Konstantin has always been at the forefront of the global virtual currency scene since first discovering cryptocurrencies the same year that Satoshi Nakomoto created bitcoin in 2009. Konstantin is the owner of a number of small businesses in trucking and mobile development, and co-founded CoinSpeaker in 2014. He graduated from Belarusian State University in 2009 with a degree in Mathematics and Mechanics. You can contact Konstantin via [email protected]
BitPay introduces a new open-source, multi-signature wallet service, Copay, that seeks to find a solution for the security problem of the bitcoin users.
BitPay, a Bitcoin payments processor based in USA, has launched the beta version of an open-source, multi-signature wallet service under the name Copay.
The main idea of Copay is to find a solution for a central security issue.The use of a private key is the reason of the current problem, as the bitcoins can be stolen if someone gets access to it.
This issue has resulted in a lot of attention to multisig technology, moreover a number notable companies developing and introducing multisig wallets in the past months.
Stephen Pair, BitPay chief executive and co-founder, mentioned in the conversation with Coindesk that in the future such multisig transactions are expected tobe used daily, commenting:
“Almost three years ago the ground work for multisig transactions was prepared with extensive design work by the core developers. The concerns back then, as now, was making bitcoin more secure against theft.”
Bitpay gradually developed a secure wallet for mainstream and enterprise usage. Mr. Pair said:
“We have always wanted to leverage this technology to not only increase the security of our bitcoin storage, but also to create a workflow for authorizing expenditures. We wanted to make sure any expenditures were signed by authorized people within the company.”
To use the wallet, the users need to create their own master key and then share the public portion with other copayers. The 12 copayers and four required signatures are allowed in Copay.
If the user wants decides to spend bitcoins from a shared wallet, the other users receive a notification informing them that they can confirm or reject the transaction.
As soon as the minimum number of copayers identifies the spending activity, the transaction is completed and the news will be spreaded in the bitcoin network.
In recent months the multisig technology have brought attention, moreover such companies as BitGo, Xapo and BitWasp have started implementing it to their service, that resulted in new product launches.
Furthermore, demand for multisig wallets is going up as block chain technology develops.
However, the need for such type of technology has long been questioned by prominent members of the bitcoin community.
Earlier this year during the audience at the Bitcoin2014 conference that was held in amsterdam, Bitcoin Foundation chief scientist Gavin Andresen said:
“I think wallets will be nicer, I think user interfaces will be polished, I think it will be, you know, much more secure. I think multisignature will go a long way for that.”