Quickwallet employs a ‘two-of-two’ multisig system, meaning one private key is retained by the user locally, while the other is stored on Quickwallet’s servers. This means a user cannot double-spend and, as a result, they can get instant confirmation of transfers to other Quickwallet users and deposits to Huobi exchange accounts.
This also makes Huobi the first bitcoin exchange to offer instantaneous deposits from an on-blockchain wallet.
Even if a user’s private key is hacked and/or stolen, the thief cannot gain control of the funds. Also, this means no one at Huobi or BitVC has the power to take the coins.
Looks like Coinbase will have to catch up if they don't already have something in the mix. I'm really liking what I'm seeing out of Houbi and never really thought I'd be interested in a foreign service like this. I think this sort of thing would be great for the American market being expanded.
