The need for secure cryptocurrency storage and optimal crypto custodial services has become more and more important as crypto, blockchain and NFTs become favored by institutional investors. With this, companies are jumping into the market, offering solutions to meet this need.
And although their offerings may seem similar, their features — even if they vary only slightly from the others’ — do affect their effectiveness significantly. To this end, only one provides all that is needed for securing enterprise users’ crypto assets — AIKON and its ORE Vault solution.
Storage and Custody “Solutions” Already on Their Way to Oblivion
The main selling point of some crypto custodians is the security of cold storage solutions. Cold storage means storing the crypto code on hardware devices rather than using hot storage, which is connected to the Internet.
Although cold storage provides strong security, it’s far from ideal. First of all, solutions that are a mix of hot and cold storage still give up any advantage of hardware because, at some point, private keys still need to be exposed.
What’s more, crypto cold storage solutions themselves are not invulnerable. Not only can cold storage options not be an advantage over hot ones, but they can also be disadvantageous when it comes to accessibility. Multiple sources point out that cold storage is more complicated and slower to make transactions with than hot storage, making cold storage an option that can stifle institutional investment while trying to protect it.
Another backward move among storage options has to do with crypto storage companies offering specialized custody wallets to institutional investors, such as Coinbase and Gemini, that are centralized finance (CeFi) exchanges.
CeFi means that a third party has custody of a user’s blockchain assets, giving the user less control over fundamental decisions about how their assets are transacted, accessed, and converted.
Decentralized finance (DeFi) exchanges such as AIKON, however, give institutional as well as individual users more control. Indeed, this level of control allowed by non-custodial wallet providers such as AIKON exemplifies one of the essential values of cryptocurrency since it was created.
Convenience, Control, Connection — The AIKON Advantage
Although DeFi exchanges aren’t as commonly used as CeFi ones, among individual cryptocurrency holders as well as institutional ones, DeFi solutions can give institutional investors the best of all worlds — wallets that have the heat of blazing-fast transaction capability while being able to leave hackers out in the cold.
One way that crypto custody providers can offer absolute security is through multi-signature, or multisig, wallets. These wallets require multiple parties to sign off on blockchain transactions, with different keys or different parts of a single key. Multisig wallets are important for enterprise investors holding many funds, as a single person can lose their key, fall victim to a phishing attack, or transfer funds out of a company account.
Although other crypto custody providers offer multisig wallets, AIKON’s ORE Vault provides many advantages over the rest. The ORE Vault is contained in one overarching system and concept, the ORE ID authentication/authorization interface and its ORE Protocol, an API that bundles access control, identity, and payment into a system that is as highly comprehensive and super convenient as it is secure. ORE Vault’s crypto storage wallet with state-of-the-art multisig security is just one level of security provided, too. The integrated ORE ID interface lets users create a user-created PIN that allows them to sign transactions without leaving the app.
Moreover, allowing users to do so is just one of several outstanding convenience features. For example, ORE ID allows users to access their decentralized applications (dApps) used for DeFi transactions through one-click signup and blockchain account creation. Also, ORE ID users can get on the blockchain without browser plugins or outside wallet apps. Moreover, user choice is assured as ORE ID can be used with many popular social logins, whether desktop or mobile, whatever operating system’s involved.
Not only does ORE Vault stand to be the best non-custodial crypto wallet, but also AIKON itself is poised to connect users benefiting from its DeFi functionality on multiple platforms. Several major blockchain companies have already integrated the ORE ID and ORE Vault into their platforms, including Ethereum, EOS, and Algorand. So why not join these innovator heavyweights and have the best of DeFi and the enterprise blockchain possibilities rolled into one?
About AIKON
Blockchain and crypto are technologically complex. AIKON makes it simple. We’ve built a suite of intuitive products built on the ORE Network ($ORE) for enterprise companies looking to provide a seamless user experience that works cross-chain with Algorand, Ethereum, EOS and more.