The Decentralised Security Overhaul
Estimated time to read: 4 minutes
REMME is a Ukranian venture which is attempting to solve the global cyber security problem — a problem which costs conglomerates billions of dollars annually. The reality is that while cyber attacks can nowadays come in a variety of forms, the average attack still occurs due to password insecurity. REMME has therefore created the perfect passwordless mix of instruments to protect companies from unnecessary cyber attacks, removing the need for passwords.
While REMME impressively raised $17,500,000 in their February crowdsale, current market conditions have seen the token price stagnate since release. Yet with a strong technological underpinning and slew of new partnership and product announcements in the works, REMME is beginning to looking like an investment worth consideration for any portfolio.
The REMME engineering team explored a number of potential ways to deliver their decentralised Private Key Infrastructure (PKI) with test builds on platforms such as Emercoin blockchain & Bitcoin blockchain UTXO but found that data throughput was lacking. As such, they took matters into their own hands. REMME’s decentralised PKI was designed from the ground up as a custom blockchain solution based on Hyperledger Sawtooth as well as a “...consensus algorithm heavily inspired by Ethereum Clique and Dash masternodes network”. The choice of building infrastructure in this line is expected to reap long-term benefits for the Remme platform.
The main reasons REMME opted to build their own custom blockchain was to solve the low throughput found in other blockchain solutions. The custom REMME blockchain has been optimised to solve high throughput to maintain quick certificate management. In addition, organisations looking to use REMME may require the creation their own integrated private blockchain — something which will require a degree of flexibility during implementation.
The REMME whitepaper succinctly outlines their platform advantages:
- There is no centralized database of certificates and keys that could be compromised.
- There are no technology lockin and API limitations. Easy integration with existing systems.
- There are no additional fees for different certificates/credentials in different CA.
- There are no possibilities for collusion between software/hardware vendors and limited count of CAs.
- Fast and protected public key distribution process.
- Fast and protected certificate revocation process.
- Single point of trust for different systems: easy single-sign-on implementation, decentralized worldwide available authorization.
- There are no legal limitations and government cooperation issues.
Our rating: ★★★★☆
Less than 10 days after completing a successful token sale, #REMME is to release the Alpha 0.1.0 version of its Core protocol. Read the announcement https://t.co/6327z43izK $REM #blockchain #PKI #Protocol #CyberSecurity— REMME (@remme_io) February 24, 2018
The REMME founding team has an impressive mix of expertise.
Roman Kravchenko, Co-Founder and CTO of REMME, has an extensive background working in the blockchain industry, particularly in Economic Cybernetics. For the first half of his career, Kravchenko worked with Donetsk National University researching in the field of Applied Mathematics & Finance. He then went on to become CTO at Agri Eye and 482.Solutions, a blockchain research and development house that specialises in Smart Contracts and Security Engineering. With Kravchenko’s expertise in security and economic cybernetics, we can expect REMME to be both operated skillfully from both a commercial and technological front.
Co-founder & CEO, Alex Momot, should be a further galvanising force in the REMME project, with notable previous experience building hotmine.io and omega-client.com.ua. However, as this is a highly technical project, it wouldn’t be unusual for Kravchenko to lead from the front in terms of product and infrastructure development.
The Remme team still has room to grow, and as their capital and adoption expand over the coming months and years, they should have every opportunity to accrue the talent they need.
Our rating: ★★★☆☆
NEW PARTNERSHIP: #REMME's passwordless authentication #technology will be integrated into the FLUX platform, helping to protect user data from cyber threats https://t.co/J55lxT7oDh#blockchain $REM #crypto— REMME (@remme_io) January 19, 2018
REMME was built from the ground up to serve as the first decentralised PKI and as such has hundreds (if not thousands) of different potential use cases.
Most companies would not have the resources or talent to deliver an internally driven PKI system and thus turn to trustworthy third party applications to integrate with. REMME refer specifically to four different use cases where they think their PKI has an extraordinary value-add.
- Critical Infrastructure: This refers to companies and providers of critical infrastructure equipment who are heavily reliant on building secure and trustworthy systems. As previously mentioned, it is not in the interest of an company to build an internal PKI system, particularly given the complexity of the task.
- Internet of Things: As IoT becomes more prominent, the number of security breaches continues to increase by the year. REMME believes their decentralised PKI could be “applied to car networks to provide a protected channel for internet connection and securing onboard systems from hacker attacks”. This is just one of many IoT password protection use-cases that REMME could be used for.
- MedTech: Access and distribution of Medical Data is notoriously regulated and is thus subject to security standards. REMME’s private PKI is the perfect solution for vendors to protect distributed medical records in a simple and cost-effective manner.
- Crypto Exchanges: Crypto Exchanges such as Coinbase, Binance and Bittrex have been under great scrutiny to provide better protection to their users due to recent phishing attempts and hacks. REMME is currently working with several exchanges to provide an option to protect user logins with a one click 2-FA that is encrypted cryptographically.
Our rating: ★★★★☆
REMME has been hit particularly hard in this market wide slaughtering - however, this shouldn't be taken as a negative indicator of their technology or brand. REMME have positioned them to perfectly tackle one of the core components of the $2 trillion dollar cybercrime market: password management.
Their world first decentralised PKI will certainly spark interest in large conglomerates who lose billions of dollars every year on cyber crime caused by password mismanagement. If REMME can capitalise on this opportunity, it's not unrealistic to envision them overtaking incumbents such as OneLogin who pull in about $15 million per annum.