Bitcoin Global News (BGN)
February 04, 2019 -- ADVFN Crypto NewsWire -- Casa Inc. is developing software to address some of the biggest issues with scalability of the Bitcoin network. More precisely, the company is working on systems that enable a more user friendly experience with the Bitcoin Lightning network. A new extension for Firefox and Google Chrome is bringing enhanced useability to their main product.
This network first proposed in 2015 as a method for users to make payments and to receive payments on side channels. These transactions are grouped outside of standard Bitcoin blocks. They are later confirmed to the Bitcoin ledger when there are enough transactions to fill a block.
This system allows the trusted Bitcoin network to be easily engaged with near-instant payments. However, there are still issues with how consumers and merchants can easily use this capability. The first product Casa created address the security issues when dealing directly with cryptocurrencies. Many times, first time users of Bitcoin use third part exchanges to hold their BTC, as well as control their private keys. This is what leaves customers open to hacks.
Personal Key System
The casa personal key system integrates deeper security protection for users, while also provided an automated process for signing secure transactions. In a traditional transaction, only one cryptographic signature is needed to validate a transaction. With the casa system, each user controls 5 keys, and each transaction needs at least 3 to be completed. These keys can be spread across devices on a mobile phone, hardware wallets and the Casa Key Recovery Service (KRS).
The company suggests one at Home, one at an Office (or other daily location), and one inside a Bank safety deposit box (or other secure location). A fourth is held using the Casa app on a smartphone. This is not always the most secure way to store a private key, but the company ensure that they use a secure enclave for its storage. The fifth is held securely by Casa for extreme recovery cases such as a fire, accident or theft. This key can also assist with end-of-life recovery and inheritance procedures.
“The main thing right now if you’re using a Casa Node and your going … to any of these other [crypto] sites, you’re basically having to open a second browser tab to open the main Casa dashboard and enter in all the [payment] information somewhat manually,” Casa founder Jeremy Welch
Now users can control their Casa Node directly and enter in payment information more easily on websites connected to the lightning-network. The extensions was built quickly, and is just the first of a line of new services Casa is working on:
“We’ve been pushing out a lot of code and one of the things that drives us is that fact that when we push products out and when we really put a lot of time into stuff, we know that people are going to get really engaged… We’ve got a lot more coming out this year. It’s just the beginning for 2019.”
By: BGN Editorial Staff