Counterparty, a free and open source platform offering powerful P2P financial tools, recently announced its successful implementation of multisignature addresses.
According to the information available on its blog, Counterparty has decided to release this feature upon reaching the block 333,500. Alongside the multisignature address feature, the company is also planning to offer free custom tokens. Earlier, it used to charge 0.5 XCP for the same.
What are Multisignature Addresses?
Multisignature addresses is an additional layer of security for ones’ cryptocurrency wallets. In normal cases, a user needs to “sign” a message in order to spend funds using only one private key. While with multisignature addresses, users require more than one private key, thus increasing the security level of the entire transaction. Other than Counterpart, many other payment protocol, sidechain and altcoin companies are looking towards implementing multisignature features.
Words from the Founders
“Multisignature addresses,” says Counterparty co-founder Adam Krellenstein, “have been a hot topic this year, and for good reason. Unlike standard Bitcoin addresses that have only one private key, Multisig addresses secure funds by requiring more than one signature to make a payment, which adds an additional layer of security and provides new ways of controlling your money. Counterparty has been working on this feature for the last couple of months, and we’re very excited to see it being implemented and used on our platform.”
Robert Dermody, another co-founder of Counterparty, adds:
“Until now, registration of asset names in Counterparty required a 0.5 XCP fee in order to prevent exploitation of the system. With this new release users now have the ability to choose between free numeric asset names (that work just like alphabetic ones and require only the Bitcoin miners’ fee) and regular asset names. This has been a long awaited feature, and we’re happy to finally provide this choice to our users.”