Topic: ★★DigiByte|极特币★★[DGB]✔ Core v6.16.5.1 - DigiShield, DigiSpeed, Segwit - page 1179. (Read 3058907 times)

Can someone explain why you would want to do this on Coinbase's platform versus doing offline cold storage?



Source: http://www.coindesk.com/coinbases-new-multisig-vault-gives-users-control-keys/

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])