Please describe your proposed solution.
My solution to lost and stolen crypto wallet seed phrases and private keys for this phase of the product are as follow:
- Hire programmers to assist in completing and debugging the EncryptVault program.
- Create a simple and intuitive UI for the program and attach it to the https://encryptvault.io website, behind a small paywall to begin drawing revenue (after initial free private and then public "testnet" releases (for 'synthetic test crypto wallets'), followed by public peer review and suggestions, followed by free beta testing of the program, feedback, and then going live).
- The program will take data, encrypt it, and then create a QR representation which can be stored with a great degree of safety to one's computer, cloud storage, trusted third party, print and safely store.
- The keys for the RSA(4096) encryption can be stored in a variety of ways, including a clever M of N, QR code solution which may be distributed amongst several trusted 3rd parties. This insures that you never lose access to the encryption which protects your data.
Please note: The endgame for this system is to cold store the functionality of the program into a cold storage, cell phone sized device. The device will remove the possibility of corrupted devices from hacking and divulging information through malware etc. The unit is intended to have front and rear facing cameras, fingerprint scanner, and face recognition. The unit will create safe QR codes on the rear facing (Green border) screen, while the unencrypted QR codes and data are exclusively on the user facing screen (Red border). The device will be compatible with security keys such as Yubikey and others. The idea is to broaden the types of authentication which can be used to gain access to your highly valuable self-banking information. It is our desire to follow the motto, “Never, ever lose access to your crypto seed phrases, no matter what*.”
For the purposes of this funding round, we are focusing on the program software, which is less than ideal due to the fact that it leaves high opportunity for compromised user devices to attempt to gain access to keys and information as it is being created.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
The EncryptVault system will be created with Cardano and ADA as the backbone for blockchain storage. There is the hope to leverage the Midnight protocol for security and (possibly user assistance for key regeneration via M of N master key storage). When the wallet that stores wallet seed phrases hits the market, whatever blockchain it is founded upon, associated with, or leverages will benefit greatly. I intend to expand the functionality of EncryptVault to revolutionize self identity and user authorization. There is a great road ahead, and Cardano is at the center of that road.
How do you intend to measure the success of your project?
If awarded, I measure success of this round with the following:
- Of the 10+ existing modules in the program which I have written (with Ai assistance), they are all debugged and functioning properly for a variety of Windows, Linux, and maybe OS (I'm not a fan of Apple, lol) devices.
- Adding the 20+/- additional program modules in place to make a MVP API with a beautiful, intuitive GUI that is clear and informative, leaving out all ambiguity. (Super important considering the stakes.)
- If possible (if the funds don't run out), attaching the program to the website, and create some testnet instruments to test this bad girl out without any risk to users.
- Keeping accurate and honest records of financial disbursements out of respect to our benefactors and for future funding rounds.
- I plan to open up the project to the Cardano family. I can't promise that Ill take any of the suggestions, but I promise to try to consider each one.
If awarded, I will use the funds frugally to hire programmers to debug and complete the program according to my specifications. If there is funding left over, I will hire web3 developers to integrate the program into the website and prepare the testnet. At this point we should have sufficient evidence to gain further funding. I will keep as much as possible open source for the benefit of the crypto community and have even abandoned my initial preliminary patent application. Unfortunately, we cannot draw any revenue until the product has been peer reviewed and properly tested. Though it would be much more expensive, it would be ideal and much safer to release the product with the proprietary device, as this would eliminate a myriad of potential hazards and breaches.
Please describe your plans to share the outputs and results of your project?
As the program team debugs, we will be pushing the revised code to GitHub which will be available for everyone to see and contribute. I can send our financial reports updates with a simple email signup on the website. Please note that post Covid, 75,000ADA (The max awarded) equates to about $21,662.775 today, that doesn't go very far in the programming world. I will do my best to be frugal and make the best design purchases that I can.