The Creditum Vault

Creditum provides licensed lenders and borrowers alike with the ultimate in security – the Creditum Vault.

What is the Creditum Vault and why is it needed?

The blockchain is extremely secure, but exchanges are not. When you read about a crypto hack, or ‘cryptojacking’, it’s always at an exchange.

Exchanges have relied on the blockchain’s own high level of security, but this has proved to be problematic. That is why Creditum is building a cold storage vault with multiple levels of security, both digital and physical, so that there will be no ‘hacks’ at Creditum.

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It seems like hardly a week goes by without news of the latest “crypto heist”. The blockchain itself is very secure, as close to un-hackable as makes no difference, but that actually adds to the problem, because when crypto currency is taken it makes the transaction permanent and the perpetrator untraceable! It is not at the blockchain level that these hacks take place, but at the exchange level.
Where exchanges have relied upon the blockchain itself for security Creditum is building an air-gapped cold storage vault with multiple levels of security, both digital and physical, so that hacks will be a thing of the past.
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Creditum has designed a very secure vault system including a warm wallet, a cold storage vault and an ice-cold storage vault where funds can be deposited in real time into ice-cold storage using the warm wallet but cannot be withdrawn except by making a request that will take over a day to fulfil. Furthermore, all funds going into the vault system are controlled, either directly or indirectly, by smart contracts on the Ethereum block chain.
Cold storage defines a storage location for cryptographic keys that is not connected to the internet. Ice-cold storage is a location that adds physical security around access to these locations such as biometric controls and physical security measures like an actual metal vault! For obvious security reasons the actual locations of the vaults (the vault comprises multiple locations) will never be made public, each location however will be subject to military grade physical security in addition to the digital security measures devised by Creditum.
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Creditum ice-cold storage vault
This means that the keys are encrypted, split into three parts, duplicated and then distributed two at a time to three geographically distinct locations, where they are physically and biometrically protected. Two of the three locations will need to be accessed in order to reconstruct the encrypted key and then a password will be required to decode the key. This reconstruction can only be done in our cold storage vault.
Creditum cold storage vault
Our cold storage vault is a server that is air-gapped – not physically connected to the Internet. The only access is by physically sitting at the terminal of the vault computer system.
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Creditum warm wallet
The warm wallet is in fact online but the keys that control the wallets there are in ice-cold storage, so it’s called a warm wallet. One can transfer crypto into the wallet but can’t get it out except by going to the ice-cold storage vault.