Rivetz Intl, a newly formed subsidiary of Rivetz Corp, will this upcoming week begin its ICO for the previously announced RvT cybersecurity token, created to combine trusted computing with blockchain technology that can offer comprehensive privacy protection. Rivetz believes the RvT token will enable multi-factor authentication across devices, to achieve provable security at the transaction and authentication level.
Furthermore, Rivetz believes the solution will enable peer-to-peer transactions to have provable cyber controls that become a permanent part of the blockchain record, providing cryptographic proof that the measured protections were in place before a transaction can execute. The Rivetz solution is built on technology that has already been delivered on over a billion devices containing ARM-compatible processors.
RvT token technology takes advantage of the established capabilities of the Trusted Execution Environment (TEE) to provide a vault on the device to securely enable machine execution of instructions that are subject to the owner-led policy. The Rivetz trusted app checks the status of a device before undertaking a task, such as connecting to the cloud. If the current condition of the TEE and the registered reference conditions match, the task can proceed. If not, the task will not be permitted.
Steven Sprague, Founder of Rivetz said:
“Since my introduction to blockchain in 2013, it’s been clear that blockchain technology and trusted computing have the potential to provide the global infrastructure to enable billions of trusted computing devices already in circulation with built-in decentralized cyber security.”
“We’ve invested and built the foundations to realize that vision. Rivetz believes that the launch of the RvT token and RvT powered services will provide a decentralized operational and economic model to boost the adoption of built-in security controls.”
The launch of the RvT token builds on existing trusted computing technology already deployed by Rivetz Corp., which has been done over the last three years to prototype advanced transaction and security capabilities.
Blockchain, IoT, cloud computing and many other markets can benefit from provable controls. Today’s devices contain advanced security hardware, and Rivetz’s mission is to put that deployed security to work to provide a simpler, safer experience for users.
The launch of the RvT token sale is expected to take place on Tuesday, July 25th, 2017.
For the RvT Token:
- Tokens are expected to be exchanged for cyber-control services. Rivetz builds a couple and has partners building a couple; the API’s will be published for anyone to explore.
- Tokens will be used to register reference health measurements.
- Tokens will be used to verify the integrity of the device with the cybersecurity controller.
- Tokens will be consumed to provide a machine multisig.
- Developers can use the Rivetz trusted app as part of their application.
- Rivetz is building the core architectural components it believes will be required to deliver strong decentralized security.
- Rivetz provides base services for the ecosystem: from 2fa and u2f apps to encryption and wallets (for a small fee).
Steven Sprague in regards to the Parity Wallet hack for $32m worth of ether that occurred earlier in the week told CryptoNinjas:
“The Parity Technologies hack would not have been helped by more authentication technologies, simply because it was an error in the code that allowed the resetting of the wallet’s ownership. Once the bug was discovered, the exploit was very simple. The security was bypassed by an available command. There was no hacking, just knowing what command to format and steal over 30 million USD.”
“Parity Technologies is a great team and this hack shows that the work in this space must be handled with the utmost care. Errors are inevitable, but hopefully, everyone in this space’ learns to invest the necessary time and energy in understanding the details. We pay bounties for marketing, but we should contribute to the development of the core wallet technology as well.
“Security needs to continue to be a part of every transaction in order to build a sense of confidence in the network and its services. Every exchange and wallet needs to support two-factor authentications in hardware and preferably with a secure display for the transaction details.”
“The hack was based on sending money to the wrong address on a hacked web page. This is an area where Rivetz can help by supporting better models for factor authentication and administrative access on the backend and provide display and transaction security for the consumer. Rivetz technology enables the user to send the correct amount to the correct account.”
“Rivetz is proud to welcome Parity Technology as an advisor and we look forward to working with the Parity team to embed decentralized cyber security controls into the blockchain and smart contract technologies so security is built in and not added on. Delivering users a simpler and stronger experience, while building the confidence and quality the industry needs to drive growth.”