BitPay Announces Copay, a Multi-signature Wallet
BitPay announced a launch of Copay, a multi-signature open-source wallet. Designed to secure Bitcoins in probably the safest way possible, by using the multi-signature technology which will have an essential role in helping people preserve their Bitcoin from theft or loss. The developers of the multi-signature wallet thinks that it’s crucial for wallet technology to be peer verified and open-source.
Demand for multisig wallets is rising significantly as blockchain technology develops, consumer education keeps increasing on the matter and questions of secure storage become more pertinent.
Wallet service providers such as BitGo, Xapo and Cryptocorp recently started implementing multi-signature blockchain technology into their service.
Copay is meant to help users to keep their digital currency safe in a genuine multi-sig wallet.
How it works
Copay makes use of a peer-to-peer connections made with wallet users. To be able to use the wallet, a master key must be created and the public portion of it must be shared with other copayers. The wallet lets to have up to 12 copayers and requires four signatures for a transaction.
If a user wishes to send Bitcoins from a shared walled, the other copayers are alerted and can confirm or reject the transaction. When the transaction is verified by a needed number of signatures it is sent to the Bitcoin network.
Copay employs Insight, an open source blockchain API, and is built on top of Bitcore, BitPay’s original interface to the Bitcoin protocol. CoPay is in a beta version at the moment and available on Github.
BitPay noted on its blog post that it welcomes beta testers, but warns that the project remains under constant development.