Cryptocurrency exchange CoinNice becomes the first application platform for the enterprise version of BitTorrent Wallet

The idea of “企业版钱包” was first conceived at the beginning of this year, when the world's leading Bitcoin exchange Bitstamp's hot wallet was stolen, losing nearly 19,000 Bitcoins.

At that time, there were a lot of discussions about this incident, and our team was invited to give a related open class at Babbitt: "Can Your Company Manage Bitcoin?" In the discussion at that time, I listed many key points that companies need to pay attention to when managing Bitcoin. Unfortunately, discussions are discussions. In the following days, from BitTorrent to Piggy Bank, to Coinapult abroad, and so on, various Bitcoin companies continued to repeat the same mistakes, adding to the history of Bitcoin losses. This is a pity.

So, is it possible to have a solution that allows enterprises to store, use and manage Bitcoin in a low-cost, secure and reliable manner? So that different enterprises, regardless of size or type, no longer have to worry about the risk of hackers?

Based on this consideration, we came up with the idea of ​​developing the enterprise version of the Bitcoin Wallet and began to formulate a specific R&D plan.

It happened that during this period (March 2015), Mr. Xu from a new exchange (Coinnice) visited the BitTorrent team and had an in-depth discussion with us on the topic of “企业管理比特币” .

Through this communication, the enterprise version of Bitcoin Wallet had its first corporate customer (Coinnice). We also began to invest more energy into the research and development of the enterprise version. After a development cycle of almost one month, the first fully functional version of Bitcoin Wallet Enterprise Edition was finally developed and integrated into the Coinnice system. It can be said that “低成本” , “安全” and “可靠” enterprise-level wallet we envisioned has finally taken the first step.

The currently implemented Bitcoin Wallet Enterprise Edition has the following advantages:

1. A massive Bitcoin private key management solution based on Bitcoin technology: Enterprise users no longer need to worry about issues such as “how many private keys can bitcoind carry”. It can be used by large, medium and small enterprises.

2. "Cold" deposit address solution: The current situation is that all deposit platforms (such as exchanges, financial management platforms, OFFCHAIN ​​"wallets", etc.) use hot wallet solutions for deposit addresses. When hacking incidents occur, the old solution is difficult to effectively control losses. By adopting Bitmain's "cold" deposit address solution, Bitcoin companies provide users with safer deposit services. Even if there is a certain demand for real-time withdrawals, a certain proportion of hot wallets are required. "Cold first and then hot" is far better than "hot first and then cold";

3. Enterprise-level "cold" wallet (large amount storage) solution: Bitmain's cold wallet is different from some companies' so-called "cold" wallets (for example, bitcoin-core is usually disconnected from the Internet. When you need to spend money, you temporarily connect to the Internet, synchronize the blocks, and then spend it). Bitmain's cold wallet is "absolutely" cold. From the generation of private keys to the signing of transactions, it will not touch the Internet during the entire life cycle of the private key to avoid the possibility of hacker intrusion;

4. Enterprise-level "hot" wallet solution (meeting small-amount real-time withdrawal needs): For enterprises with small-amount real-time withdrawal needs, we also provide an enterprise-level "hot" wallet solution to meet the needs of enterprises. Enterprises can define the hot and cold ratio to control security risks;

5. Lightweight blockchain query service that meets the internal needs of enterprises (without relying on third-party services): BitTorrent's self-developed lightweight blockchain query service can meet the internal block data query needs of enterprises with as little hardware resources as possible;

6. Convenient asset monitoring and auditing tools: We provide extended asset monitoring and auditing tools to help enterprises implement asset monitoring and statistical reports to meet the Bitcoin financial management needs of enterprises;

7. Flexible APIs and data import and export tools help enterprises easily integrate into their own business systems;

8. Unified wallet technology solution (only need to use Bitcoin, no need to rely on multiple solutions to meet different needs);

9. The BitTorrent team will continue to iterate, improve and perfect the enterprise-level wallet solution to ensure that the enterprise version of BitTorrent wallet can always keep up with the latest Bitcoin technology, while continuously integrating the needs of various companies for the enterprise version of the wallet;

The above is a brief summary of the process from idea to implementation of the enterprise version of Bitcoin Wallet. We believe that through our efforts, enterprises can obtain enterprise-level Bitcoin wallet solutions conveniently and with confidence.

Here, the BitTorrent team would like to express special thanks to Coinnice. They attached great importance to the security of the company's Bitcoin before going online, which is rare. Compared with those companies in the industry that "talk more about security than they do", Coinnice chose a real cold storage solution, which at least shows the company's attitude, that is, "If we really run away, we will definitely not blame the hackers."

About Coinnice:
Coinnice is an emerging digital currency exchange. Founded in August 2014, Coinnice received angel investment of 1.8 million USD from overseas investors. On June 18, 2015, Coinnice officially went online. From November 1 to November 30, Coinnice will hold a one-month spot competition with generous rewards.

Author: Bitai Wallet
Editor: Meng Dada
Source: Babbitt Information