Good day everyone,
I hope you are all well are having an excellent day, welcome to CryptoGod-1’s blog on all things crypto. Today I will be discussing the latest release by Censo, who have launched a mobile-phone based self-custody cryptocurrency wallet. This can be used by institutions and organisations, and they have described it as a "truly decentralized key management solution."
Censo
The company is a FinTech company which to modernize private key management for organizations, understanding that organizations should not have to rely on any one person either inside or outside its domain. They aim to give organizations complete control and sole sovereignty over their assets while providing them with a positive, seamless, and superior user experience in the crypto space.
Crypto Wallet
On Monday the 12th of June the company detailed its new wallet, which is expected to be easier to use and less expensive than existing technologies. They noted that the new wallet does not make use of multiparty computation (MPC), a key-sharding technology often used in institutional crypto custody arenas. Generally traditional institution-grade custody services for digital assets were considered expensive and far from straightforward because they required technologies like MPC, which required specialized hardware and software.
The new technology by Censo is open source, meaning users and developers will be able to verify the code themselves. On top of that, the company's model focuses on using mobile devices' existing secure hardware and biometric functions to create a cost-effective solution, according to the company's whitepaper. With much being made over the ability to self custody ones assets, open, accessible, and cheaper approaches are increasing in popularity. This less expensive technology by Censo will make self-custody more accessible to smaller companies. This in turn could help further crypto adoption. CEO of Censo Andrew Lawrence noted:
“There’s a lot of ‘decentralization theatre’ out there. This exposes organizations to unacceptable risks, the unfortunate results of which we witness time and time again. Custody solutions and key-handling software absolutely need to be open source and decentralized. We're excited to provide this game-changing tech to our customers and help them take complete control of their digital future.”
Further support for more self custody solutions have been endorsed by Brett Falk, a research assistant professor at the University of Pennsylvania. He noted that:
“Censo leverages the secure hardware enclaves present in today’s mobile devices together with their biometric gating to tightly bind cryptographic keys to an organization’s users’ nuanced real-world roles. It makes a very compelling case as an alternative to MPC for organizations who want truly decentralized key management and self-custody.”
Interesting times for those interested in self custody wallets for their organisations. With so much furore surrounding the SEC bringing suits against Binance and Coinbase, this could be seen as an ideal solution for businesses of all sizes.
Have a great day.
Peace. CryptoGod-1.
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