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Copay is an open-source multi-signature wallet with some highly interesting features created on BitPay’s Bitcore, an open source bitcoin stack. For starters, BitPay is using Copay as one of its platforms for a decentralized key generator it has developed. This way, Gallippi says if a company were ever compromised, the keys would not be as they wouldn’t come from that centralized place. Decentralized key generators add a whole new level of security the Bitcoin community needs to ensure investor confidence.
According to Gallippi, he researched the top 100 richest accounts in Bitcoin and found that none of them, not a single one, was secured with multi-signature technology. They were all secured with single-signatures. He even went as far as the top 200 richest and still came up dry. The lack of security was something he felt needed to change. So he posed a challenge.
“I’d like to see 10% of bitcoin in existence stored in multi-signature wallets.”
If security is something the Bitcoin community craves, this looks like an easy task to undertake. In an increasingly advancing technological landscape, wrong-doers are trying their best to steal all the Bitcoin they can and make off with a fortune.
One of the interesting parts of the release of Copay is that Gallippi doesn’t quite know its limits. In response to this, he issued another challenge to the Bitcoin community at the conference to show BitPay all of the creative, out-of-the-box uses for Copay and its functionality.
BitPay will be holding a contest to see just how innovative people can get. Gallippi urged the crowd to upload videos to BitPay’s contest page by August 31 on how they’re using the shared wallet. These wallets are ideal for families, husband and wife, or roommates trying to pay the bills. The contest is looking for the best example of use.
On BitPay’s blog, it states a few uses for Copay:
“With Copay, a small company can, for example, manage their bitcoin holdings by requiring 3 of 5 officers to sign transactions that spend funds. A household can use a 2 of 3 wallet to manage family funds (with one signer on a device tucked away in a secure, offline location in case someone accidentally loses their online wallet). A parent can use a 2 of 3 wallet with their child to moderate the child’s spending habits and ensure they don’t accidentally lose bitcoins to a virus. There are many more possibilities.”
Gallippi also reviewed the other innovations BitPay has in store for the Bitcoin realm named Bitcore and Insight.
“Bitcore is a complete, native interface to the Bitcoin network, and provides the core functionality needed to develop apps for bitcoin,” Bitcore states on its beta page. Using Bitcore, Bitpay was able to create Insight, their new Blockchain explorer that can integrate into any app developers want to create through Bitcore.
Last modified: July 22, 2014 16:28 UTC