LeapRate Exclusive… In an effort to stay ahead of new threats on the horizon, the Vo1t company will be gathering a real-world data on how to improve for the next round of development.
For this purpose, has invited hackers to participate in the Blockchain Week New York and Consensus and has removed 95% of their security features, including:
- Air gap – it will be permanently online
- Private key on host, not the HSM
- Operational controls
- Physical controls
- Fail safes
- Manned security
- New location
The Consensus ended Wednesday, 15th May.
Vo1t combines system design with cybersecurity best practices, creating secure cold storage vault for digital assets. It is a security ecosystem that provides a custody and depository solution with a unique infrastructure and system.
Miles Parry, CEO and Founder of Vo1t, joins LeapRate today to talk about market threats and how to avoid them.
LR: Hi, Miles, and thank you for joining us today. Can you tell us a bit more about this hacker challenge and how did you come up with such an idea in the first place?
Miles: The custodian industry for digital assets has experienced a boom in the last few months, where approximately 140 new custodians have emerged. The vast majority of them do not have a solution. As for the more market dominant custodians in the space, we fear that their clients are using them for the wrong reasons and not focusing on what actually matters in the safeguarding of assets. It pains me each time I hear that they have chosen X custodian as they are well known. In our eyes, we focus all of our efforts on the security and safeguarding of our clients’ assets as we are the foundation that they are building off.
Therefore, instead of telling people how secure our solution is, I wanted to put my money where my mouth is by demonstrating that if the CEO is not able to stand by his own creation and solution with full trust, then there is a problem. Instead of just putting the full solution online, we wanted to prove to the world that even if 95% of the security was breached, a single layer of security is sufficient to protect a client in the worst case scenario.
LR: Tell us more about the Vo1t company and the people behind it.
Miles: Vo1t combines cutting-edge system design with cybersecurity best practices to create the world’s most secure cold storage vault for digital assets. It is a security ecosystem that provides a custody and a depository solution with a market-leading infrastructure and system.
Beyond that, Vo1t’s prime account and staking services make it possible to return yields on assets held in cold storage.
With a background in banking, government and operations, the Vo1t team is constantly vigilant to threats in the market, securing a client’s assets with military-grade encryption and offering immunity to most known attack vectors.
LR: How can you stay ahead of new threats in 2019?
Miles: There is no easy answer to this question: it’s a dynamic method consisting of scanning the dark web for new chatter, viruses and exploits, contributing and being part of certain closed security groups where evolving security threats are discovered and mitigated prior to public knowledge, utilising connections from past interactions with security firms and enforcement agencies, and more.
LR: How can companies take best care of their digital assets these days? What is your advice?
Miles: I am a strong believer in “Do what you do best” — if you are an exchange, be an exchange; if you are a lending company, be just that. Vo1t specialises in security, we do it well, and that’s all we do.
Companies should focus on their core business and should not just use a custodian because they have heard of them, but to do their own due diligence on their actual security and resilience. Make sure that in the WORST cases, that the client is covered, including during government action and hostile attacks on key members, or even the whole team and clients.