FrozenBit: Trustless Open Source Multisig, Multicoin and Multiplatform Wallet
Mark M. Bravura 27/07/2014 Altcoins, Announcements, Blackcoin News, Dogecoin, Litecoin News, News, Reviews, Security, Wallets
Fully securing our cryptocurrencies in a trustless manner has consistently been an ever-present problem. FrozenBit aims to solve this as the first open source multisignature / multicoin wallet via a trustless approach; with support to include Bitcoin, Litecoin, Dogecoin, Quarkcoin and Blackcoin. Moreover, they are attaining to do so by way of end-user simplicity.
The driving motivation behind FrozenBit is to create a wallet that has all the conveniences of a hot wallet, while at the same time providing the security of a cold storage wallet.
Calvin (FrozenBit Project Lead), summed it up this way:
“Thus allowing Bitcoin to expand from a technically efficient niche, to a more consumer accessible niche with “bank-like” features. But don’t worry technocrats, we still have features on the way that we feel you’ll enjoy.”
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FrozenBit Key Features
2-of-3 Multisignature Wallet security. The truly great thing about this type of setup (aside from completely avoiding getting Gox’ed), is that not even the creators of FrozenBit can abscond with your bitcoins. In a nutshell, 2-of-3 multisig wallet security allows three completely separate public wallet addresses to form a unique trustless coin storage address that starts with a ’3′. One wallet address initiates the transaction, and one of the other two wallets signs the transaction into effect onto the Bitcoin network; avoiding a single point of failure. Interestingly, they are also experimenting with Trezor wallet key generation and management.
User-controlled wallet keys. In their greater wisdom, they’ve decided to make the in-browser generated wallet keys the sole responsibility of the end user. When initiating transactions, only the encrypted public key is on the server.
Heightened security. 24/7 wallet transaction monitoring is available. This action is verifiable via the FrozenBit offline package available on Github. Consequently, this also means you can generate dedicated cold storage wallets. Additionally, two-factor authorization (2FA) is required via an SMS pin whenever you attempt a coin withdrawal.
Multiplatform. The FrozenBit Dev Team currently has an Apple app and an Android app pending approval, as well as a completely offline desktop multisig wallet client for more advanced users.
Referral program. For more marketing-minded users, FrozenBit offers 0.005% referral commissions of referred coin deposits. There’s a 0.0002 BTC minimum payout threshold, paid directly to the referrer’s wallet.
Concerning FrozenBit privacy issues, Calvin had this to say:
“We are committed to privacy and wanted everyone to know we would rather move jurisdictions than submit user information.”
These are a few of the exciting FrozenBit developments on the horizon:
HD Wallets. This feature will allow users to create multiple addresses in their FrozenBit wallet, instead of just one address per wallet.
Real-World Escrow Situations (RWES). Unlike FrozenBit’s multisig wallet predecessors, RWES will allow three emails entered at registration. Each email address would then receive a login that generates a unique key (1 of 3). in turn, transaction initiation would occur via one of keys sent to the other email addresses. This will allow people to pool money together without fear that one, or the other will abscond with the coins since they would no longer have the means to do it. In essence, they’re creating a no-fee escrow sans technicals headaches.
Watch Only mode. This will allow users to track their holdings in an unspendable manner.
Proof of Reserve. This is the equivalent of a publicly-viewable bank statement; except via a new offline (i.e. cold storage) multisignature address and corresponding public page which can be shared with customers to prove you own the address and funds.
For more information: Frozenbit.io
Disclosure: this author has no vested interest in FrozenBit.
ABOUT THE AUTHOR
Mark M. BravuraInvestigative JournalistMark M. Bravura is a freelance writer, entrepreneur and passionate advocate of bitcoin and it’s related altcoin innovations. When not writing, he likes to search the interwebs for exciting new breakthroughs and projects within the bitcoin ecosystem.
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