The success of REMME’s ICO: The technological aspect.

On a day marked by fragrant roses and aromatic chocolates, Alex Momot’s triumph knew no bounds, although, for very different reasons. REMME successfully reached its public sale hard cap on 14th February after only a day since its launch. With Blockchain technology raising the bar for security, it was only about-time that it be leveraged to solve some of the most sensitive industries in tech namely cyber-security.

To understand REMME, we first need to understand the underlying problem it aims to solve. On September 7 2017, consumer credit reporting agency, Equifax announced a cybercrime identity theft event potentially impacting approximately 145.5 million U.S. consumers. Information on an estimated range of under 400,000 up to 44 million British residents as well as 8,000 Canadian residents were also compromised.

Security breaches like these have haunted businesses and consumers alike for years, while consumers find it convenient to use similar passwords across different platforms, businesses would rather have them be more cautious in their ways. While innovators in encryptions are continuously trying to make the internet a safer place, REMME has an entirely different approach to the problem, one which not only makes the whole process easier but also much safer than the standard username-password protocol. Each time a user logs-in to his Facebook or Twitter etc. account he essentially uses a key(Password) to open a door (his user-data), in a time where the industry is trying to build safer doors REMME plans to do away with the whole lock-key protocol, making passwords and pins redundant. Doing so makes sense due to a variety of reasons:

  • Password policies allow passwords to be either too simple or too complex
  • The security around systems that hold the password repository is usually inadequate.
  • Users aren’t usually educated in the way to create memorable passwords without having to write them down.
  • Inadequate network security.

The principles on which this company will build its secure authentication mechanisms are built on leveraging scattered public keys infrastructure. The decentralization of public keys will make them less vulnerable to attacks, something that centralized password manager systems do not do. Each device is attributed its own SSL certificate based on the blockchain technology, which will prevent intruders from using counterfeit certificates. The goal of this system is to build this distributed PKI management on top of the x.509 standard using Blockchain. This set of policies has the potential to help many segments address the problem of security failings, from which REMME is focusing on IoT, financial infrastructure, MedTech and Blockchain companies.

This puts REMME into the IDaaS (Identity as a Service) category. The company sees its key advantages over the most common existing solutions:

  • eliminating passwords completely: no pins or master keys;
  • no central server and account database;
  • no central certificate authority (in comparison with the traditional PKI infrastructure)
  • REMME can be built on top of a number of different blockchains (e.g. Bitcoin, Ethereum, etc.) and sidechains (e.g. Rootstock, Exonum, etc.), as per the company’s requirements.

REMME’s Public Key Infrastructure is not the only disruption to the password-based protocol; biometrics and other alternatives are gaining traction too. REMME’s success is built on the premise that a distributed and decentralized system is better than a centralized one.

The ICO went live on 13th March with a hard cap of $20mn which, at a price of 0.040$/REM, was reached in less than two days. The current supply of tokens stands at 50% of the total tokens.

Blockchain provides many opportunities for detecting and stopping hacker attacks on major websites with centralized servers. The consequence of such attacks has been seen time again, the aforementioned Equifax hack being an epitome of the same.

The problem is that current server architecture lacks in security because it keeps the access key on a single server. Ultimately, Blockchain will protect servers from attacks and make increase their integrity manifold.

In conclusion, even though this technology looks disrupting on the face of it, password has indeed survived various attacks on it to bring it down, in my opinion it is here to stay for the single most important reason, namely its ease of implementation and management, especially in low risk systems. However, the advent of Blockchain technology has given rise to different uses that allow applications to make use of its security features. Meaning thereby the technology has created demand for itself by bringing about applications not possible before due to the inadequate security system, this reflects in the participants of the company’s pilot program which include companies from the industry of IoT, Medtech and even critical infrastructure amongst many others. The successful ICO might only be the first sign of promise by the company but it certainly isn’t the last, with a disruptive idea and a strong team of founders and advisors this company surely has a long way to go, I personally plan to closely follow its development over the course of the next few months.REMME ICO Analysis

On a day marked by fragrant roses and aromatic chocolates, Alex Momot’s triumph knew no bounds, although, for very different reasons. REMME successfully reached its public sale hard cap on 14th February after only a day since its launch. With Blockchain technology raising the bar for security, it was only about-time that it be leveraged to solve some of the most sensitive industries in tech namely cyber-security.

To understand REMME, we first need to understand the underlying problem it aims to solve. On September 7 2017, consumer credit reporting agency, Equifax announced a cybercrime identity theft event potentially impacting approximately 145.5 million U.S. consumers. Information on an estimated range of under 400,000 up to 44 million British residents as well as 8,000 Canadian residents were also compromised.

Security breaches like these have haunted businesses and consumers alike for years, while consumers find it convenient to use similar passwords across different platforms, businesses would rather have them be more cautious in their ways. While innovators in encryptions are continuously trying to make the internet a safer place, REMME has an entirely different approach to the problem, one which not only makes the whole process easier but also much safer than the standard username-password protocol. Each time a user logs-in to his Facebook or Twitter etc. account he essentially uses a key(Password) to open a door (his user-data), in a time where the industry is trying to build safer doors REMME plans to do away with the whole lock-key protocol, making passwords and pins redundant. Doing so makes sense due to a variety of reasons:

  • Password policies allow passwords to be either too simple or too complex
  • The security around systems that hold the password repository is usually inadequate.
  • Users aren’t usually educated in the way to create memorable passwords without having to write them down.
  • Inadequate network security.

The principles on which this company will build its secure authentication mechanisms are built on leveraging scattered public keys infrastructure. The decentralization of public keys will make them less vulnerable to attacks, something that centralized password manager systems do not do. Each device is attributed its own SSL certificate based on the blockchain technology, which will prevent intruders from using counterfeit certificates. The goal of this system is to build this distributed PKI management on top of the x.509 standard using Blockchain. This set of policies has the potential to help many segments address the problem of security failings, from which REMME is focusing on IoT, financial infrastructure, MedTech and Blockchain companies.

This puts REMME into the IDaaS (Identity as a Service) category. The company sees its key advantages over the most common existing solutions:

  • eliminating passwords completely: no pins or master keys;
  • no central server and account database;
  • no central certificate authority (in comparison with the traditional PKI infrastructure)
  • REMME can be built on top of a number of different blockchains (e.g. Bitcoin, Ethereum, etc.) and sidechains (e.g. Rootstock, Exonum, etc.), as per the company’s requirements.

REMME’s Public Key Infrastructure is not the only disruption to the password-based protocol; biometrics and other alternatives are gaining traction too. REMME’s success is built on the premise that a distributed and decentralized system is better than a centralized one.

The ICO went live on 13th March with a hard cap of $20mn which, at a price of 0.040$/REM, was reached in less than two days. The current supply of tokens stands at 50% of the total tokens.

Blockchain provides many opportunities for detecting and stopping hacker attacks on major websites with centralized servers. The consequence of such attacks has been seen time again, the aforementioned Equifax hack being an epitome of the same.

The problem is that current server architecture lacks in security because it keeps the access key on a single server. Ultimately, Blockchain will protect servers from attacks and make increase their integrity manifold.

In conclusion, even though this technology looks disrupting on the face of it, password has indeed survived various attacks on it to bring it down, in my opinion it is here to stay for the single most important reason, namely its ease of implementation and management, especially in low risk systems. However, the advent of Blockchain technology has given rise to different uses that allow applications to make use of its security features. Meaning thereby the technology has created demand for itself by bringing about applications not possible before due to the inadequate security system, this reflects in the participants of the company’s pilot program which include companies from the industry of IoT, Medtech and even critical infrastructure amongst many others. The successful ICO might only be the first sign of promise by the company but it certainly isn’t the last, with a disruptive idea and a strong team of founders and advisors this company surely has a long way to go, I personally plan to closely follow its development over the course of the next few months.