Topic: ★★DigiByte|极特币★★[DGB]✔ Core v6.16.5.1 - DigiShield, DigiSpeed, Segwit - page 1179. (Read 3058816 times)

Coinbase's New Multisig Vault Gives Users Control Over Keys

Jon Southurst (@southtopia) | Published on October 29, 2014 at 17:18 GMT   

Coinbase announced today it is adding multi-signature (multisig) features to its Vault product, giving users greater control of their own security.

The company's Vault feature initially launched in July and is aimed at users wishing to store larger amounts of bitcoin in a more secure manner over longer periods, with delayed withdrawals and multiple approvals.

Different than Coinbase's regular wallet, Multisig and regular Vault accounts are not intended for everyday spending, and lack certain convenience features like API access, two-click checkout, pre-authorized debit/subscription payments and off-block chain microtransactions.

Speaking to CoinDesk, Coinbase CEO Brian Armstrong sought to frame the new service as one that would appeal to the platform's more tech-savvy bitcoin users as well as new institutional clients that want a secure way to manage their bitcoin holdings.

Armstrong said:

    "The multisig vault will [...] help onboard large institutions such as hedge funds and high-net-worth individuals who don't want the counterparty risk of Coinbase storing their bitcoin."

Customer demand

In a blog post this morning, Coinbase said several Vault users had demanded control over their own private keys in the wake of security breaches leading to money loss at other exchanges.

"Users are rightfully cautious about anyone claiming to store their bitcoin," the post said, adding that Coinbase now stores more bitcoin than any other company in the world, as far as it knows.
Multisig private keys will be optional for users who feel safer with this option, while Coinbase will still maintain its own security systems for regular Vault users.

Coinbase will not be able to move funds from multisig storage by itself, protecting users from potential contingencies like hacking attacks or bankruptcy of the company. It also means that Multisig Vault users assume responsibility for storing their keys, which the company is now unable to decrypt and produce if a user forgets his or her passphrase.

In statements, Armstrong acknowledged the larger arguments surrounding how it handles customer funds.

"I think even if some customers choose to let Coinbase manage security for them, they will appreciate the fact that we provide this option since then it will be their choice," he said.

Notably, the company has also produced an open-source tool for users to be able to retrieve their coins should the site go offline.
Multiple keys

Multisig Vaults for individuals feature the 'two-of-three' key structure, where Coinbase and the customer retain one key each, and Coinbase will keep a third shared key that is encrypted by the user's passphrase.

Users can withdraw spend bitcoins using just their own private key and the shared key, without needing to go through Coinbase. For organizations or families, there is also the option to create 'three-of-five' Multisig Vaults with multiple key holders.

Armstrong stressed that he feels that Coinbase's adoption of multisig technology continues an industry-wide trend that has been ongoing this year.

"I feel multisig was a very important innovation for the bitcoin community and there have been some great product announcements now as a result of that in 2014," he said.

Multisig Vault, like Coinbase's regular Vault, is a free service and available to all users from today.

Help us test out DigiHash!

http://digihash.co/

We have had blocks & payouts on Scrypt & Sha256. Have had valid shares submitted on Skein & Qubit. We just need to test out groestl.

Any help is much appreciated!

I can understand it's frustrating because every minute you are spending on changing these things you also could develop Digibytes futures.
These futures will make everything go much smoother in the coming months/years.

Just for the record.
Digibyte hires new development team members. $$$
Digibyte want's to go Hongkong and settle a startup office. $$$$$
Constant progress last couple of months and coming months!   Multi-algo,new website, new pools,new exchange etc etc.

Jared is taking this serious, Full-time job. (look's more like double full-time to me. Good job jared! and team offcourse)
The Premine funds are all empty.
So where do you think the money is coming from to pay everything and everyone?
Nobody is gonna make a Android wallet, IOS wallet, and electrum wallet,pools & exchange for a few bucks/Digibytes.
And to have someone in Hongkong Fulltime to represent Digibyte.  Well fill in the numbers by yourself.

I think outside investment is already in Digibyte. And yes they are buying now. Digibyte is buying now.

I'm excited about the announcement for tomorrow!

Just for the record.
Digibyte hires new development team members. $$$
Digibyte want's to go Hongkong and settle a startup office. $$$$$
Constant progress last couple of months and coming months!   Multi-algo,new website, new pools,new exchange etc etc.

Jared is taking this serious, Full-time job. (look's more like double full-time to me. Good job jared! and team offcourse)
The Premine funds are all empty.
So where do you think the money is coming from to pay everything and everyone?
Nobody is gonna make a Android wallet, IOS wallet, and electrum wallet,pools & exchange for a few bucks/Digibytes.
And to have someone in Hongkong Fulltime to represent Digibyte.  Well fill in the numbers by yourself.

I think outside investment is already in Digibyte. And yes they are buying now. Digibyte is buying now.

Well i'm excited about the announcement for tomorrow!

This is exactly how we feel. We can't tell you how many times we have had to update the list of pools, exchanges, block and explorers. We want to make sure we have a solid reliable service in each and everyone one of these categories. Plus it helps us became intimately familiar with each part of the digital currency ecosystem and the tools used to make everyones lives easyer.

Good news, we are now getting valid shares on the groestl pool!

Are you mining with a gpu or cpu? Also, what difficulty are you mining at? also, which p2pool settings do you use? Thanks!

Qubit : only rejected shares. Works perfectly with my p2pool.

A good business needs the stand on his own feet, Youre not getting any worldwide acceptance when you need to rely on others.
Others that could run away,could shutdown everything with 1 mouse click.
We have seen pools/exchanges come and go,  some stayed some disappeared   with not telling anyone! People lost coins with this kind of actions.
What would have happened when we had a marketcap of let's say 10mill  and a x20 miner support as we have now? (And that's is nothing in comparison of what i'm thinking about for Digibytes future)


When youre fundamentals s#ck you cannot build anything on top of that!

So Digibyte is following the good steps to make it stable!
Good distribution
Digibytes own pools
Digibyte own exchange
Things will follow!

Please don't waste time on setting up pools, logo, easy mining! This should be in second place. Get the worldwide consumer acceptance going!
Thx for reading. Peace out.

Help us test out DigiHash!

http://digihash.co/

We have had blocks & payouts on Scrypt & Sha256. Have had valid shares submitted on Skein & Qubit. We just need to test out groestl.

Any help is much appreciated!

Hi, thx for Setting up. But till now NOMP does not support "groestl" algo.
Please use rigth name denotation when you talk to miners!!! This is important. It's groestlmyriad not groestl!!!!
NOMP:
Please don't waste time on setting up pools, logo, easy mining! This should be in second place. Get the worldwide consumer acceptance going!
Thx for reading. Peace out.

Help us test out DigiHash!

http://digihash.co/

We have had blocks & payouts on Scrypt & Sha256. Have had valid shares submitted on Skein & Qubit. We just need to test out groestl.

Any help is much appreciated!

Help us test out DigiHash!

http://digihash.co/

We have had blocks & payouts on Scrypt & Sha256. Have had valid shares submitted on Skein & Qubit. We just need to test out groestl.

Any help is much appreciated!

Not working currently:
• Groestl - for Myriadcoin
• Keccak - for eCoin & Copperlark
• Hefty1 (Heavycoin [HVC])

LedgerX Hopes to Establish First U.S.-Regulated Options Exchange for Bitcoin

A new startup out of New York called LedgerX LLC has recruited big financial-industry names to its board of directors and raised venture funding from Lightspeed Venture Partners, Google Ventures and others to add a dose of legitimacy to the bitcoin market.

LedgerX hopes to become the country’s first bitcoin options exchange with Uncle Sam’s blessing. It submitted applications to the U.S. Commodity Futures Trading Commission, or CFTC, which regulates U.S. futures and options exchanges, in late September to be approved as a derivatives exchange with bitcoin as the underlying asset to be traded, according to LedgerX co-founder and Chief Executive Paul Chou.

Supporters of the company, which was started this year by former Goldman Sachs high-frequency traders and Massachusetts Institute of Technology-educated computer scientists, believe that a U.S.-regulated, U.S.-based options exchange for bitcoin would settle down some of the volatility of bitcoin prices, give existing businesses that store and trade bitcoin an additional means to hedge their bets, and bring financial institutions who haven’t been comfortable with bitcoin so far into the game.

“It’s no different than with corn farmers,” said James Newsome, former chairman of the CFTC and former CEO of New York Mercantile Exchange, who is now on the board of directors at LedgerX. “They’ve got all this corn, the grain markets have been volatile. They could enter into hedging contracts knowing exactly what it’s worth, and not worrying about volatility.”

LedgerX retained Mr. Newsome and his Washington lobbying firm Delta Strategy Group to help persuade the CFTC. Mr. Newsome said that Delta took an equity stake in the company in exchange for reduced rates for the work he does on its behalf. In addition to Mr. Newsome, LedgerX brought on Thomas Lewis, who served as CEO of Ameritrade Holding Corp. for a short stint and who is former CEO of Green Exchange Holdings LLC, to the board.

A CFTC spokesman said that the agency doesn’t comment on pending applications.

“It’s something that I am anxious to see out there,” said Bryan Crohn, chief financial officer at BitPay Inc., speaking generally about the possibility of a regulated bitcoin derivatives exchange and not about LedgerX in particular.

BitPay and others process roughly $2 million to $4 million in bitcoin transactions globally in aggregate every day, Mr. Crohn said. The processor holds the bitcoin and makes money by selling it at a higher price than where it was bought.

“If the price is going down, I have nothing to minimize my downside risk,” Mr. Crohn said. All BitPay can do right now is hold bitcoin and wait for the price to increase, he said.

“Once we have those options, those derivatives available, we would be hiring immediately an experienced trader to do just that,” Mr. Crohn said.

A lot of work is ahead for LedgerX even before it launches, which is why the company has raised $4.5 million in seed and Series A financing. The Series A came this summer led by Lightspeed, according to Mr. Chou and Jeremy Liew, a partner at Lightspeed and a vocal supporter of bitcoin.

Before that, the company received seed funding from Google Ventures, as confirmed by a spokeswoman for that firm. SV Angel and Fenway Summer, a consumer finance advisory and investment firm, also participated in the seed round, Mr. Chou said.

Now that the company has the capital it is trying to persuade the regulators to approve its efforts.

“It is new ground, there is no question,” Mr. Newsome said.

Mr. Newsome said that he has had several meetings with the staff at the CFTC to discuss LedgerX’s applications. (It made two, one for a swap execution facility and the other for a derivatives clearing organization.)

In early October, the CFTC held a meeting to discuss whether the agency has jurisdiction over derivatives contracts that reference digital currencies.

There is some pressure on the CFTC and other regulators to start dealing with bitcoin, Mr. Newsome said. “Whether we like it or not, [bitcoin] is being used by legitimate companies as a form of currency. You can’t keep your head in the sand and act like it doesn’t exist.”

In addition, he said, regulators have a competitive streak to them, which might help LedgerX’s application. “It’s apparent that there’s going to be a regulated derivatives market that develops. Would you prefer that to happen in the U.S., or do you want that to migrate to London, Dubai or Hong Kong?”

Regulators, he said, “have a fear of being left out.”

But getting LedgerX approved isn’t simple. The company would have to prove to the agency that the underlying market, in this case bitcoin, isn’t easily manipulated, Mr. Newsome said. It would have to also show that it is capable of operating an exchange and that it can establish sufficient surveillance of market makers to note when suspicious activity takes place.

Mr. Liew, of Lightspeed, said he realizes it’s risky to put money into a company pre-launch whose business model is centered on getting government approval in a sector that has gotten none. “It’s venture risk,” Mr. Liew said. “It’s possible that it doesn’t work out, but you find the people who have the best possible chance to do it.”

CORRECTION 10/27/14: This story was changed to correct that LedgerX has submitted applications to the U.S. Commodity Futures Trading Commission to  become the U.S.’s first bitcoin options exchange. A previous version of this article said the company was attempting to be the first bitcoin futures exchange.