Category Archives: Rivetz News
Rivetz Corp., a company founded in 2013, is about to launch their crowdsale for Rivetz Token (July 25, 2017) – a decentralized, mobile security token that will be used to access the cyber security solutions and other capabilities provided by this first mover.
What is the Greatest Threat to Companies today?
The survival of companies is threatened by various factors today. To name a few: lone wolf attacks, losing competitive advantage, changes in the regulatory environment, high costs associated with unconstrained hiring, lack of innovation, bad management, natural disasters and market instability.
The list certainly doesn’t stop there, but what can be deemed the greatest threat to every single company out there today?
In my opinion, cyber crime – the use of computers or the internet to commit and/or facilitate criminal activities – is the biggest threat faced by every single company today. This is regardless of whether they like to admit it or not.
To get an idea of the magnitude of the problem we’re facing: The global economy lost in excess of $450 billion due to cyber crime in 2016 alone. According to Juniper Research, this figure is estimated to reach in excess of $2 trillion dollars by 2019. Others such as Cybersecurity Ventures places the figure much higher – in excess of $6 trillion by 2021!
If the above is not shocking enough, a survey that was done by specialist insurer, Hiscox, revealed that less than half of the businesses in Germany, the U.K. and U.S. are ready to deal with cyber crime.
Furthermore, many businesses who think they are prepared, are not really prepared. They spent millions of dollars on outdated solutions such as firewalls, passwords and virtual private networks – all cyber security solutions that are no longer effective in the prevention of cyber crime.
All of these solutions assume that “the edge of the network is the network perimeter. This makes it too easy for non-authenticated users to probe and hack systems” (Rivetz White Paper, June 29, 2017, p.4).
What can be done to effectively fight against this growing threat?
You’ve got to love the approach proposed by Rivetz when it comes to data protection and information assurance (IA). Break the dependence on legacy solutions when it comes to cyber security – such as a password as a last line of defense – by expanding “the edge of security to the screen of the device” (Rivetz White Paper, June 29, 2017, p.4).
Accomplish this by utilizing the Trusted Execution Environment (TEE) – a vault like hardware platform that is present in each device – to make changes that cannot be altered nor observed by the processor. Use this trusted execution environment, not only to secure and process sensitive data, but also to guarantee information assurance (IA), including transaction assurance.
Build a network in order to improve the data protection capabilities of the devices. The Global Attestation and Identity Network being built by Rivetz, which is fueled by the Rivetz Token (RvT), will constantly monitor, measure and record the state of the device in terms of its integrity and health.
Rivetz plans to fully integrate their model into the Bitcoin (BTC) and Ethereum (ETH) blockchains at the end of the day – a move that will decentralize the approach to cyber security and information assurance (IA). They have already prototyped the technological capability required to make it work, but some of the core capabilities still need to be rolled out. This will happen in step with the roll out of the mainstream blockchain roadmap.
Ultimately each Rivetz Token (RvT) will serve as a “key” to unlock the cyber security controls enabled by Rivetz.
Why should you participate in the Rivetz ICO?
The Rivetz ICO or crowdsale kicks off on July 25, 2017. They are hoping to sell a maximum of 70 million RvT tokens (maximum $50,000,000) during the crowdsale – 35% of the total supply of 200 million RvT tokens.
Here are reasons why you should participate:
Early Bird Bonus
Early birds will receive a 20% bonus. Why potentially pay more later when you can get in cheaper now, right?
Massive Market and Growth Potential
Given that for the most part, no provable security exists in terms of the end-point devices being used in the Internet of Things (IoT), Rivetz aims to change the status quo.
If Rivetz succeeds, IoT devices will leave the premises of manufacturers with security in the box so to speak. This means that the market targeted by Rivetz will include all Internet of Things devices, including mobile devices. This is a massive market!
The number of IoT devices is expected to hit the 20 billion mark this year (20 Billion Connected Internet of Things Devices in 2017, IHS Markit Says). This while it is estimated to reach 200 billion devices by 2020 (Intel Infographic) – an expected increase of 900% in about 3 years!
Can you imagine the perks of getting in at the ground floor in terms of this potential revenue growth?
Regulatory Compliance Data Protection Laws
The cyber security and information assurance solutions built by Rivetz should make it easier and more cost-effective than ever for businesses to comply with data protection laws, including compliance with the General Data Protection Regulation (GDPR) (Regulation (EU) 2016/679) and California S.B. 1386.
GDPR compliance will be compulsory from May 25, 2018 and forward. Love it or hate it – all signs are there that data protection laws are here to stay.
Get in during the Rivetz ICO – and chances are that your business might benefit from more than just discounted RvT tokens. If you ask nicely, they might throw in some promotional RvT tokens.
First Mover – Cyber Security Solutions – Blockchain Technology
Rivetz is a “first mover” in terms of cyber security solutions built by utilizing blockchain technologies. This provides them with a competitive advantage to at least some extent, especially considering that they have filed at least one patent to protect their intellectual property.
Experience and Leadership – Blockchain Technologies and Trusted Computing
Rivetz Corp. is a relatively young company (founded in 2013), but the Rivetz team is an established team made up of members who have decades of experience when it comes to blockchain technologies and trusted computing. The team includes among others, Steven and Michael Sprague (featured below).
Non-blockchain capabilities currently offered by Rivetz include “multifactor authentication, embedded authentication, file encryption and secure messaging” (Rivetz White Paper, June 29, 2017, p.5). In addition, Rivetz currently has operational technology in place that is compatible with 500 million+ mobile phones.
Contracted Revenue, Other Revenue Streams and New Markets
The Rivetz team has managed to secure in excess of a million dollars in contracted revenue from the U.S. government. This is a drop in the bucket, but provides a “safety net” and the potential for more down the road.
Other revenue streams will include revenue generated from metered access to token-enabled services and other capabilities (see below) – something that should help to open new markets to serve the future $40bn Internet of Things market.
The Rivetz team is in the process of developing various token-enabled services. They are for one working on a means to provide support for secure micro-payment for these services and capabilities. All of these services will only be accessible via RvT tokens – the proverbial “keys” to start the “engine.”
General Purpose Use Cases
The Rivetz solution will provide general purpose use cases across the spectrum, including but not limited to: assured transaction instructions for e-commerce solutions, multisig wallets, assured instructions for cryptocurrency wallets (online and offline), multi-factor authentication with provable cybersecurity controls and token projection of client private keys and process. Details on this can be seen on pages 16-17 and 25-26 of the Rivetz White Paper.
Rivetz’s strategic relationship with Trustonic, leaders in mobility and security, give access to more than a billion devices that are already in the field so to speak. Furthermore, the Rivetz team is hard at work to establish new strategic relationships. They have initiated discussions with Qualcomm – world leader in 3G and next-generation mobile technologies, Intel and others.
If successful, Rivetz will not only enjoy greater support for their commercial TEE solutions, but get access to even more devices.
Don’t be too surprised when Rivetz becomes the undisputed leader in trusted computing. The Rivetz ICO offers a golden opportunity to get in at the ground floor and share in their potential failures and successes.