A recent press release by BitGo, the leading Bitcoin security solutions and multi-sig technology provider states that the company has launched the very first open source Key Recovery Service software. The new Key Recovery Service enables bitcoin wallet users to safely recover their lost keys by using any one of the leading bitcoin wallet key recovery services listed on it. By using these third party service providers, users will soon be able generate new backup keys for their wallets in an instant.
The new open source Key Recovery Service helps individuals, especially those using BitGo’s secure multi-signature wallets. It is quite common for users to either forget their password or lose the key to their bitcoin wallets. In such cases they might end up losing their digital assets. BitGo’s multi-sig wallets allow the user to create two of the three keys required to access the wallet while the third key is generated on it. The new open source Key Recovery Service by BitGo is designed to help out such users who might have lost their key by helping them generate new keys in order to access their wallet.
BitGo’s Key Recovery Service specializes in secure generation of new keys, storage and protection. It also enables users to keep a backup of their wallet keys. Currently the cost of Key Recovery Services is very huge and at times users may have to pay more than what they hold in their wallets to regain access to it. By creating an open source automated service, BitGo has reduced the cost of recovering lost keys to bitcoin wallet a lot cheaper than it is now.
When a user uses BitGo Key Recovery Service to generate new keys, he/she will receive one key, while the other key will be retained by the Key Recovery Service itself. Both the keys, in addition to the one already on BitGo server, users will be able to access their wallet again. The service is already being adopted by Keytern.al as a part of their secure key management offering. Some of the other players BitGo is currently in talks with includes Elliptic and other services.