$ 32,226
$ 1,237.0
$ 138.11

Binance Creates a Tool That Supports Bitcoin and Ethereum Transactions

Cryptocurrency exchange, Binance announced that it has open-sourced a cryptographic tool that can be used for making Bitcoin and Ethereum transactions. It is known as the Threshold Signature Scheme (TSS) library. It already works on Binance Chain, the exchange’s own blockchain platform.

Join the fastest growing network on Telegram

 As a result, wallet providers and custodians can now “avoid single points of failure in private keys with distributed key management,” according to a Binance spokesperson. Private keys are essentially passwords used to make cryptocurrency transactions. By making them more secure, it helps people to know that their money is safe.

The TSS uses distributed computers to come together and sign a transaction, each using a part of the private key. This is similar to a technology that already exists, known as multi-sig. However, the crucial difference with Binance’s tool is that the process can be done off the blockchain. This saves money and time.

The signature has been audited by cybersecurity firm Kudelski Security, who found that  “none of the issues found in the frame of this audit could be exploited” to “completely break the security of the scheme, or recover secret data.” Any issues found have been patched.

Related Posts

Leave a Reply


Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

The NFL Is Leading the Pack in Cryptocurrency Adoption within Sports
January 23, 2021By
Speculations From the OCC Allowing Banks to Handle Stablecoin Payments
January 23, 2021By
Investors cry foul over ‘trickery’ in Status Research case
January 23, 2021By


Video Posts

Solving Gender Inequality Using Blockchain S2 (Ep2): A Blockchain Solution To Close The Gap
January 22, 20210
Africa Digital Finance Summit 2021
January 20, 20210

Crypto Stats

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin32,226 1.12 % 3.55 % 12.40 %
Ethereum1,237.0 0.20 % 1.06 % 5.55 %
Tether1.000 0.18 % 0.21 % 0.01 %
Polkadot18.42 0.21 % 6.26 % 39.59 %
XRP0.2712 0.26 % 1.42 % 3.25 %
Cardano0.3479 0.32 % 1.43 % 14.97 %
Chainlink24.71 1.43 % 10.95 % 19.89 %
Litecoin138.11 0.06 % 0.83 % 4.01 %
Bitcoin Cash431.94 0.28 % 3.18 % 11.86 %
Binance Coin40.71 0.48 % 0.22 % 0.72 %