Offline cold storage cryptocurrency wallet service provider GK8 has called what is dubbed the GK8 hacking challenge. The GK8 hacking challenge offers an award worth $250, 000 to the first person to crack the ‘Hack-proof’.
GK8 offers a solution as a “hack-proof digital vault” with no connection to the internet. The company has introduced a challenge, that anyone who succeeds in breaking into the wallet would be compensated with a bug bounty of up to $250,000 plus an additional prize that’s worth $125,000.
According to the official GK8 statement, the hacking challenge will run for 24 hours starting from February 3(9:00 a.m EST) to February 4, 2020(9:00 AM EST).
However, Israel-based GK8 makes claims that its high-security custody solution allows banks and other institutions to have full access as well as managing their crypto holdings and related information without connecting to the internet.
There’s a claim that the firm’s site is designed to “minimize the wallet’s attack surface and block attackers’ influence on security-critical components.” Similarly, GK8 assured sponsoring state attacks and stealth APT(advanced persistent threat) as part of the risks it aims to mitigate.
Cryptographer endorses GK8 hacking challenge
A founding scientist and cryptography researcher, Prof. Eran Tromer assured his satisfaction and endorsement of the project. Eran noted that a cold wallet solution developed by GK8 will set a new standard for high-security cryptocurrency custody offerings.
“Having only outbound unidirectional communication and then building the rest of the cryptographic protocols around it using multi-party computation, validation protocols, the transmission of policies to the environment, all while preventing the injection of malicious inputs from the internet back into the cold wallet,” he explained.
A cryptocurrency wallet allows its holder with a unique ID to make crypto transactions. Such user having a wallet address is entitled to have a personalized unique key that belongs to him alone.
This is why it takes a long process trying to hack into one’s transaction. But it has been said by the firm that whoever who tries to compromise these transactions by cracking their ‘hack-proof, would be celebrated and compensated.
Cold storage wallet users are guaranteed safety and security. Their private keys are also secured because it will never be able to connect to an online server.
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