BitGo launches open-source software to help with key storage, recovery
Digital asset security platform BitGo announced today the launch of its automated, open-source Key Recovery Service (KRS). In a press release sent to CoinReport, the company said this first-of-its-kind service is part of their commitment to providing the world’s most secure digital asset vault while also ensuring wallet users maintain control of their digital assets.
Prior to this system, BitGo has used a 2-of-3 multi-signature model. Users would hold 2 access keys and BitGo’s server generated and kept the third. While this model kept fund control in users’ hands, there was always the possibility of them losing or forgetting their keys; therefore, impeding access into their own wallets. BitGo’s new solution offers users the ability to select from a variety of secured third-party KRS providers to generate new backup keys. This KRS model is designed to place one key with the user, the second with BitGo and the third with the third-party provider.
Though KRS has been around for years, many companies considered them a premium product due to their high costs. BitGo’s system will reduce costs and help increase their implementation.
Regarding third-party access, we spoke with Ben Chan, Platform Lead on the project.
“We designed the protocol to be open, RESTful and intuitive, so many developers could integrate it,” Chan said. “The API covers not only key provisioning, but also implements recovery of BIP32 HD wallets. We want to work with more KRS providers / wallet platforms and hope bitcoin services can interact more with each other to provide a better experience for the customer.”
Third parties are already excited about the opportunity to work with BitGo.
“As longtime advocates for accessible and practical techniques to improve safety and privacy for end users, we are thrilled about the opportunity to work with BitGo to deliver these important services to customers of their multi-sig wallet,” said Jeffrey Paul, Co-founder at Keytern.al, in the press release.
Image via BitGo’s press kit