Project description
A secure end-to-end solution for the self-sovereign management of digital assets and cryptocurrencies
The digital back end infrastructure of banks, corporations and society as a whole is increasingly moving to blockchain based technologies. This evolution comes however, with its own specific adoption hurdles such as security and user experience. For example, in 2019 alone, over EUR 4 billion was reportedly lost or stolen due to malicious hacks, or scams, of existing solutions. NGRAVE's product suite aims to remove these security problems as well as improve on user experience and convenience. Therefore, NGRAVE has developed the world’s first comprehensive end-to-end solution to manage and protect digital assets and cryptocurrency investments, at an unparalleled level of security and ease of use. NGRAVE's ambition is to be a thought leader and top industry player in all security layers of blockchain and other technologies, targeting B2C, B2B (including B2B2C), and B2G.
Objective
Blockchain technology is increasingly gaining traction. The total market cap of all cryptocurrencies combined stands at
€177B and is considered to be still very early stage, with catalysts such as institutional or mass adoption having yet to
occur. Also, venture capital is increasingly entering the market, with a 280% investment growth in 2018 compared to 2017 .
The industry is facing one enormous hurdle for mass adoption: insufficient security. Every single day, over €6M are
maliciously stolen from crypto wallets. In 2018 alone, theft accounts for a staggering €2.2M . Holding cryptocurrency
positions today is far from safe and crypto investments are continuously at risk. Existing safeguarding alternatives have been
proven to lack in security, revealing multiple weaknesses in their approach. The most crucial weakness is the online
connection that they require. Establishing such a connection exposes the crypto wallet to a large attack surface, luring
malicious hackers. This is where NGRAVE comes in. NGRAVE is the world’s first end-to-end and most secure solution to
manage and protect cryptocurrency investments. It consists of i) a “hardware wallet” (to the right), ii) a quasi-indestructible
“cold storage” solution, and iii) a mobile application (catering for fetching data from and for doing the last-mile communication
with the blockchain; there is no risk as the sensitive data never leaves the hardware device). NGRAVE offers a game
changing disruptive crypto safeguarding solution that can function fully offline, meaning that it never exposes the secret
cryptographic key(s) that the hackers are after. This offline aspect translates into a statistically non-existing attack surface as
there is no online exposure of the key, ever. European leaders have come to a consensus that the innovative technology
underlying crypto-assets has the potential to vastly improve the efficiency and inclusiveness of the financial system and the
economy, more broadly.
Fields of science
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques.
Programme(s)
Funding Scheme
SME-1 - SME instrument phase 1Coordinator
2000 ANTWERPEN
Belgium
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.