Jan 17, 2020
Understanding NOVA
Understanding NOVA, safe encryption storage service for your digital asset Private Keys
TrustVerse holds a firm product line for the development of an ecosystem of digital asset management. Among many, such as JUPITER (Digital Asset Analytics), MARS (P2P Pay Wallet), and PLUTO (Inheritance Service), NOVA provides safe encryption storage service for digital asset owners. When lost, users can instantly retrieve their private keys from the NOVA application.
Encryption Storage Service, is it necessary?
Humans are prone to their own errors. We lose all sorts of things from the physical, like wallets and smartphones, to the mental, like memories. How about a long and complicated bunch of weird letters and numbers combined? Keep a physical copy: lose them or get stolen. Memorize them: sure, 5Kb8kLf9zgWQnogidDA76MzPL6TsZZY36hWXMssSzNydYXYB9KF. Clearly, danger threatens us from all corners.
Everyone knows or has at least heard of the famous story of James Howells, a man who accidentally threw away his hard drive containing keys to 7,500 BTCs in 2013. Now, it is worth a whopping 65 million USD (approximately). Now, he needs to unearth the landfills to find the hard drive buried underneath, but some governments prohibit even that.
Cointelegraph reported that a “[n]ew research by Chainanalysis, a digital forensics firm that studies the Bitcoin Blockchain, showed that 3.79 [million] Bitcoins are already lost.” This is estimated to make up “between 17 to 23 percent” of the entire Bitcoins that exist today, and this number is only increasing.[1]
Nobody is exempt from such incaution, and we need a solution.
How does it all work?
Upon registering on the NOVA app, your submitted private keys are sent for highly sophisticated encryption process. This one-way encryption sets a layer of barrier for hackers and others with malicious intents on your private keys. The encrypted hash is split up into N chunks which are then individually stored in separate storage systems, setting up a second layer of barrier for access.
To retrieve, complete a few steps of identification process, and you will be able to find your keys. This simple yet brilliant concept will ensure a safe and secure storage of your digital assets
Once launched, NOVA will exist as an independent platform for users of various wallet apps to easily register and use. NOVA will also be mounted on our digital asset wallet, MARS, automatically syncing your private keys to NOVA’s safe storage service. You will never have to worry about losing your cherished digital assets again.
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[1] https://cointelegraph.com/news/up-to-four-million-bitcoins-gone-forever
