Some days ago, I was talking with a friend of mine about new technologies which could redefine in the upcoming years how we will work, live and make business, and certain word came to the conversation like a bomb: Bitcoin. I’m an avid reader for tech news and sites, spending a lot of time reading articles from Nathaniel Mott at Pando about Security and Net neutrality, discussing topics from a recent article from First Round’s Review (BTW: the last one about Hacking Sales with Inbound Marketing is amazing), and many others good resources about tech. I trust in Pando like a one of the best and sincere platforms for sharing information about Startups, Venture Capital and more topics. So, when I began to search information about what is Bitcoin, and which companies are working hard in this space, so I went again to Pando looking for the basics. Following this idea, I found very interesting articles from Dennis Keohane, talking about the new funding raising of Circle, one of the most interesting Bitcoin startups:
“With Goldman Sachs’ investment, Circle — and by proxy Bitcoin — gets a huge uplift in visibility outside of the smaller venture capital community. While General Catalyst and Accel carry weight in the world of entrepreneurs and fast-growth startups, the approval of a multinational investment bank like Goldman, even with all its baggage, is a signal of Bitcoin’s arrival in the consciousness of the financial world at-large.”
or one of Michael Carney (right now he is a partner at Upfront Ventures) talking about Gem, the Bitcoin Security startup based in Venice, California:
Gem’s stated goal has been to eliminate the learning curve for bitcoin developers, while allowing the industry to adopt best-in-class security standards to store, encrypt, and backup end user bitcoin assets, without deep expertise in cryptography or security. The company’s API does exactly this by making a comprehensive set of security solutions available at the push of a button. Crucially, Gem never needs to take possession of end-user funds, meaning that relationships between consumer and developer go un-interrupted.
These articles made me to wonder why Bitcoin doesn’t reach a major adoption for consumers, and I began to getting deep in this though, and after a deep information search, the answer came in front of me: “The Blockchain needs more to become in a more secure horse and Bitcoin companies need to be more serious with users credentials security”, and it seems that it matters for a broad adoption.
Then, I started to search more focused in this problem, looking for info about Bitcoin hacks around the world, and for my surprise, the list is very large. Even, there is a forum topic at Bitcointalk describing a very good complication of the most famous hacks and heists. One of the most famous hacks was Mt. Gox Bitcoin exchange, giving to hackers the shocking number of $460 Million; so when you see creepy things like this one, you become in an instant skeptical person about Bitcoin; but this idea is changing quickly with companies like Circle, Coinbase and Gem; because they are putting an incredible grade of resources and expertise to create Bitcoin-based secure platforms.
Continue reading “Duo Security + Gem: Zero Trust for the Cryptocurrency World (aka: Bitcoin)”