CRYPTO INSIGHTS

SILO by METACO: Unified hot-to-cold storage

From wallet, to order and ledger management services, SILO offers all the functionalities required by a digital asset custodian.
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May 31, 2019

From wallet, to order and ledger management services, SILO offers all the functionalities required by a digital asset custodian.

SILO is a full-featured, hot-to-warm-to-cold digital asset management solution. Its combination of software and hardware provides a unified environment for banks in need for a comprehensive self-custody infrastructure that is highly secure, flexible, scalable and resilient.

Through the interaction of software services and hardware security, SILO offers the following functionalities:

Wallet management services

  • More than 100 coins supported: Bitcoin, Bitcoin alts, Ethereum, Ethereum Classic, ERC-20 tokens, Ripple, and many others.
  • Hot, warm and cold wallet configurations:
    • Hot wallet: connected and API-operated, hot wallets are used when liquidity of the assets is critical, or automation is required. Examples: instant payment from an e-banking portal, or withdrawal request on a crypto-exchange.
    • Warm wallet: manually-operated with strict enforcement of the four-eye principle, warm wallets remain flexible and are ideal for medium term custody. Examples: segregated crypto accounts for the HNW clients of a private bank.
    • Cold wallet: manually-operated with air-gapped keys and strict governance policies, cold wallets bring maximum security for long term custody. Examples: critical reserves maintaining a large fraction of the overall assets under management of the bank.
  • Flexible authorization protocols and loss limitation policies: automated, semi-automated and manually-operated wallets with multi-signature approvals, hardware-enforced loss limitations policies including velocity limits, time-locking and white-listing of trusted addresses.
  • Flexible custody models: segregated and omnibus accounts, shared ownership of wallets between custodian and client, escrow wallets with multi-party control
  • Support for billions of wallets and addresses

Order management

  • Creation and management (approval/cancellation) of orders with flexible governance models and multi-signature schemes
  • Real-time tracking of balances, incoming and outgoing transactions, transactions status
  • Event stream for state operations in the system, transactions status updates, processing errors
  • Full support for Ethereum smart contracts, including ERC-20 tokens, ERC-677, ERC-1400 or any arbitrary contract

Ledger services:

  • Custom indexers supporting advanced transaction management policies: UTXO locking, transaction batching, fee minimization strategies and other advanced coin selection rules, no-address-reuse best practices and other confidentiality maximizing strategies, deterministic key derivation schemes (incl. BIP32, BIP44, SLIP10), and many other services especially designed for banking applications.
  • White-listing and black-listing of incoming coins based on external assessment (e.g., chain analysis, KYC information) to allow for the application of KYC/AML rules before funds can be consumed.

 

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