Bitcoin Global News (BGN)
February 04, 2019 -- ADVFN Crypto NewsWire -- Casa Inc. is
developing software to address some of the biggest issues with
scalability of the Bitcoin network. More precisely, the company is
working on systems that enable a more user friendly experience with
the Bitcoin Lightning network. A new extension for Firefox and
Google Chrome is bringing enhanced useability to their main
product.
This network first proposed in 2015
as a method for users to make payments and to receive payments on
side channels. These transactions are grouped outside of standard
Bitcoin blocks. They are later confirmed to the Bitcoin ledger when
there are enough transactions to fill a block.
This system allows the trusted
Bitcoin network to be easily engaged with near-instant payments.
However, there are still issues with how consumers and merchants
can easily use this capability. The first product Casa created
address the security issues when dealing directly with
cryptocurrencies. Many times, first time users of Bitcoin use third
part exchanges to hold their BTC, as well as control their private
keys. This is what leaves customers open to hacks.
Personal Key
System
The casa personal key system
integrates deeper security protection for users, while also
provided an automated process for signing secure transactions. In a
traditional transaction, only one cryptographic signature is needed
to validate a transaction. With the casa system, each user controls
5 keys, and each transaction needs at least 3 to be completed.
These keys can be spread across devices on a mobile phone, hardware
wallets and the Casa Key Recovery Service (KRS).
The company suggests one at Home,
one at an Office (or other daily location), and one inside a Bank
safety deposit box (or other secure location). A fourth is held
using the Casa app on a smartphone. This is not always the most
secure way to store a private key, but the company ensure that they
use a secure enclave for its storage. The fifth is held securely by
Casa for extreme recovery cases such as a fire, accident or theft.
This key can also assist with end-of-life recovery and inheritance
procedures.
Usability
Problems
“The main thing right now if you’re
using a Casa Node and your going … to any of these other [crypto]
sites, you’re basically having to open a second browser tab to open
the main Casa dashboard and enter in all the [payment] information
somewhat manually,” Casa founder Jeremy Welch
Now users can control their Casa
Node directly and enter in payment information more easily on
websites connected to the lightning-network. The extensions was
built quickly, and is just the first of a line of new services Casa
is working on:
“We’ve been pushing out a lot of code
and one of the things that drives us is that fact that when we push
products out and when we really put a lot of time into stuff, we
know that people are going to get really engaged… We’ve got a lot
more coming out this year. It’s just the beginning for
2019.”
By: BGN Editorial Staff