BitGo Inc., a multi-signature security company, announced the release of its newest product, BitGo Instant, which removes transaction delays completely.
Along with its announcement of BitGo Instant, the company has also announced its launch partners for instant transactions.
“At the beginning of this week, we had six partners. At the end, we had 10. It’s not all exchanges,” Ben Davenport, CTO of BitGo, told Bitcoin Magazine . “We have a few consumer-facing apps like Fold App. All of these guys are signed up to receive BitGo transactions. Anyone with a BitGo wallet will be able to send to these businesses instantly and be credited on their exchange trading account.”
The company announced that it had signed up Bitfinex, Bitstamp, CoinHacko, Fold, Korbit, Kraken, SFOX, ShapeShift, Genesis Trading, and Unocoin.
When a bitcoin transaction is sent, it is not considered safe until it has been included in a block of transactions (“confirmed”) by a miner and been published to the network. The more confirmations that a transaction has, the harder it is to alter that transaction.
The problem is that a confirmation takes approximately 10 minutes, which is the average time it takes for a miner to find a block. For high-value transactions, many Bitcoin companies require 6 confirmations of a transactions, which should take about an hour.
BitGo Instant works on the same multi-signature technology that BitGo uses for security. Each BitGo Instant wallet has three keys. One is held by the user, one is held by BitGo, and the final is held by a third-party key recovery service (KRS). Any time that a transaction takes place, it necessitates two signatures: the user and BitGo. To commit a double spend, a user would have to collude with the KRS.
“What this allows us to do is, since we have a relationship with the KRS, they will […]
