Bitcoin wallet firm BitGo announced today that it has released an open source protocol for key recovery and storage.
The Key Recovery Service (KRS) provides backup keys used in multi-signature wallets with more security. BitGo wallets have in the past utilized a 2-of-3 multi-signature model, where one of the keys was generated on BitGo’s server and the remaining two were created in the browser, ensuring users have control over their bitcoin.
With the addition of the KRS option, wallet users can now generate 2-of-3 multi-signature wallets with their choice of backup providers, decreasing burden on the user and increasing security.
Ben Chan, BitGo’s Senior Software Engineer, stated:
Today BitGo is releasing our automated, open-source Key Recovery Service software. We’re releasing a whitepaper containing the protocol to facilitate provisioning of public backup keys. Here is a link to our fully functional reference implementation on Github. We welcome providers to run it, vet the KRS code, and integrate seamlessly with wallet providers such as BitGo.
BitGo has added a KRS to keep control of funds in the hands of users and unburden them from securing keys or remembering difficult pass phrases. The wallet provider open-sourced the software so that it did not need to create more than 1 key for the user, and that other providers can run the KRS and provide keys for wallets on demand.
Last week, BitGo introduced a new way for users to create and set up wallets within organizations.