ForexMinute.com – After several years of improving technology and infrastructure, Bitcoin ecosystem is finally meeting with multiple methods of security and protection, one being the multisignature wallet technologies. Its successful implementation in safeguarding one’s wallet from malicious behaviors have been well notified by the industry’s biggest companies. No wonder why a successful Bitcoin wallet company like Coinkite planned on utilizing multisig technology, but with a little twist.
According to a recent press release issued by the company, they have been able to add an innovative feature to the existing multisig technology. This new feature requires up to fifteen people to sign off on bitcoin transactions attached to one specific address. Up until now, the multisig feature used to offer transactions signed by 2-of-3 or 3-of-5 users. From where we see it, this new add on is hopeful to bring Coinkite in the league of other leading Bitcoin wallet providers like Coinbase and Circle.
“With this new feature,” says the company’s CEO Rodolfo Novak, “we wanted to be able to offer something to the crypto-currency advocates that are nervous whenever a service holds their precious private keys. Now you can decide if any or all of the private keys for a shared account will be kept secret from Coinkite. We are using BIP32 extended public keys, and every payment address for the account will be unique.”
He further spoke about ‘Co-Signing Pages’ that will come along with their multisignature wallet services. This feature will the parties together to sign and approve the proposed transaction. Without receiving the signatures of each person involved in the deal, the funds won’t be released. A little tiring it may sound, but yet its far safer than other dealing methods. Co-Signing Pages describes a digital room in which all parties come face to face to review and authorize the deal.
In the wake of recent security lapses noted in Bitcoin sector, Coinkite new services surely comes as a big change that might even make Bitcoin critics to reconsider their views on the cryptocurrency technology.
To contact the reporter of the story: Yashu Gola at yashu@forexminute.com