Parity. Veritaseum. Tether. Bitfinex. What do these high-profile blockchain projects have in common? They all lost millions of dollars’ worth of cryptocurrency tokens as a result of hacked or compromised wallet key usage. But there are compelling solutions within reach.
WASHINGTON, DC. Cryptocurrency investors and pioneering blockchain startups are understandably shaken by a string of wallet hacks and thefts of tokens that have emerged as a common feature of many well-known ICOs — so-called Initial Coin Offerings, token sales, or token generation events, where a large number of cryptocurrency tokens are distributed to purchasers interested in getting in on the ground floor to some very forward-thinking technology projects.
Participants in the blockchain space interested in securing their virtual wallets and the tokens held inside must take extra precautions — from setting up complex multi-signature arrangements to literally putting their keys into “cold storage”. For the average consumer who already carries a measure of mistrust towards Bitcoin due to the Silk Road stigma, this only serves to further increase the divide, pushing full retailization of the blockchain just out of reach.
Alisa Gus, CEO of WishKnish and Johann Caubergh, CEO of BioSSL believe that important opportunities for securing users’ funds and improving the reputation and retail adoption of blockchain technologies are being missed.
“The nature of many of the wallet exploits that have occurred so far have one common denominator: storage or transmittal of the private key is the weakest link,” says Ms. Gus. “The fact is that users carry a unique key with them already — their face, their fingerprints, their voice. If properly harnessed, biometric data can be an effective medium for private key storage.”
The WishKnish CEO is no stranger to breaking through adoption barriers — after all, retailization of the blockchain is a top priority for the social, gamified marketplace platform startup.
“In the post-Amazon economy, users expect things to just work — that means that the user experience and ease of use must be considered in all aspects of cryptocurrency wallet and ecosystem usage,” Alisa continues. “That’s why partnering with BioSSL to become the first biometrically-secured token sale and blockchain e-commerce platform was a no-brainer for us.”
BioSSL, a UK startup, brings to the table army-grade biometrics technology, and years of experience in traditionally high-security environments. Now, as newcomers to the blockchain culture, Mr. Caubergh hopes to leverage these strengths and help WishKnish reach a new kind of cryptocurrency user: the average retail consumer.
“Our vision is to secure the user’s online environment, to protect their identity, secure their privacy while still remaining highly accessible and user friendly, wherever and however they are accessing their assets.”, says Johann CEO of BioSSL. “2018 announces a new technological innovation, we will dive in to the blockchain and become one with the ledger.”
WishKnish, based out of the Washington, DC area, will be announcing its token sale schedule and whitepaper by the end of 2017, with a public sale tentatively scheduled towards the end of Q1, 2018, but draft integration with BioSSL’s unique take on cryptocurrency wallet authentication could be in place as early as January.
“The blockchain space is constantly evolving — often in overwhelming, unexpected directions,” says Eugene Teplitsky, CTO of WishKnish and Alisa’s founding partner in the venture. “But along with it, so do malicious exploits. It is ultimately every retail-facing project’s responsibility to ensure that a layer of protection for the token holders evolves alongside their core tech. WishKnish’s partnership with BioSSL is a critical first step in the right direction.”
About WishKnish Corp.
WishKnish (https://wishknish.com) offers businesses, affiliates, and non-profits a decentralized marketplace platform for launching gamified, socially-engaged storefront communities equipped with the tools to turn regular users into super-fans and evangelizers while streamlining coin-agnostic e-commerce and fulfillment, as well as offering advanced blockchain-as-a-service tools to meet enterprise clients’ needs.
BioSSL (https://biossl.com) is an advanced biometric platform which secures online financial, confidential document transactions and other high-risk web based environments. BioSSL is an ‘Omni’ channel solution for banks, financial institutions, security applications, eCommerce and eGovernment. The desktop and mobile applications integrate smoothly into existing applications.