Coinsafe mainnet launch and what’s next
We launched Coinsafe’s beta around four months ago in January. After resolving countless bugs, crashes (many more to come!) & upgrading our architecture, I’m excited to announce the mainnet launch of Coinsafe on Android and very soon on iOS.
1) Support for mainnet BTC, ETH & DAI
In our beta, we supported only testnet BTC & ETH. For our mainnet version, you would be able to keep and set up key recovery for your mainnet BTC, ETH, DAI and many more coins on Coinsafe.
2) Change in key recovery architecture
After talking to some cryptographers, opsec people, we decided to change our key recovery architecture. Our goal with the key recovery architecture is to ensure that only you know your trusted devices and only you are in control of the recovery process. The full details of our new architecture are kept for a future blog post.
3) New recovery schemes like 2/2 recovery scheme
After doing our beta, we realised that people need flexibility for their k/n recovery scheme. We added 2/2 recovery scheme as it was the most demanded one in our beta. In the future we’ll provide the flexibility for users to choose both k & n on their own, eg: (k=5, n=11), (k=6, n=13) etc.
4) Ability to add coinsafe as trusted device
The new version allows a user to dynamically add Coinsafe as a trusted device. This is useful for cases when you want to decrease your risk of managing all your devices among yourself & your friends as well cases when you have one spare device less than the recovery scheme you want to use, eg: for a 2/3 recovery scheme, if you only have two spare devices, you can add Coinsafe as the third device. This share is tied with your email and we give it back to you when you successfully verify your mail during key recovery. Having access to one share doesn’t give us any power to take your funds.
5) Edit already added trusted devices
In the new version, you can edit already added trusted devices allowing you to delete old devices and add new devices. You can also change your recovery scheme to a new recovery scheme. This allows for ease of use and more flexibility for the user.
Our goal is to make it safe for everyone to hold their own coins (Coinsafe!) and this release marks the beginning of our journey in doing so. We are going to push many more new changes in the future and keep improving in order to better serve our users.