Square is a digital payments platform that also offers cold storage services for cryptocurrency. The firm came up with a novel mechanism that would secure store crypto away from the threat of hackers. However, a new blog post suggests that Square is now open sourcing Subzero wallet.
Open sourcing subzero wallet to facilitate industry wide crypto security
As per the post, Subzero is a solution that offers offline Bitcoin wallet. Particularly, the solution is very useful for crypto holders who want unique wallets that they customise. The Subzero solution uses hardware security modules (HSM) which are common in the digital payments industry.
According to the post:
?HSMs provide guarantees around the security of sensitive key material, such as strong access control, and active protection against physical tamper. HSMs also typically allow replicating keys (for backup or disaster recovery purpose) without exposing the plaintext key material.?
As a result of the features, HSMs present the best solution for cold storage mechanisms. Subzero uses the HSMs to make their storage solutions fraud-proof. Interestingly, one can easily programme the HSM to support Bitcoin wallets. At the same time, the feature allows users the flexibility to ?to implement other protocols in the future.?
Another report adds that users of the cold storage services are able to deposit cryptocurrency easily. However, withdrawals call for multi-signatures just to ensure that it is the right person making the transaction.
Basically, cold storage entails securing of cryptocurrency keys and digital assets on an offline platform. Therefore, it is cold because it is not accessible via the internet. Otherwise, a storage solution accessible over the internet is a hot storage solution. Interestingly, even in the cold storage wallet, users are able to view their crypto balance over the internet.
Therefore, Square open sourcing subzero wallet is an invaluable gesture that will secure more cryptocurrencies. This will include crypto holders who are not on the Square Cash app.
Based in San Francisco, Square is a joint venture by Twitter CEO Jack Dorsey and Jim Mckelvey. The firm focuses it services on small business which Dorsey argues present less sophisticated relationships.