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Digital asset security platform, and a prime name in the Bitcoin security, BitGo, has launched unique automated open source Key Recovery Service (KRS) software for provisioning the cold backup keys.
The solution is also cost-effective and the company is hoping that this factor would enable the industry to use it and ensure better security.
BitGo has been working on this with the goal to provide a secure digital asset vault while making sure that the wallet users have full control of their digital assets.
This approach, of providing full access of digital assets to their owners, makes sense as the Bitcoin experts have been debating the issue for long with many wondering if it could turn out to be Bitcoin’s Achilles heel.
The co-founder and CEO of BitGo, Mike Belshe, understood this need and had previously said that the company’s core principle is to never hold enough private keys to sign a transaction, further saying that, “if we disappear, you still have your money.”
Jeffrey Paul, Co-founder, Keytern.al, expressed contentment over the development and said that their experience of working with world’s leading Bitcoin exchanges showed that multi-sig is the single best way to avoid many risks associated with using virtual currency Bitcoin.
Paul further stated that an expert, safe, and convenient key handling is the key to the success of multi-sig deployments.
Ben Chan, Platform Lead, BitGo underlined that BitGo believes that a user has to be in control of the funds but, at the same time, the company also felt that many users wouldn’t want the burden of securing keys or remembering difficult pass phrases at the risk of losing their balance.
Further, Chan said that the company didn’t want to create more than 1 key for its users, and, therefore, the company decided to open source the software so others could run it and provide keys for creating wallets as per demand.
BitGo earlier surfaced in the news after it partnered with Bitcoin exchange Bitfinex following a hot wallet compromise in which 1500 Bitcoins were found stolen.
