to connect to an online server