BitGo Launches Open-Source Bitcoin Key Recovery Service

Bitcoin security platform BitGo recently announced the launch of the first automated open source Key Recovery Service (KRS) software, which can generate, protect and store private key backups.

The security of private keys is one of the biggest concerns of Bitcoin users. Although most new Bitcoin wallets on the market have implemented multi-signature protection measures, in the case of multi-signature, although users hold one or two private keys, they are still worried that they will lose access to the wallet and the Bitcoin in the wallet due to forgetting one of the passwords. Therefore, after launching the multi-signature service, BitGo further launched the open source code key recovery service to eliminate the above-mentioned risks.

Ben Chan, senior leader at BitGo, said:

“As a multi-signature and trustless wallet provider, BitGo believes that users must be in control of their own funds. However, many users do not want to risk losing access to their wallet funds due to forgotten private keys or fuzzy memory problems. However, we do not want to create more than one key for each user, so we decided to open source the software so that others can run it and provide keys to meet their wallet needs.”

According to BitGo's white paper, KRS provides a private key to the user, BitGo keeps the second key, and the backup key is kept by a third party KRS (the user can choose a secure third-party system provider from the list). This model ensures that users will not lose control of their funds.

The first company to integrate BitGo's new service is Keytern.al, a Bitcoin holding key backup service.

Jeffrey Paul, co-founder of Keytern.al, said:

“As a company that has long advocated for practical, easy-to-use technology to improve end-user security and privacy, we are excited to have the opportunity to work with BitGo to provide these important services to our users. With our extensive experience in cryptographic engineering and working with some of the world’s leading Bitcoin exchanges, we know that multi-sig technology is the best way to avoid the risks associated with Bitcoin. Professional, secure and easy-to-use private key management is the key to a successful multi-sig deployment.”

In the coming months, BitGo plans to roll out the new service to other bitcoin wallet providers, including Elliptic.

Original article: http://cointelegraph.com/news/115511/bitgo-unveils-open-source-bitcoin-key-recovery-service
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information