Exscudo Uses Multisignature Technology To Protect User Accounts

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The 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.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) – Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, “The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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