- April 7, 2022
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Investing in the crypto space is emerging as the most modern way for wealth to flourish.
Serenity Shield was created to provide a comprehensive solution to safeguard your digital assets in unexpected events such as a lost wallet seed or secret phrase, personal tragedy, or death.
The global digital asset market is currently experiencing explosive growth as millions of people have adopted cryptocurrency usage worldwide and the wave is estimated to continue increasing.
Of course, the more investors’ interest in digital assets, the more cryptocurrency crime increases. According to a report, scams have eaten up as much as $14B USD worth of crypto assets stolen 2021.
What Is Serenity Shield?
Billions of dollars sitting in cold wallets are lost every year due to bad strategy in the event of death or accident of asset holders. If this issue is not resolved, it can lead to disastrous consequences.
It is easy to see that digital assets can bring you immense opportunities, but they also have their risks.
As such, managing these risks is one of the important things that investors must be concerned about when participating in this hot industry.
With Serenity Shield’s solution, your investments in digital assets will carry over to the recipient of your choice and will not be permanently lost due to untimely demise.
It is blockchain’s first decentralized identification (DID) technology solution which empowers your loved ones to recover your digital assets in case of a life accident or sudden demise.
So, what is Serenity Shield’s solution?
The Solution!
Digital assets are normally secured in various ways ranging from paper, software, and hardware options to accounts on centralized exchanges.
However, these traditional approaches often suffer from significant disadvantages and security vulnerabilities that may lead your assets to become permanently locked or inaccessible.
As centralized exchange accounts leave users without direct ownership of their funds, this forces users to trust a centralized storage vendor with the custodianship of their valuable digital assets.
Serenity Shield solves this problem by providing an encrypted and fully decentralized solution for passing on assets to an heir in case of a personal tragedy or accidental death.
The New Way to Access Digital Assets
Serenity Shield empowers its users to claim full ownership and autonomy over their digital assets, and offers a unique solution also adds a layer of peace of mind.
Built on blockchain tech, Serenity Shield leverages the immutable security of smart contracts which come with a professionally designed, user-facing frontend Decentralized App (DApp).
All your sensitive information will be stored in a virtual safe called a ‘StrongBox’, which is owned by only you and is kept in the highest security.
DID Does it Better
The Decentralized Identity (DID) technology is used for user login and non-fungible token (NFT) Keys are used to activate the ‘StrongBox’ function.
This approach will allow the end-user to set, store, and save their unique crypto login credentials in one safe place.
Users can establish their transferrable Heritage plan for designated recipients or beneficiaries. In addition, they can also ensure seed phrase and digital key security on the blockchain.
A custom Secret Network wallet built on top of the Web3Auth platform, Serenity Wallet, will handle authentication.
This will offer decentralized multi-factor authentication mechanisms, allowing users access to secure authentication systems known as Single Sign-On (SSO) for social networks, passwordless flows, or biometric devices.
With the Secret Network and Serenity Wallet, the platform creates a zero custody solution so that you will remain the sole owner of your credentials at all times.
A Better Way to Stay Safe
The Secret Network is the blockchain on which the main smart contracts are written. It will offer the security, transparency, and privacy features required by Serenity Shield.
Besides, privacy and security features are also guaranteed, because smart contract transactions are sent in encrypted form from the client to the validating node which runs in a protected hardware environment.
The Serenity Shield platform will store an owner’s ‘strongbox’ by using a combination of the strong encryption algorithm Shamir’s Secret Sharing (SSS) and the Non-Fungible Token (NFT) standard.
Each strongbox will undergo encryption and be turned into 3 digital keys (NFTs) and will require 2 keys to decrypt the strongbox.
This encryption process is performed in the client’s browser to avoid transmitting sensitive information in plain text through public channels.
Each of the 3 strongbox keys will be stored in a different NFT and transferred to the Owner, Vault of Serenity, and Designated Heir, respectively.
In this way, none of the 3 NFT holders can crack the entire strongbox because they must have 2 digital keys to do so.
The Activation Policies will then be set. The Activation Policies are the settings that the Owner configures when creating the strongbox.
They will be an extensible module designed to detect periods of inactivity for the account owner by implementing a combination of techniques such as reading transactions from the blockchain, requesting a notification response, or authentication through the Serenity Shield DApp.
How A Strongbox Works
As a simple and user-friendly DApp, you can login and create a new or amend an existing StrongBox account from anywhere in the world.
The end-user can use this system to restore their data in case of loss of access to their sensitive information as well as transfer the ownership of this information to specific users, such as heirs, in the case of an accident or death of the user.
During these processes, all sensitive information will have undergone a robust encryption process that effectively splits the sensitive information into three unique NFTs Keys.
Two Keys of them are then distributed to the account holder and their heir respectively. The rest is locked within the Serenity Shield smart contract.
As said, all authentication processes will be handled by Serenity Wallet. As a result, it can be seen that Serenity Shield’s zero custody solution is comprehensive security for your digital assets.
Serenity Shield Token
$SERSH is the Serenity Shield native token, it is used to access sensitive information from a user’s ‘StrongBox’.
It is a deflationary SPL token that works on the Solana network, therefore, it benefits from low gas fees and high network speeds.
Stay Safer With Serenity Shield
As the adoption of cryptocurrency continues growing, Serenity Shield is a comprehensive, decentralized solution for ensuring the secure transfer of sensitive information according to your wishes.
The platform has a secure DApp to safeguard your crypto assets in unexpecting events.
Also, the DApp is designed as an easy-to-use technology as any Web 2.0 application, such as Facebook or Twitter, but your sensitive information will be protected so that only you or your heir can access them.
Thanks to SSS, any attack will be cryptographically thwarted. Crypto crimes will not be able to restore sensitive information by themselves, even if they form a group to perform a collision attack.
Penetration and vulnerability detection tests will be carried out on the website and DApp to verify the integrity of all Serenity Shield products and services.
There’s also a Bug Bounty Reward Program to encourage white hat attackers to search for bugs or vulnerabilities to improve the security of the project.
The post Serenity Shield: A Comprehensive Security System for Safeguarding Access to Digital Assets appeared first on Blockonomi.
