Jack Dorsey, the founder and former director of Twitter is known for his love of Bitcoin. Thus, it has been several years since his company Block declares working on the design of a Bitcoin wallet. A project which apparently came to fruition, with the launch of the Bitkey wallet.
Bitkey, an innovative Bitcoin wallet
Blockformerly Square, is the company launched by Jack Dorsey specializing in payments with a particular attraction to Bitcoin.
After several years of development, the Block teams finally unveiled the Bitkeytheir first non-custodial Bitcoin wallet. These can be purchased on the official Bitkey website in over 95 countries around the world.
In practice, Bitkey consists of a mobile appof a hardware device and a recovery toolset.
On the one hand, the application allows customers to carry out Bitcoin transactions via their mobile phone. On the other hand, the hardware device stores the private keys offline.
A multi-wallet with possible recovery
Interestingly, all of these elements form a multisignature key. Thus, the application and the hardware device form two of the three keys used to sign a transaction.
The last of the three keys is stored on Bitkey’s servers. This makes it possible in particular to sign transactions that are carried out with the phone if they do not have the hardware device on hand.
It is also used during recovery processes. Indeed, if the user were to lose one of their keys, the third key can be used as a recovery key.
“It is important to note that Bitkey only has access to one key, not two or three, in this 2 of 3 multisignature wallet, and therefore cannot access or move a customer’s bitcoins without them. This puts customers in real control of their money, while giving them the peace of mind that they can get their money back if they lose something. »
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It now remains to be seen how this product will be received by the public. Indeed, when we look at the case of Ledger, the company found itself in the heart of turmoil after announcing its recovery service.