bcustody is a multi-signature wallet solution: it is a service that allows people to secure their bitcoin by having private key storage guaranteed by an original design
This design not only allows you to secure your value, but also to access it, therefore spend some of it, at any time, while keeping the rest secure. bcustody is based on the installation of a multisig wallet (a function found in the Bitcoin protocol), a wallet that requires more than one signature (multi-signature) in order to transact the present value, where each signature is associated with a different key (in this case 2 out of 3, 2 maintained in-house and 1 entrusted to an outside professional).
In the event of an interruption or issues with the service, we will assist the client in moving corporate funds to the company’s 100% controlled parallel portfolio.
With Bitcoin and thanks to asymmetric cryptography, ownership is defined solely by possession of the private key
In traditional banking, on the other hand, the person who holds value becomes its owner (Art. 1834 of the Civil Code), while the giver remains a mere depositary.
This is a key feature in cryptocurrencies, as it categorically rules out anyone not in possession of the private key from blocking or spending value. But it also generates a problem: in case the private key is lost, there is no way to access its value, which literally becomes inaccessible.
The multisig function, literally multi-signature (multisignature) implies that to spend any amount of value, not the signature generated by a private key is sufficient, but an n out of m number of signatures, usually 2 out of 3.
Through this function then, properly embedded in a structured design with different players, it is possible to overcome the trade-off between security (of not losing or having one’s value moved or blocked) and confidentiality (of being able to access one’s value by bypassing a malicious intermediary).