5M Holdings is a “token security scheme” announced in October 2017. Find out how it works today in our review.
What is 5M Holdings?
5M Holdings, found online at 5M-Holdings.com, promises to help cryptocurrency investors safeguard their digital assets for future generations. To do that, 5M Holdings has launched something called a “Token Security Scheme”, or TSS.
The goal is to help investors counter security weaknesses – like when major exchanges get hacked, or when investors lose access to their money for any other reason.
To be clear, 5M Holdings is the company, and the Token Security Scheme (TSS) is the first product announced from that company.
How Does 5M Holding’s Token Security Scheme Work?
The Token Security Scheme aims to address existing security gaps in the cryptocurrency industry. By addressing these security gaps, 5M Holdings believes it can prevent attacks on any exchange or facility that stores digital assets.
Some of the key security features of the Token Security Scheme include:
- Key recovery with stringent authentication
- Multi-signature verifications
- Development of trusted nodes for permissioned blockchain
- Distributed safekeeping of private keys over various geographic locations
- Continuous certification by PCI compliant professional auditors
Overall, these services aim to solve crucial problems in the cryptocurrency world. The TSS stores cryptocurrency assets – like users’ private keys – on distributed hardware security model (DHSM) infrastructure setup within enhanced payment card industry (EPCI) security compliant facilities. These facilities are distributed in different locations around the world.
Customers can access their stored funds using a SafeVault with a “Cryptocurrencies Key Management System” (CKMS). Token Security Scheme will also have “procedures to mitigate and minimise the risks of digital asset storage” in the cryptocurrencies ecosystem.
The end result is that users can protect digital assets effectively, whether storing them short-term or preserving them for future generations.
What Problems Does Token Security Scheme Seek to Solve?
Here are some of the problems Token Security Scheme seeks to solve:
- Hackers are targeting exchanges, servers, and individual wallets
- Individuals can forget or lose access to their private key
- Physical and paper wallets can be destroyed
- Natural disasters can destroy wallet facilities
Obviously, decentralization is one of the biggest advantages of cryptocurrencies like bitcoin, but it’s also one of the downsides. If you mess up and delete your private key, there’s no bitcoin customer service you can call for assistance. Your coins are gone. This happens every day, and people have lost millions of dollars by making stupid mistakes with their cryptocurrency accounts.
Token Security Scheme Features and Benefits
Can be used to safeguard various cryptographic assets by storing your private key in the Token Security Scheme’s secure vault
- Prevents the movement of crypto assets from your wallet if the hacker manages to break into your account
- Key availability at all times regardless of any natural disasters due to distributed HSM facilities
- Key recovery in an event where your hardware or paper wallet has been compromised
- Safe identity repositories
- Cryptocurrency payment cards
- Can be used with private and permissioned blockchains
Who’s Behind 5M Holdings?
5M Holdings describes its team as “a group of professionals with more than a century of cumulative experience behind us.”
Those professionals have experience across a number of different industries, including payment card industry systems, security audits, IT security, contract management, intellectual property rights management, IT development, and more. Specific details about team members are not listed on the website or in the whitepaper.
The team was formed in Q2 2017. They appear to be based in Singapore.
The Token Security Scheme Token Sale
The Token Security Scheme token swap is scheduled to take place on November 6, 2017. A pre-launch token swap took place on October 15. Before the end of the year, 5M Holdings aims to list its token on multiple exchanges.
It’s not totally clear why the company is calling it a token “swap” instead of a sale. However, the terms are used interchangeably throughout the website.
During the pre-sale, you can purchase TSS tokens at a rate of 1 ETH = 1200 TSS. By the time the general ICO begins on November 6, the rate will rise to 1 ETH = 1,000 TSS.
5M Holdings Conclusion
5M Holdings is a company that just announced the launch of their flagship product called Token Security Scheme, or TSS. That security scheme aims to help cryptocurrency users secure their wealth for future generations by holding their private keys in secured facilities worldwide. It’s an extra layer of security between your private keys and their loss, theft, or destruction.
To learn more about 5M Holdings and their Token Security Scheme, visit online today at TSSToken.com.