Armory Releases First Decentralized Multi-Signature Bitcoin Platform, Pledges $10,000 in Donation Matching Using New Simulfunding Features


Follow this company
07/28/2014 [ACCESSWIRE]

Fulton, MD / ACCESSWIRE / July 28, 2014 / Armory Technologies, Inc. (ATI), maker of the world’s most secure Bitcoin wallet platform, has raised the bar yet again for Bitcoin security by releasing the world's first decentralized multi-signature "Lockbox" interface for Bitcoin.  Armory version 0.92 features an intuitive user interface for multi-signature transactions for high-security storage as well as simultaneous funding for Bitcoin contracts and escrow (aka “simulfunding”).

Armory multi-signature Lockboxes are unique because they give users 100% control over the generation and storage of all cryptographic signing keys, and no third-party services are required to use any of these features.  Each Armory signing device can generate its wallet independently of the others, whether or not the devices are fully offline.  This is critical for businesses that need to remove single points of failure from their security profile and enforce proper segregation of duties for their employees.

Armory Lockboxes are profoundly flexible, allowing any multi-signature combination from 1-of-2 up to 7-of-7.  There are many possible ways to use lockboxes.  A basic 2-of-2 scheme may be appropriate for a husband and wife who want their savings to require both of their signatures. A complex 5-of-7 scheme may be appropriate for a large financial institution or hedge fund desiring to widely distribute signing authority among trusted executives, trustees, or even insurance providers.

Bitcoin multi-signature technology is extremely powerful but rarely implemented to its full potential. For example, most other multi-signature services only provide a single type of multi-signature (usually 2-of-3) and require third-party services and/or signers.  In these systems, multiple private keys are generated on the same system or pass through the same channel which creates a single point of failure.  Additionally, many alternatives are not open-source so their security is not easily audited by experts.

On the other hand, Armory Bitcoin Wallet is completely open-source and has been featured on bitcoin.org for more than two years as the security-focused wallet option.  Unlike most other multi-sig services, ATI does not know anything about the way you use Lockboxes.  Even if ATI disappears, your Lockboxes will continue to work exactly as before.

Simultaneous funding (aka “simulfunding”) is another new feature released with Armory 0.92.  Simulfunding is the simplest example of a Bitcoin “contract."  All parties specify how much they are contributing (the terms), the parties combine these contributions into a single transaction (written contract), then all parties sign it (execution of the contract).  Either the contract is executed in full and all parties contribute at the same time, or no Bitcoins move at all.  There is no other possible outcome.  The Bitcoin network itself enforces this agreement, removing the need for trust between any of the parties.   

Armory is the first wallet to implement this powerful feature and make it accessible to advanced users. Additional use cases could include crowdfunding, donation drives or even roommate rent collection.  To demonstrate these new capabilities, ATI has organized a donation drive that will match 20 Bitcoins (more than $10,000 USD at the time of writing) worth of donations to organizations including the Electronic Frontier Foundation, College Cryptocurrency Network, and the Free Software Foundation.  Because the new simulfunding feature requires no trust, ATI is willing to match donations from anyone, even if the donations are anonymous.  

To see the list of donation targets and the donation matching offers visit https://bitcoinarmory.com/donation-match-list

Download Armory version 0.92 for free at https://bitcoinarmory.com/download

About Armory Technologies Inc.

Armory Technologies, Inc. (ATI) helps enterprises securely manage their Bitcoins with the highest levels of privacy, security and flexibility.  ATI’s software enables businesses and exchanges to integrate Bitcoin into their infrastructure to manage multiple hot and cold wallets and provide tools to help them meet auditing, compliance, and tax reporting duties. In addition to the software, ATI provides security consulting, training, support and customized modules to organizations that integrate the Armory platform.

ATI will soon release Armory version 1.0, which will include an improved API for enterprise integration and a "supernode" mode which will replace the need for third-party services in your Bitcoin management platform.

For more information about ATI’s enterprise offerings, please send inquiries to enterprise@bitcoinarmory.com

COMMENTS

Leave a comment...
 * 

Your Name
 *