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Infinitus, incorporated in Singapore and comprising of a team of 10 highly experienced core members from around the world, has delved into a core issue plaguing the cryptocurrency community and created a viable solution that will potentially save countless users from the many ways that it is possible to lose valuable digital data and assets.By leveraging on blockchain technology, Infinitus has created a smart designation repository that may be used to securely store and retrieve sensitive data and information.
The common criticism of crypto assets on blockchains is that with the main focus on decentralization and taking away the reliance on third-party trust meant that there is no support or helplines to call in the event of lost or forgotten private keys. Without the private keys, the assets on the blockchain are lost forever.
Infamous stories are rife of unsuspecting crypto enthusiasts losing thousands and even millions of dollars’ worth of crypto assets due to poor security measures and unfortunate events.
Due to the sophistication of hackers, it is more important than ever to employ tight security and encryption measures to protect sensitive information. But this has also led to a trend where these same security controls locked some of the owners out.
Unfortunately, there is no easy all-encompassing solution for this inherent problem that can be applied by everyone until now. Not only has Infinitus solved this problem in a revolutionarily creative way but may also be the solution to other problems that might have stifled cryptocurrency adoption.
Infinitus as a smart designated repository for the purpose of storing digital data on the blockchain is only accessible to a pre-determined location (or person) and is triggered by a pre-determined event, set by the user.
In the event that sensitive data is lost, the smart contract is activated and the Infinitus platform retrieves the data and sends it to the pre-determined location.
For instance, a new cryptocurrency user who has some bitcoin wishes to create an additional safeguard to store his private keys. He uses the standard soft and hard copy backups, in addition, uses Infinitus to store his private keys on the Smart Designated Repository via the Infinitus app from Apple App Store or Google Play Store.
Subsequently, he sets the retrieval trigger to being 90 days of inactivity and names his wife as the receiver.
In the event that he loses access to both the soft and hard copy backups of his private keys, he will then log out from Infinitus mobile app for 90 days and that will automatically activate the Infinitus smart contract and retrieve his keys and send it to his wife.
Data stored in the repository is fragmented, encrypted, replicated and distributed to all peer-to-peer nodes on the decentralized network. Infinitus can be used to store any alphanumeric data including passwords, wallet files, private keys, JSON files, UTC files, keystore files, mnemonic phrases, recovery seeds and even short text messages.
This meant that with Infinitus, you may now securely store sensitive information as a supplementary safeguard that only you have access to in the event that this information is “lost”.
Work on Infinitus began as early as mid-2017 by the core team that brings a wealth of experience from a wide range of disciplines including Mergers and Acquisition, FinTech, Technology and many others.
Infinitus team is headed by Xanne Leo, a corporate advisory specialist with proven success in the startup world; and Eric Song, a former equities and futures trader with portfolio management experience at a billion-dollar hedge fund.
Other core members include Dr. Ting Shang Ping with over a decade experience in the financial technology and AI space, and blockchain advisor Ronald Aai, a blockchain technology veteran who is known to have taken many new ideas to corporate success.
Infinitus mobile app will be available on the Apple App Store and Google Play Store as early as June 2018.
Visit the Infinitus website to learn everything about Infinitus, and join the discussion on Telegram, where you can find out answers to any question that you might have and interact with the Infinitus team directly.
Visit the Website: http://infinitustoken.io
Twitter: https://twitter.com/InfinitusToken
Telegram: http://t.me/infinitustoken
Telegram official announcement channel: http://t.me/infinitustoken_ANN
Medium: https://medium.com/infinitustoken
Linkedin: https://www.linkedin.com/company/infinitustoken/
Enquiries & Media Contact
Email: support@infinitustoken.io
Contact Info:
Name: Teresa
Email: Send Email
Organization: Infinitus Technologies Pte Ltd
Website: http://www.infinitustoken.io
Release ID: 351679