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Author Topic: Interesting presentation on how Bitalo created a real no-trust Bitcoin service  (Read 590 times)
Bitalo_Martin
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May 02, 2014, 12:40:43 AM
 #1

Recently presented at Bitcoinference in Amsterdam by Martin Albert from Bitalo.

Basically a genius concept where it is impossible to steal or lose Bitcoins, even when the website goes offline, admins are malicious and/or your computer is fully compromised.

https://www.youtube.com/watch?v=0TU9zvJYC8c
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May 02, 2014, 06:01:52 AM
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Well, with an unbiased review like that, it must be worth watching.

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monsterbitty
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May 02, 2014, 06:08:42 AM
 #3

Interesting video. Worth Watching.
r34tr783tr78
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May 05, 2014, 09:59:24 AM
 #4

You should post a summary or a link to some details. 37m video?
Bitalo_Martin
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May 05, 2014, 12:57:26 PM
 #5

the main part is shorter, it is just with a Q&A session that makes it so long.


The summary is:
It is possible to create no-trust Bitcoin services where it is practically impossible to lose Bitcoins, even under very extreme conditions like:
-The website goes completely offline
-The server is hacked
-Your computer is fully compromised
-The site administrators are malicious
-The server company is malicious

While at the same time usability is like with any other service.



r34tr783tr78
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May 05, 2014, 01:07:27 PM
 #6

interesting, thank you, but you told us about the problems you are solving, not the solution you are offering. How are you going to solve those problems?
Bitalo_Martin
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May 05, 2014, 01:21:24 PM
 #7

the solution is multi-signature wallets where the user's keys are only stored encrypted on the webserver, combined with two factor authentication that goes exclusively via the second device plus pre-signed recovery transactions that can "redeem" bitcoins in case of complete shutdown.

It is fully implemented at http://www.bitalo.com
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May 05, 2014, 01:38:06 PM
 #8

Alright, thanks again, I'll check it.
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