The news of this week’s Coincheck hack, resulting in the biggest crypto robbery to date, has raised more general concerns in relation to the security of cryptocurrency assets.
With this heist coming on the back of a series of security breaches hitting the headlines recently, REMME may just have shown good timing with its upcoming ICO scheduled February 13.
The most recent attack centred around stealing NEM tokens and as Long Wong, the president of the NEM.io Foundation stated about Coincheck, “They seemed very relaxed with their security measures.”
Passwords and 2FA a Thing of the Past?
Current password systems and two factor authentication processes require placing trust in the platforms that host them and, as the Coincheck hack has demonstrated, this is not always merited.
REMME, on the other hand, are proposing an alternative approach which removes traditional password systems altogether, and puts an open-source distributed Public Key Infrastructure (PKI) protocol in its place.
The general idea is to create a certificate authentication mechanism with REMME’s blockchain-based platform acting as the certificate authority, whilst providing a set of APIs made available to Dapps wanting to leverage its authentication mechanisms.
As well as everyday consumer needs, these apps could be incorporated into internal business systems such as Microsoft’s Active Directory and Supervisory control and data acquisition (SCADA).
The team behind REMME have proven themselves well equipped to target this particular area after winning the Microsoft Blockchain Intensive Hackathon in June last year, having beaten seventeen other contenders for the prize.
After successfully raising $1.8 million in their pre-sale, the news of the Coincheck hack has raised awareness of the REMME project and potential investors numbering over 10,000 have now joined their Telegram group.
There will be a total supply of 1 billion REM tokens, 50% of which are available to the public, with the ICO aiming for a $20 million hard cap.