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.

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ citiies. He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe.  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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