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Author Topic: Cold Storage project By a Large Bullion Dealer  (Read 317 times)
wizgot
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October 04, 2017, 11:24:55 AM
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Hi All,

I have been tasked with creating a cold storage platform for a very Big/Established Bullion Dealer in a very safe jurisdiction. They already have a lot of customers who have brought bitcoins but have no idea how to store/secure it.
 
Of course they are also happy to remove counterparty risk as much as possible, preferably do not want any idea what the PK is when they create cold storage wallets.

However, the probability that there are errors should be a close to 0 as possible. Should be verifiable but that can be non trivial and can cost both to customer and provider. Huh

I have given them some suggestions such as :
  • Create an Offline Armory Cluster(Customized) and save the private key directly into a person's safe vault, so that the operators cannot see the key(encrypted).
  • Create a Video of the whole process, with a twitter feed.
  • Post the hash of the video on a blockchain.

Why am I sharing this? I think this is something that could if done in a trustless way and at a provider who otherwise has a lot of credibility, could be valuable to all of us in the community. In other words I do not want to botch it up, and would like to get the communities views on this.

Thanks
wizgot
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OmegaStarScream
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October 04, 2017, 04:13:30 PM
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If I got this right, there will be people who will be creating cold storage for clients? The whole purpose from bitcoin is to be your own bank so they should create it themselves and be in control the full time and in that case Bitaddress.org will be suggested, downloading the source code, running it locally using LiveCD Tails or other Linux distribution.

sweetdesirez
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October 04, 2017, 04:54:27 PM
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What's the point of posting this? Sorry the grey matters are a bit slow in bubbling out the essay you have tried to impress with. What will the community benefit from this project?
wizgot
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October 05, 2017, 01:47:44 AM
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If I got this right, there will be people who will be creating cold storage for clients? The whole purpose from bitcoin is to be your own bank so they should create it themselves and be in control the full time and in that case Bitaddress.org will be suggested, downloading the source code, running it locally using LiveCD Tails or other Linux distribution.

Well,  they and we all agree to that.  Some of these are 70+ year old guys.  Anything that moves away from complete decentralization is a disaster. The idea of a vault provider is
1. No one can come to your house and try stealing it.  Of course you can use trezor with hidden keys,  but still there is no way to deny it.  Currently, the provider has a video call before releasing coins.
2. They want to do this as decentralized or as concrete as possible, maximixing trust and minimizing in house or external risk.
3. I tried explaining to one of the users a few years back and sent a video on how to install armory etc. But the user couldnt follow,  this could be me or it could be that he was finding it difficult to grasp the technical jargon.

What's the point of posting this? Sorry the grey matters are a bit slow in bubbling out the essay you have tried to impress with. What will the community benefit from this project?

Well,  you replied and your grey matters are bubbling Smiley. The point of posting is simple,  I wanted feedback on a decent enough approach. I hope i have posted in the right forum. 
Community benefit:
I believe, i could be wrong,  that there are those among us who would benefit from such a service. And the more open it is the better. 

Thank you
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November 15, 2017, 12:55:44 AM
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I recently helped with a project for Cold Storage Project of Private Keys.
Please see whitepaper for more information and notes on counter party risks and centralization risks.
https://mega.nz/#!NdZWBTZR!wpYjypxJ-Ek7nolKZqLIQG2plrXQJ4LqijNZeav_giY

In a nutshell, the Private Keys are always encrypted.

The Keys to Decrypt the PK is stored in an offline system at the Vault Provider.

Access to the offline system is prohibited and is certified by external Security Solution Provider.

Here is a quick video demonstrating it at : https://www.youtube.com/watch?v=YktFcdwljKI
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