The demand for Bitcoin-related services and products continues to increase. Square is one of the bigger players in this department. The company’s cold storage technology stack has now been open sourced for other players to take advantage of. Secure storage solutions can catapult global adoption to new heights.
The name Square is somewhat synonymous with Bitcoin these days. The company integrated BTC support through its Cash App in late 2017. So far, the decision has paid off quite well, even though the company is not making any real profit from this venture just yet. By actively open sourcing its Bitcoin cold storage tech, Square takes another surprising step forward.
Another Bold Move by Square
It has become apparent Bitcoin storage solutions are still difficult to come by. Especially institutional investors are looking for convenient options in this regard. Square feels their technology can help both individuals and companies alike. Subzero, as this solution is known, can now be implemented by other Bitcoin service providers around the world.
Square explains Subzero as follows:
“Our multi-party signing ceremony leverages the multi-signature feature available in Bitcoin. Moving funds out of cold storage requires m out of n people to participate in a signing ceremony. The participants use a combination of smart cards and passwords to authenticate to the cold storage system. QR codes are used to exchange the minimal amount of data needed between the offline and online world. The cold wallet, which is physically secured, remains offline throughout its lifetime. This provides assurance about its integrity; while the supply chain needs to be secured, unauthorized modification of the active system is unlikely.”
It is evident solutions like these are needed in the Bitcoin world. Secure storage plays an integral role in any financial industry first and foremost. Whether or not anyone will use Square’s solution, remains to be determined at this point. The open source code is available to anyone and everyone who sees merit in the company’s approach.