Bitcoin wallet Xapo is providing everyone free access to its secure offline storage today. And, rather than going underground, Xapo is looking to space for its latest security updates.
Previously, Xapo charged an annual toverfee to keep Bitcoin te its secure offline vault, also known spil deep cold storage. That toverfee wasgoed not steep, but still a barrier at .12 procent of funds stored. Now, users who have already paid the annual toverfee will get a prorated refund. Ter addition to free storage, Xapo is taking its already secure network to a fresh level — space.
Known for storing customers’ Bitcoins ter offline servers buried deep inwards a mountain ter Switzerland, Xapo is rolling out a fresh security measure using satellite technology. The low orbit satellite holds a chunk of immutable gegevens, something the company knows can never switch. CEO Wences Casares tells mij that you would have to physically get to the satellite to tamper with the information. The gegevens is there spil a way for the company to make sure no one has hacked their network on the ground. If there’s a switch te the way the satellite communicates with Xapo’s network, it’s an indication that Xapo may have bot attacked.
The company is also extending its multi-signature addresses, which require that three out of five private keys validate a withdrawal request before money is released, to all wallets. The private keys reside te offline servers and never come online — making them very difficult to hack. Xapo also recently had its security controls and processes reviewed by an independent authority under what’s called a “Service Organization Control 2” audit. Xapo says it’s the very first Bitcoin company to go through an audit.
So why all thesis crazy security protocols? Te the past Casares has noted that his extreme security measures are what permit his wallets, and the coins therein, to be FDIC-insured. This is just one more measure to help keep his wallet service from turning into a Mt. Gox-level fiasco.
“I strongly believe that Bitcoin volatility isn’t a bad thing,” he says. Rather he thinks that the fluctuating value of the cryptocurrency prevents people from putting their entire life savings ter Bitcoin. Casares says people are hoarding and experimenting with Bitcoin te healthy ways — like wading into a deep pool.
But te order for Bitcoin to eventually stabilize, it’s going to need a larger user base. That’s part of the reason Casares eliminated the toverfee from Xapo’s vault services. He thinks it might have stopped people from taking advantage of the company’s deep cold storage. Ultimately he thinks everyone is worth to have access to this technology.
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