CoSign Coin has issued a release explaining the launch of their new Secure Bitcoin Escrow, which uses multi-signature wallets and transactions. The company is looking to reach out to bitcoin related communities in hopes of spreading their secure service.
The multi-signature company is an Escrow-based service, and offers protection from thefts, fraud and malice.With the help from a BIP-0016 multi-signature address, funds are never centered in one area of control. The release states:
“CoSign Coin is designed to be as intuitive and user-friendly as possible, especially in the complicated ‘multi-signature’ world. There is no question that this process will get more simple as wallet clients integrate multi-signature features and multi-signature becomes more commonplace. CoSign Coin also attempts to be as transparent as possible, ensuring users are fully aware of what is happening with their funds.”
After the launch of the Secure Bitcoin Escrow, the site has undergone changes to better serve its users. The new features include a Live Chat option and a Classifieds Ads section. Users will now be able to connect with others to buy, sell and trade goods with bitcoin. Additionally, users now have the ability to to connect to the service via a Tor or I2P Hidden Service (.onion & .i2p).
The company’s goal is to bring confident and secure multi-signature transactions for mainstream use. However, the company admits that this process will take some time to perfect. Average users won’t fully understand the concept of the multi-signature Escrow over night.
For added security, CoSign Coin does not store Private Keys on its server. In an unlikely event that the site were to become compromised, funds can not be taken since they will not be visible to hackers.
Importance of Security
Bitcoin wallets and exchanges assume a huge amount of responsibility when dealing with other people’s goods. It is up to those services to assure that a customer can trust them with their bitcoins.
Many services have fallen flat on their faces due to lack of taking necessary security measures. The collapse of bitcoin bank Flexcoin, and the infamous situation with Japanese bitcoin exchange Mt. Gox, have proven costly to the bitcoin industry.
A user’s bitcoins are not only at stake, but the value of bitcoins themselves can fall if security is taken lightly.
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