With the insolvency declaration made by Mt. Gox, one of the world’s largest bitcoin exchange platforms, many are now talking about the security behind the bitcoin protocol and proper development needed to enhance exchanges’ storage technology in the future. Proponents often discuss its infancy period and how baby steps are needed to take the cryptocurrency to the next step.
CIEO, a bitcoin solutions and development firm, is now urging a public forum to discuss the solutions it has come up with. The private firm created its CIEOwallet using the open source code from Andreas Schildbach and Multibit as well as combining technology utilizing open-source code based heavily on Oracles ZFS and freeBSD core OS features with delight from VMWare.
After making several advancements in bitcoin security and storage, the company now wants to share it with Mt. Gox and other exchanges in order to protect the future of the digital currency. The cryptocurrency technology company believes that if Mt. Gox were to have adopted its organization’s technology then its transaction malleability wouldn’t have been a problem for the exchange.
“Utilizing the superior storage practices of CIEOvault, involving proper automated checks and balance systems and the legitimate practice of non-middleman walleting would have corrected their problems,” said Noah Case, CIEO co-founder and a 19-year veteran of datacenter management, in a press release.
Case cited Bitstamp and Coinbase as examples of outlets appearing “solid and time tested.”
Focusing on developing general handling guidance, the bitcoin community could very well experience a transformation in its personal security and control. In addition, it might make bitcoin easy to use and safe to store, an important element in taking the virtual currency to another level.
As bitcoin’s image appears to be slightly damaged after last month’s fiasco, security and storage enhancement might be imperative to the prosperity of the digital currency.
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