ECOMI (COLD STORAGE): A DECENTRALISED WAY OF SECURING YOUR CRYPTOCURRENCY

INTRODUCTION

The knowledge of cryptocurrency across the world is increasing rapidly and with it adoption, it is expected to shift into the mainstream. Having said that, it is very good to note the greatest challenge faced by cryptocurrency which involves the issue of security. For it to be adopted into the mainstream, the problem associated with crypto security needs to be tackled and dealth with urgently.

The world today, has seen various utility associated with cryptocurrencies and the ability of it to evolve for mainstream adoption and are open minded about it, even though it might take awhile for there to be a global shift from fiat currency to cryptocurrency and accepting the challenges faced by it.

One of the the greates threat faced by cryptocurrency today, is fear of loosing your coins. The crypto community and organisations at large are very concerned about the issues of authentications, confidentiality and security of cryptocurrency transactions. If security techniques are made strong and hack-proof, many users will feel very at easy to trade, make good and sound judgement on which product and services they will like to use in the crypto ecosystem.

CRYPTOCURRENCY ENCRYPTION KEYS
In other to understand cryptocurrency security we need to familiarise ourselves with the two different keys involved in encrypting and decrypting data asymmetrically. The two keys involved are called the Public Key and the Private Key. How does it work?

Data encryption with the private key can only be decrypted with the public key, just as when you encrypt data using the public key, it can only be decrypted using the private key. This serves as the ground principle guiding cryptocurrency encryption, example is the SSL/TLS. Public keys can be used openly and shared but the private key needs to be safe guarded securely from the world.

It is very difficult to secure your private keys, that is why even the most carefully guarded private keys still falls into the hands of hacker and thieves, this has possed a serious threat, worries and challenge to cryptocurrency worldwide, thereby limiting the spread and mainstream adoption. The crypto community is in search for a lasting solution and i am very glad to introduce ECOMI.

WHAT IS ECOMI?
ECOMI aims to tackle the challenges faced by cryptocurrency users by providing them with a secure product the ECOMI One, which will allow users to spend and store a large amount of cryptocurrencies anywhere in the globe, with a very little limitation.

ECOMI One is the solution to the challenges faced by cryptocurrency users, as it entails a secured cold storage, data protection system, user friendly interface and interaction, as well as the ability for users to spend their coins efficiently.

HOW DOES ECOMI WORK?
It works by using the ECOMI ecosystem, which will serve as a host to all decentralised application. Using blockchain technology to help secure cryptocurrency by providing an offline cold storage to all your crypto private keys to prevent hacks and loss of funds. With Ecomi the crypto community will benefit maximum protection and excitemient as regards what cryptocurrency is about in the new world down to the mainstream.

Furthermore, it works with the aid of some security features whose major objective is to secure private keys. The security features includes;

• Security Element: this helps secure your keys using different parameters, ranging from smart MX down to SE that is used to calculate the signature with the ECC private keys stored inside.

• Host Registration: With host registration the host device (android or apple smartphones) sends a request to a secure wallet and the Secure Wallet in turn generates the same device key following the same protocol and after confirmation by both devices, the device will then be registered as a host of the Secure Wallet.

• Security Channel: This is the channel use to secure the communication between the host and the Secure wallet by encyrpting it with a key.

• Hierarchical Deterministic Wallet: Used in creating a number style mnemonic sentence, that will be used by the user to generate and calculate the master node inside a secure wallet, with the intention of making sure the user captures the mnemonic sentence correctly.

ECOMI PRODUCTS

Find below list of product that will be offered by ECOMI (some are completed and others are currently under development);

1. A secure Wallet (completed)
2. ECOMI One
3. ECOMI App
4. ECOMI Vault
5. ECOMI Collect

ECOMI TOKEN DETAILS (OMI)
OMI Token will serve as the only token that will be use in the ECOMI ecosystem, it is a utility that will be used for application and content access in the ECOMI ecosystem. The OMI will also be used to fund ECOMI products (e.g ECOMI collect and ECOMI vault) through cold storage staking and for every other paymemts required by the products.

ROADMAP

MEET THE ECOMI TEAM AND ADVISORS

The ECOMI team comprises of qualified professionals from various fields, coming together and joining hands to achieve the goals of ECOMI.

For further enquiries and information, kindly contact ECOMI through their official;
Website: https://www.ecomi.com
Telegram: https://t.me/ecomi

Authors Details
Name: Michael Elijah
Bounty0x username: elmichaels