5M Holdings Launches New 'Token Security Scheme' to Keep All Our Cryptocurrencies Safe
SINGAPORE, October 11, 2017 (Newswire.com) - Entering the cryptocurrency world is a highly rewarding investment move but fraught with landmines where only the sophisticated participants could navigate them with careful execution. With news of various hacks reported daily stealing thousands (and sometimes millions) of digital coins, every single investor is wondering about the security of their cryptocurrencies. Ever wondered whether digital assets stored in the hardware or software wallets are safe and secured? No one actually has a clear-cut answer as to how to completely safeguard their stored digital tokens in the wallets and transactions.
October 2017 - Introducing the launch of Token Security Scheme (TSS) by 5M Holdings Pte. Ltd. which utilizes the technology behind the payment and banking industry of digital key management and applies it to blockchain technologies to enhance security and minimize the risk of theft of crypto-assets and other digital assets.
The project helps investors of cryptocurrencies to safekeep their digital assets for their future generations. They can sleep soundly knowing that their wealth accumulated would not be taken away from them easily.
Abraham Kee, Co-Founder
Problems Faced in the Industry
Over the past few years, high-profile cryptocurrency hacks have resulted in hundreds of millions of dollars being stolen online. Current cryptotechnologies are based mainly on ad hoc systems where the stakeholders’ information is not fully protected and secured. These vulnerable systems allow potential attacks from hackers due to their attractively large rewards.
“The project helps investors of cryptocurrencies safekeep their digital assets for their future generations. They can sleep soundly knowing that their wealth accumulated would not be taken away from them easily.” - Abraham Kee, Co-Founder of 5M Holdings.
Solutions and Features
To counter these security weaknesses, the security experts behind TSS plan to store crypto-assets such as users’ private keys on a Distributed Hardware Security Modules (DHSM) infrastructure, which will be set up within Enhanced Payment Card Industry (EPCI) security compliant facilities. These facilities will be geographically dispersed in various locations and will be regularly audited by certified professionals to ensure up-to-date compliance. If a single facility should fail due to natural disasters or result in a wipeout due to an attempted security breach, the other facilities will act as a backup and safekeep users’ credentials. These DHSMs will become a safe ‘Vault’ for all crypto-assets held by individuals, corporate repositories and more.
The platform’s main security features are:
- Distributed safekeeping of the private keys over various geographical locations;
- Multisig verifications;
- Continuous certifications by PCI compliance professional auditors;
- Key recovery with stringent authentication;
- Development of trusted nodes for permissions blockchain
With these useful features backed by a team of security experts, TSS is looking to make the cryptocurrency world a safer place where all users can trade and transact securely with minimal worries about security.
Token Sale launch details
The Token Sale will start in November 2017.
Visit our website to learn more about Token Security Scheme. For a technical overview of the system, you can read the whitepaper.
Contacts & ICO Information
5M Holdings Website: https://www.5m-holdings.com
TSS Website: http://www.tsstoken.com
About 5M Holdings Pte Ltd
5M Holdings was created with the vision to make blockchain an inclusive technology, to unlock its full potential for all communities globally. To make this vision a reality, a secure and robust platform will be created by our team of security experts to protect an individual’s or business’ digital assets, preventing it from being hacked and used for malicious means. This platform will be scalable enough for other use cases of blockchain technology to be built upon, such as cryptocurrency exchanges, wallet providers, permissionless and permissioned block chains like food safety blockchains and more. With greater security, comes endless possibilities.
Source: 5M Holdings