Introducing a P2P Bitcoin Protection Platform
Hi everyone,
We are proud to announce a beta release for SuredBits. SuredBits is solving the issue of users losing access to their private keys. Policyholders create a policy by providing the bitcoin address they want to protect, and a signed message proving that they own the address. After signing a message, the policyholder pays a premium to have their bitcoins protected. Once SuredBits has verified that the policyholder owns the address, we place the policy on a marketplace to have it underwritten.
An underwriter chooses which policies they want to underwrite. Once they've selected a policy and underwrite the specific amount of bitcoin, they are paid the premium from the policyholder after one block confirmation.
The underwriter's bitcoins are held in a multisig address with the three keys distributed to the underwriter, the policyholder, and SuredBits. The private keys are generated client-side so SuredBits never sees the underwriter or policyholder's private key. This means that each entity engaged in the contract have equal say about where the funds are disbursed to.
In the case where a loss does not occur, the underwritten bitcoins are given back to the underwriter. If a loss does occur and it is validated with proof, the underwritten funds are given to the policyholder
We are currently in our Beta right now, so try out our marketplace and underwrite a little bit of bitcoin to myself (username: Chris) or my co-founder (username: Tom) to get a feel for how the platform works.
You can also create a policy for up to 10 BTC if you are a United States resident.
Once our policies end, you will be sent an email to redeem your underwritten bitcoin!
Feel free to follow us on Twitter or Facebook
Please post questions if you have them!
-SuredBits Team