June 3, 2019

SILO by METACO: Full hardware security

A holistic approach to security, from storage to processes and governance.
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In the context of digital asset management, a secure implementation requires a minimum set of components:

  • The absolute confidentiality of the key material
  • Integrity guarantees of the transaction authorization processes
  • Flexibility and adaptivity of the governance protocols
  • Simple and transparent processes limiting human-related threat vectors
  • Worst-case loss limitation policies to prevent catastrophic events
  • Strict disaster recovery procedures
  • Capability to insure the assets under management

SILO has been engineered to provide a unified solution to these above challenges. It relies on certified tamper-proof hardware (FIPS 140-2 level 3) which—in addition to traditional HSM that only protect the key material—uniquely enforces the execution of all critical workflows in its purpose-built, hardware secure enclave.

Through the tight interaction of software and hardware security, SILO offers the following functionalities, all enforced at the hardware level.

Key management

  • Generation and backup of key material
    • High-entropy cryptographic secure random number generator
    • Offline backup of the key material (split into multiple shares) for disaster recovery
  • HD key derivation for wallets and addresses
    • Based on BIP0032, BIP0044 and SLIP0010
    • Hardened and non-hardened derivation
  • Wide set of cryptographic algorithms
    • secp256k1, secp256r1, ed25519 and many other algorithms
    • Post-quantum cryptography and extensible to new cryptographic algorithms

Governance and loss limitation

  • Signature approval: single or multi-signature with advanced schemes
  • Loss limitation policies
    • Velocity limits: maximum transaction outflow per unit of time.
    • Time-locking: minimum waiting period before transaction validation and broadcast
    • White-listing: trusted destination addresses (within/outside wallet ecosystem)
  • Role-based access and rights
  • Enforcement of strict validation rules for the authorization of order requests

 

Fully insurable platform

SILO is the first insurable digital asset storage solution. A panel of London insurers arranged by Aon will offer underwriting terms to clients using SILO to protect their assets under management in hot, warm, and cold storage.

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