Startup Story-CYBAVO's Top Information Security Team Builds the Best Information Security in the Blockchain
In the era of token economy, although everyone can own digital assets, there are also many unexpected challenges. Recently, the world-renowned exchange KuCoin was attacked by hackers, which led to the leakage of private keys for safeguarding a large number of user assets, resulting in the theft of digital assets worth US$ 150 million. This highlights that in the world of digital assets, the loss due to information security vulnerability could be devastating.
However, not only was the KuCoin Exchange hacked, but there were multiple hacking incidents on exchanges around the world in the past three years. The loss of nearly NT$ 100 billion cryptocurrencies just like that has shocked the token circle. The fact that the clients’ valuable virtual assets are gone instantly and cannot be retrieved have made many cryptocurrency exchanges and digital asset management centers to think about how to add an extra protection to prevent hackers from intruding.
"Either success or failure is caused by the blockchain." Why does the cryptocurrency disappear? Paul Fan, CEO of CYBAVO, said that this is due to the characteristics of the blockchain. A block is actually a "ledger". A lot of transaction records are recorded on each block. After verifying the transaction of a block, a signature hash is placed at the end of the block and an identical signature hash is also placed at the beginning of the next block. The key for locking up the chain is the private key.
CYBAVO Vault Solution is Similar to a Bank with Multiple Levels of Protection
Since cryptocurrency only recognizes the private key but not the user, the private key is the same as cash assets. No matter an exchange or an individual, if they cannot safeguard their private keys well or are phished by hackers, it is equivalent to cash being stolen cash, making it very difficult to recover. Therefore, the information security level of the exchange must be high enough, especially for the protection of private keys.
"No matter how hard the problem is, there is still a solution." CYBAVO in the Startup Terrace Linkou has developed an enterprise-level digital currency wallet system called CYBAVO Vault solution, which combines the advantages of hot and cold wallets, and uses multi levels of protection for private keys. With the protection of this system, it is difficult for hackers to steal any valuable assets. This system is like a bank where many people work together to protect the private keys, making it difficult for hackers to steal them.
CYBAVO Vault uses the Threshold cryptographic algorithm to share the private keys, which are possessed separately by the user, CYBAVO KMSS, and CYBAVO SECURE CLOUD. Through multi-level encryption, it is guaranteed that no one crack the key. Hackers cannot obtain the complete private keys through single-point decryption. Users no longer need to worry about losing the keys, and the currency will not be transferred to affect the transaction. If users forget the password, the complete private key can be restored and reissued through the verification process, greatly reducing operating costs.
Users Include the Top Three Exchanges, Digital Assets are Well Protected
Paul Fan said that basically, CYBAVO Vault is like a banking system, with authorization structure ranging from clerk, manager to the highest management. When the password of the user is missing, the user only needs to remember a few simple answers to retrieve the private key via the three-party authentication process. Even if the users have forgotten the answers, they can still restore the private key through wallet certificate verification.
Whether it is a decentralized wallet or a centralized wallet, they all have the issue of safeguarding the private key. If the private key is maliciously stolen or lost, the CYBAVO WALLET SDK not only retains the convenience of a decentralized wallet for quick withdrawal and direct chaining, but also has the security protection and asset recovery convenience of a centralized wallet. It is a one-stop security solution, including blockchain ledger maintenance, private key encryption management, and security authentication mechanism.
The CYBAVO solution is suitable for various enterprises. It can be regarded as a set of solutions designed for cryptocurrency exchanges, digital asset management companies, and ICO application projects, offering a total solution for enterprise security wallet private key management system and mobile wallet App SDK. Current users include the top three exchanges in Taiwan, which offer services in Japan, the UK and Russia.
Led by Senior Security Experts, the Team Masters Cutting-Edge Technologies.
Many top information security teams are originated from hackers. CYBAVO is no exception. To develop this high-security solution, of course, CYBAVO must have a team of senior information security experts. Members of the team have background in blockchain security, cryptography, computer security, and network attack/defense. On average, each member has more than ten years of experience in security research and dozens of patents.
Paul Fan, CEO of CYBAVO, worked in Trend Micro when he was serving the R&D alternative military service. Seven years later, he worked as a senior executive in China’s largest antivirus software company and the founder of three internationally renowned security conferences, holding extensive white-hat connection and grasping first-hand vulnerability information and the most cutting-edge technologies.
CYBAVO stationed in the Startup Terrace Linkou last year. Currently, innovative digital currency information security application services are gradually created through the AWS platform, hoping to become a leading brand for blockchain transaction security and private key protection. With the smart experimental site of the Startup Terrace Linkou, a financial technology ecosystem can be established to realize a new generation of technology.
Figure 1：Paul Fan, CEO of CYBAVO, and Tim Xu, Chief Technology Officer of CYBAVO, are both senior security experts.