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Gridlock is a platform that allows users to split encryption keys into pieces and store them on trusted devices worldwide.
Over the past decade, blockchain technology and blockchain-related services have seen enormous growth. However, almost all energy has gone to creating improved types of blockchains or new services and has yet to improve one of the primary pain points of blockchain, asset management.
All blockchain services are powered by cryptocurrency or other crypto assets, either as a store of value or an integral part of the technology. This reliance on cryptocurrency emphasizes a single point of failure, the encryption key that proves asset ownership. Any loss or theft of the encryption key can lead to devastating consequences.
In March 2020, Gridlock was founded and released a public whitepaper that explains the problem and details a solution for cryptocurrency asset management. The company's core values mirror the ethos of blockchain by improving security and usability while eliminating the need for a central authority and promoting transparency.
In November 2020, Gridlock released a working prototype proving the concept and potential of the technology.
In June 2021, Gridlock held a closed beta of the platform using mobile devices as the primary user interface and storage medium.
Gridlock offers Android and IOS applications that facilitate the splitting and distribution of encryption keys. The primary technology used is Threshold Signature cryptography which ensures key recovery with a limited subset of pieces. These pieces, called key shares, have built-in redundancy such that any loss or theft of some key shares does not compromise the encryption key. Thus, this system protects from both loss due to user and hardware error and theft due to compromised devices.
Consumers use the mobile app to designate a set of trusted guardians that will participate in distributed key generation to create an encryption key that is never stored in one place. Each guardian will store their individual key share and participate in future distributed computations whenever the key is needed for a blockchain transaction.
- April 2020: Conceptual white paper released for public review
- November 2020: Prototype completed, which proves the concept and feasibility of the platform
- June 2021: Complete a closed beta to test the platform
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