Bitcoin startup Sig3 has introduced an independent third-party automated co-signer which automatically co-signs transactions based on the policies and criteria implemented by its users.
With Sig3, users can customize and set their own policies to determine the criteria for transaction authorization and verification. Based on the policies implemented by the user, Sig3 automatically co-signs the transaction, adding another layer of security on top of the multi-sig transaction.
“Sig3 is at the intersection of security and usability. We’re redefining what it means to transact simply and securely with bitcoin. In order to have a truly secure and well functioning blockchain application, developers need to incorporate multi-sig technology and multi-sig services like Sig3 need to provide a user friendly interface to increase adoption,” said Sig3 CEO Brian Nelson in an email to Bitcoin Magazine.
The platform is currently integrated with Copay, an open-source multi-signature wallet from leading bitcoin processor BitPay. With Copay, users will be able to send secure transactions by distributing three private keys between Copay, Sig3 and themselves. Since all three private keys held by the user, Copay and Sig3 are required to send or settle a transaction, it creates a whole new level of security limited with other multi-signature platforms available in the market.
“Sig3’s goal is to make transacting with bitcoin as easy as it used to be, but with the security of the future,” explains the Sig3 team.
The startup has begun developing an API for developers and for easier integration process. Sig3 will also be integrating more multi-signature wallets to its platform, to provide its users with a variety of options.
Joseph is a web developer and designer, writer and a passionate musician who loves to travel. He has worked as a researcher for a number of venture capital firms and as a freelancer designer for resorts and corporations in Korea and the Philippines.