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Author Topic: Interesting presentation on how Bitalo created a real no-trust Bitcoin service  (Read 620 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
According to NIST and ECRYPT II, the cryptographic algorithms used in Bitcoin are expected to be strong until at least 2030. (After that, it will not be too difficult to transition to different algorithms.)
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kjj
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May 02, 2014, 06:01:52 AM
 #2

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
r34tr783tr78
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May 05, 2014, 01:38:06 PM
 #8

Alright, thanks again, I'll check it.
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