Introduction to GK8
Meet GK8, an Israeli startup turning heads in the cybersecurity realm with its pioneering offline system for cryptocurrency transactions. Founded in 2018 by two former members of an elite Israeli special defense unit, GK8 is bringing a unique flair to the digital asset landscape. Think James Bond, but with blockchain—minus the martinis and with a bit more coding.
How GK8’s Technology Works
GK8 leverages proprietary cryptographic techniques to facilitate instant blockchain transactions of digital assets—without an internet connection. Through what they call a “unidirectional connection,” the system securely records transactions while remaining immune to the perils of online hacking.
What is a Unidirectional Connection?
In layman’s terms, this means data can flow one way only—like awkward conversations with that relative who always goes off-script. It ensures that sensitive information remains safe from prying eyes and malicious attacks.
Cold Wallet & Hot Wallet Magic
One of GK8’s crowning achievements is its innovative cold wallet with hot wallet functionalities. This means users can securely store their cryptocurrencies offline while enjoying the conveniences typically reserved for online transactions. To put it simply: the cold wallet is the fortress, while the hot wallet is the drawbridge that you can close whenever those pesky hackers come knocking.
Investment Boom
The company has made quite a splash in the funding pool, recently raising $4 million. The funding round was spearheaded by Discount Capital—an arm of one of Israel’s biggest banks, Discount Bank—along with contributions from noteworthy investors like Marius Nacht, co-founder of cybersecurity titan Checkpoint, and various others.
Real World Applications
GK8 is not merely a concept; it’s already functionality-tested. Digital asset trading platform eToro is one of the first users, demonstrating GK8’s steadfast potential in an industry rife with vulnerabilities.
A Growing Concern
As cryptocurrency gains traction, so does crime in the sector. CipherTrace reported a staggering $1.2 billion in cryptocurrency thefts in just the first quarter of 2019. But with companies like GK8 stepping up, the industry may slowly shift towards greater security and peace of mind for investors.
