Even though Bitcoin has rather taken a nosedive from last year in December when it peaked, its value rose up to almost $20,000. The people who had made massive investments in Bitcoin and several other cryptocurrencies in the market reaped the fruits that their investment bore for them. However, cryptocurrencies and blockchain, being in the stage of infancy, is a relatively newer technology, which implies that there is much yet to be discovered, many back doors to be shut down and loopholes to be tracked down and effectively eliminated. These loopholes and back doors have been letting in thieves and looters to rob these crypto holders of their virtual assets. Allegedly, merely in the first half of this year, these robbers have stolen cryptocurrencies worth $1.1 billion by resorting to kidnapping, armed robberies and blackmail attempts as well. The need for securing these virtual assets has become a necessity as the prices keep on soaring. Investors are seeking liable options to safeguard their assets as the conventional banking systems cannot secure or insure their virtual properties in any way.
A solution in the form of a secret global network of underground data centers, providing a safe haven for the blockchain assets was brought forward by Miles Parry to if not completely eliminate then minimize the threats that a holder of virtual assets might face. This platform is called Vo1t and is uses military grade security protocols in the data centre situated in southern England at an unknown location. This data centre is one of the many globally situated data centres where the crypto of clients is kept safe and secure.
The virtual assets are being safeguarded by layers of security; digital, physical and human as well. The use of a key that allows individual to spend their assets being the digital one. These keys are extremely essential to keeping the assets safe, because if someone of malicious intent comes across it, all the assets might become vulnerable and that person can get complete access to the clients crypto. The data centres are are in charge of keeping these private keys in a safe place, this layer is the physical one. And ofcourse the last one being the ex-military officers guarding the underground bunkers.
The extent to which this organization has gone to keep their clients data secure entails a hefty fee. For its security services, Vo1t’s clients are bound to pay £25,000 ($33,000) annually, but a set up charge of £25,000 needs to also be paid only once. In addition to this there are withdrawal fees which are between 0.01% and 0.06%.
The vaults or the data centers guarding the keys are encrypted to self destruct meaning erasing all data, in case of any intrusion by a hacker. The entire network has trip switches integrated into it that could be set off under such an incident. The data contained in these globally located centers could be accessed from any other center once it is wiped off. The data center has no access or connection with the Internet, therefore it doesn’t even allow any entity to connect with Vo1t’s servers. Even the electric signals that run the circuits are tested by highly secure military grade filters to ensure no harm is inflicted upon the system. To top this off, all client owned assets are insured by an insurance policy from Aon.
It is no secret that the operation of this platform has been hush hush from the beginning ad has only surfaced now. But the key details have still been kept extremely private. The Vault will only get attention of looters and hackers if they get an idea of what loot they will be able to claim. The revenues are thus kept hidden between the clients and the company. An attack on the a single data center might accomplish nothing, as data is effectively erased. Moreover the eight factors of verification to even granting access to the employees that involves multiple authentication systems effectively safeguards the entire system.
Owing to the growing and imminent need for secure platforms for clients to put their trust and crypto into, many banks and asset holdings have been showing eagerness towards working on similar projects. Only about a week ago did Fidelity Investments announce that it will be launching a similar crypto custodian service next year for its clientele. This May, Nomura, a Japanese banking giant announced its partnership with Ledger and Global Advisors to manufacture Komainu, another custodian service. Among others are Citigroup and Goldman Sachs, but there is only one that is able to compete with Vo1t, Xapo, a Hong-Kong based crypto custody provider that has received a venture funding of over $31 million from Greylock Partners and Index Ventures.
Even with military grade high technology incorporated into Vo1t it is in no way fool-proof owing to the fact that the nefarious minds of hackers and looters are cooking up something new everyday. Only time will tell what other menaces may befall the crypto Billionaires and whether these secure platform such as Vo1t will be able to prove the veracity of their claims or not.