Developed in collaboration with Metaco, a Swiss blockchain based solutions provider, SILO is said to have military grade security.
It has been developed with financial institutions in mind, so it could be used as a storage vault by banks to hold their clients’ cryptocurrencies safely, or by large-scale exchanges and brokers that need to ensure that their clients’ digital assets never fall prey to cyber attacks.
Both Guardtime and Metaco are very confident of SILO since it has been built with the best of what the companies have to offer. It has been constructed with sturdy, anti-tamper hardware by Guardtime, while its software is state-of-the-art and holds the utmost security, provided by Metaco.
The SILO system can be installed on-premises and accessed from a single point for extra security, such as banks vaults.
In case having a vault-based cryptocurrency storage unit is not what a bank or institution is looking for, then it can also access the platform remotely. SILO supports multiple cryptocurrencies and also offers full-audit trails to ensure that no one accesses it without keeping the pertinent stakeholders informed.
Since it has been designed for institutions, it also offers additional yet essential security features such as transaction flow limits and multi-signature access, so all relevant parties get to ensure the safety of the stored assets.
SILO is initially being introduced to banks and was unveiled to over 80 senior bankers at its launch event itself.
How is SILO going to serve everyday customers?
The very presence of SILO in an institution serves to customers’ advantage, as it assures that their digital assets are safe with the entity that holds SILO.
The risks of theft do not only extend to cryptocurrency exchanges that endure repeated hacking attempts on an everyday basis, events which pose a threat to their customers’ funds, but a usual, individual customer is also prone to be a victim of such attempts.
In the past few months, there have been numerous hacking incidents on individuals that resulted in them losing their digital assets without any notice, and some incidents have gone as far as to turn to physical robbery, as reported in the U.K. and the U.S.
Therefore, it is essential for anyone who holds a large sum in cryptocurrencies that they do not keep it all with themselves at all times, just like they would not do so with a significant amount in cash or jewelry and will put them in a bank for safekeeping.
This is one of the reasons why SILO is starting its operations from banks, so the everyday user can benefit from the solution by signing up with a bank that holds SILO.
What do the companies have to say about their venture
Speaking of the venture, Metaco’s CEO, Adrien Treccani explained how cryptocurrencies have become difficult to keep safe, with the current revelation about microprocessors and the repeated issues some customers have to face with losing their keys. He mentions that with SILO, these problems would be resolved effectively.
“SILO, built exclusively for financial firms, solves this problem and allows individuals to trade cryptocurrencies with true peace of mind while extending the role of banks as custodians into the future.”
Mike Gault, Guardtime’s CEO, also spoke on the same lines and mentioned that SILO is by far the securest solution available for the cryptocurrency industry.
“Cryptocurrencies are an important new asset class demanding highly specialist, secure technology. By combining our experience and expertise with that of Metaco, together we have developed the most secure cryptocurrency platform on the market.”