Now, a P2P Insurance Platform That Uses Bitcoin Wallets & MultiSig
Teambrella, a peer-to-peer insurance system that utilizes bitcoin wallets and multi-signature addresses, recently released a demo on its website to show how the self-insurance system works. Teambrella uses bitcoin multi-signature addresses to allow users to manage the flow of funds in a trustless, decentralized way. It will initially offer supplemental coverage for collision car insurance and pet veterinary insurance, with more types to come. Members Insure Each Other. Under Teambrella, users insure each other. They retain control over their own funds at all times. Reputation systems....
Related News
Today, 13% of Bitcoin is protected by multisig technology. A growing minority of Bitcoin users employ a multi-signature wallet, which uses more than one private key to access the wallet. By using this approach, wallets are much less vulnerable to security breaches, as no single party possesses all the information necessary to decrypt the wallet. Princeton professor Arvind Narayanan tweeted about the significance of the multisig uptick: More cryptocurrency wallets offering multisig support. More Bitcoin wallet providers have recently enabled multisig functionality, as it seems to be headed....
UK-based digital assets service provider Elliptic has partnered with Gem to offer a custodian service for the private keys of multisig wallets. Multisig wallets have at least three unique private keys. Through the new partnership, consumers will control one private key, while Gem and Elliptic will have custody over the two others. Customers are not obliged to assign the third key to Elliptic. However, if the client loses their key, Gem and Elliptic will use their private keys to transfer the user's funds into a new Gem multisig account belonging to the customer. Dr James Smith, CEO at....
The Bitcoin.com Team is excited to announce support for shared (multisig) wallets for Bitcoin and Bitcoin Cash in the Bitcoin.com Wallet. That means you can protect your most valuable wallets with a unique form of two-factor authentication, set up a corporate treasury, safely introduce your kids to Bitcoin, and more.
What Are Shared Wallets?
Standard crypto wallets use one private key to access and send transactions while shared wallets require two or more private keys to access the funds connected with the wallet. Private keys in shared wallets are often given to different....
Decentralized insurance platform Inchain launched its ICO on October 21, 2016, and will run it until November 24. The company has encouraged investors to participate in the ICO, calling it a “unique opportunity” to invest in a first-of-its-kind insurance solution for cryptocurrency service providers. Inchain: Decentralized, Ethereum-Powered Insurance. The company expects its decentralized to be welcomed by cryptocurrency platform operators and wallet providers, who have suffered numerous hacks over the years. “Nobody is happy if there is a possibility that [their] funds can be stolen.”....
Elliptic and Gem have announced a new partnership today that will involve Elliptic acting as a trusted and independent third party for the purposes of securely storing the third (backup) private key used on the Gem platform. In the past, multisig wallet users have been in control of their own backup private keys, but this new offering from Gem and Elliptic could offer a higher level of security for individuals who do not wish to take care of their own backup solutions. Up to this point, Elliptic has been an insured bitcoin storage provider for a variety of banks and exchanges who need to....