openPR Logo
Press release

Exscudo uses multisignature technology to protect user accounts

11-09-2017 02:59 PM CET | IT, New Media & Software

Press release from: Exscudo

Exscudo uses multisignature technology to protect user

Digital space is full of dangers, one of which is hacker attacks. That is why such services as cryptocurrency wallets and exchanges, that exist only in digital space, are particularly vulnerable. Since transactions in blockchain are irreversible it is impossible to get back the stolen funds. Multisignature, technology developed to increase the accounts’ security level, is one of the solutions, which will be implemented in Exscudo ecosystem.

Multisignature is a digital signature scheme allowing a group of accounts to sign one transaction. A user specifies accounts that will confirm his or her transactions in advance. In Exscudo ecosystem there will be several variations of this scheme - for example, a user can indicate that his transactions need two of three specified accounts’ signature to be confirmed, or, in opposite, that transactions should be necessarily protected by all the three accounts.

Multisignature is one of the Exscudo tools to enhance security. This scheme will be particularly interesting for peer holders, whose accounts confirm transactions. Indeed, a user whose account participates in block generation has to enter his private key. It means, that with some effort hacker may read the key from the server. However, if the wallet is protected with multisignature, it is impossible to withdraw the funds without the certain number of accounts to agree, even if the private key is known.

There are several variations of multisignature scheme. Some are more easy-to-use, such as 2FA, where confirmation is made with E-mail and SMS. But when it comes to company’s account, it is very risky to give account access to one person only. Multisignature reduces these risks providing the scheme for several accounts to take decisions together.

Exscudo is the nextgen financial ecosystem that unites the traditional financial system and the cryptocurrency market. The main goal of the project is to create a single gate to cryptocurrency market for everyday users, professional traders, investors and financial institutions. Exscudo’s ecosystem consists of a Stock exchange, a b2b cryptocurrency merchant, mobile wallets, trading terminals, bank cards and a protected messenger. The developers team consists of professionals who have many years of experience in the development of financial products and services. More information about the team can be found on the Exscudo website.

Tallinn
Merirahu 58

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Exscudo uses multisignature technology to protect user accounts here

News-ID: 809924 • Views: 289

More Releases from Exscudo

Announcing The First Active EON Tokens in Exscudo Channels App
Today is a special day for Exscudo, when we take next steps towards a fundamentally new reality. Token Distribution Event is a stage, when thousands of users around the world get EONs to open the gates of innovations. On May 25 we distribute investment and bounty tokens to investors ICO accounts in Exscudo Exchange main version. We want to give our users an opportunity to make their first transactions –
Exscudo launches the first app to combine crypto wallet and messenger
Exscudo is excited to announce our newest great product Exscudo Channels App which is the first app combining payment and communication functionalities on the global market. It is a tool for sending money and messages from any mobile device, outreaching every existing payment and communication solution. Exscudo Team has taken the best blockchain practices to provide you with ultimate security and reliability of Channels App. The Exscudo Team developed Channels App as
EON Mainnet Launched!
Exscudo Team is happy to announce that we have reached an important milestone by launching the EON Mainnet for our users. It is the most waited mainnet launch for the year 2018. We’re thrilled to report the Mainnet has been a complete success. The following services: registration portal, blockchain explorer and monitoring page are available from now on. Currently, registration to Mainnet requires SMS verification. This big launch brings even more
Exscudo rolling out: global update
Our team is proudly presenting you the results of our work on Exscudo beta exchange. We are launching a big update, including a new interface and more advanced features. You can test beta version of Exscudo exchange HERE: https://test.exscudo.com/#/signin The following features were added on the exchange: • New quotations interface. Now you can see more information in quotation field: last price for a currency pair, 24-hour trading volume and 24-hour price change. • Now

All 5 Releases


More Releases for Multisignature

Oracle evolution: from multi signature algorithm to decentralized Oracles and Du …
Today we are going to plunge into Oracles` world a little bit deeper. Let`s go over the history of Oracles, consider their evolution and analyze the main actual players on the market. Early attempts To begin with, the first attempts to implement an oracles network started in 2010-2012 and have ended up failing. One of the most notable example of Oracle from that period is Orsi Oracle. The company
Colored coin functionality will be added to EON testnet during the next update
Testnet is the early version of EON, flexible new generation blockchain created by Exscudo. On January, 25 EON testnet will be updated, and new features will be introduced, including the colored coins functionality. What are these colored coins? Colored coins are tokens that are marked to represent another assets. They do not have their own real value. In Exscudo ecosystem colored coins are needed to create equivalents of existing crypto or