Interesting presentation on how Bitalo created a real no-trust Bitcoin service

[Bitalo_Martin]

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

[kjj]

Well, with an unbiased review like that, it must be worth watching.

[monsterbitty]

Interesting video. Worth Watching.

[r34tr783tr78]

You should post a summary or a link to some details. 37m video?

[Bitalo_Martin]

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]

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]

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]

Alright, thanks again, I'll check it.