The blockchain is meant to be secure by design.
But that doesn’t stop a hack from happening nearly every other day. Why? Because even secure technology has vulnerabilities. Yet, security is paramount for a blockchain company to achieve success.
So, what has Elitium done to avoid the pitfalls of a breach? We’ve created an infrastructure that puts security top-of-mind.
Two Blockchains Underpin Security
First of all, we use two separate blockchains to power our services.
- A primary blockchain underpins our native cryptocurrency EUM. And this blockchain has the second strongest hash rate on Ethereum;
- A secondary blockchain powers the Elitium Staking Program and its associated protocol EUMS. This blockchain is a fork of PIVX. And the unique, bi-blockchain setup eliminates the risk of a fake stake attack.
To add another layer of security: the secondary blockchain uses internal masternodes.
A masternode is a collateral-backed server that provides independent governance on a blockchain by hosting a full copy of the ledger, which helps make our blockchain more secure. If you’ve read about Facebook’s efforts to launch a cryptocurrency, you may have read about masternodes.
Facebook has sold several to prominent companies, including Shopify, Spotify, and Uber.
As a final belt-and-braces blockchain solution, we created EUM-i: the world’s first insurance protocol to safeguard crypto-funds, which we deployed back in 2018.
Bank-Grade Encryption As Standard
Second, we back up the integrity of our blockchains with industry-leading encryption. The Elitium App relies on bank-grade measures to keep data secure.
Going one step further: Elitium uses robust cold-storage solutions to safeguard client funds. And in the near future, we plan to launch a virtual currency wallet service — also in the app — as soon as we confirm our Estonian licenses.
The processes above put Elitium on a security par with FinTech against like PayPal. And we’ve achieved all this without significant investment. In fact, we’ve been able to rely on our experienced team’s expertise: something very few blockchain companies can claim.
The Experience Of A World-Class Team
The team deserves a section all of its own. So the third point to mention is…
Elitium is building all its core technology in-house. But why go to the expense of building your own technology rather than licensing a third-party service? Because building it gives us full transparency and control over security — meaning we’ll never inadvertently compromise our users.
Take our digital share platform Elitium Capital as an example.
Most tokenization ‘companies’ simply deploy a supplier-owned platform. Stick their logo on it, then sell digital shares to clients who are unaware of the risks (as the setup offers no guarantees over the security or integrity of the platform — or the digital shares on-sale).
On the other hand, Elitium Capital has a team of 15 in-house blockchain developers working full-time as part of our Joint Venture with Syncrasy. The tie-up allows us to keep the intellectual property under the Elitium roof while also guaranteeing the right security protocols have been put in place by a trust-worthy team.
Back it all up with team members who follow the best security standards, including deploying multi-factor authentication and reporting phishing attempts. And you have a blockchain company that holds its own as far as security is concerned.
Want to learn more about our secure cryptocurrency EUM? Check out the solutions it powers.
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