Myntum ICO (MYNT Token): Blockchain MyntVault & Crypto-Key Bridge?
In 2017, Initial Token Offerings raised $4 billion. This was twice as much as all venture capital Series A rounds that year. The ensuing success led to the creation of a new class of assets. Since then, hackers, state actors, and criminals have become attracted to the crypto markets.
To this day, still too many crypto enthusiasts leave their assets on exchanges for two reasons. One is that it is convenient, the other is that they simply do not know it is not a good idea since education on crypto has not yet spread enough.
The result is that users blindly trust exchanges to store the coins at the end of a trading day. This is risky, and it has led to major consequences. For instance, in December 2017, Youbit, the South Korean exchange was hacked. $30 million worth of crypto was lost.
Besides bankrupting Youbit, which suffered a second major bleach a year later, the exchange revealed that it would have lost hundreds of millions more. However, they had stored their crypto offline in cold storage wallets. However, cold storage has its own issues. There is a risk of it being lost or destroyed in a disaster.
Current Problems Myntum Seeks To Solve
Right now, there are 4000 new ransomware attacks daily. That is just one vector in the cybersecurity world. A lot of businesses, consumers, and enterprises are just not prepared to protect critical digital assets.
Not all the data has been created equal. Right now, hacking crypto is one of the most valuable ventures for criminals online. In most cases, the data breaches show that criminal steal emails, user data, and identities kept in a central place. As data becomes more valuable, these hacks will only continue to grow.
The Myntum Blockchain MyntVault & Crypto-Key Bridge Solution
There need to be new and robust methods developed to protect crypto owners, data owners, and exchanges. Right now, most crypto wallets on Google Play contain at least three medium risk issues.
Besides that, cold storage is complex and has a high risk of loss. Myntum wants to target the crypto owners, who no institution, entity, or person is actively trying to protect. Right now, the digital safety net is quite weak and offer little to no protection.
Myntum will incorporate traditional access, content, and network security measures. Besides that, it will utilize the blockchain to keep the masses safe. It will also ensure that crypto assets are easy to track when stored inside the Mynt Vault. They will create hashing blocks of data, which are unique to the individuals, marking files and crypto assets that belong to them.
Myntum Mynt Vault
At the core of the Mynt Vault are four Ps: Permission, Privacy, Protection, and Performance. The Ps are interlinked and supported in a decentralized environment. At the start is a crypt-key bridge to gain access to the vault. Each entry is time-stamped and a permanent record created. Even if a hacker manages to get past the first layer, they still cannot access the crypto assets.