RIDDLE&CODE works with Falon Private Bank to secure crypto custody solution
RIDDLE&CODE, a European technology provider, today announced the support of Swiss-based Falcon Private Bank (Falcon) with the development of their and crypto custody solution.
Earlier this year, became the first Swiss private bank to introduce direct transfers of for both individual and institutional clients.
Falcon’s offering relies on its new custody solution, developed in close collaboration with RIDDLE&CODE, focusing on:
Security: “hard wallets” use offline storage that is always encrypted, this removes the usual single-point-of-failure for managing signing secrets
Flexibility: with the ability to change the number of required digital signatures to authorize a transaction, on a case-by-case basis
Efficiency: tokenization of physical assets, when associated with RIDDLE&CODE tagging technology, enables machines to interact securely, improving processes
“Our team worked intensively with Falcon to reach ambitious security and regulatory goals with an open approach to design. We created a solution, based on hardware wallets, that challenges the rigid Hardware Security Model (HSM) by leveraging RIDDLE&CODE’s new open platform using to enhance security and flexibility.”
“We are proud of our new custody solution that respects all regulatory and compliance requirements. It allows secure storage of selected digital assets with great flexibility while allowing us to add further in a timely and efficient manner. Our cooperation with RIDDLE&CODE has enabled us to bypass the competition and to reaffirm our first-mover role in the area of banking services.”
Blockchain developer is an open-source compiler and development environment for using , a smart contract language developed in-house.
Chain is best known for the open-source and , an enterprise blockchain infrastructure that facilitates financial transactions on scalable, private blockchain networks. An open-source of Chain Core is available to developers, with a testnet operated by Chain. Ivy was developed at Chain as a . With Ivy for bitcoin, which compiles to bitcoin Script, Chain wants to make it easier for average programmers to write smart contracts for the public bitcoin network.
By design, bitcoin doesn’t include a Turing-complete programming language for smart contracts of arbitrary complexity. But this doesn’t mean that bitcoin doesn’t support smart contracts. In fact, the simple, low-level, primitive operations included in bitcoin’s native scripting language (bitcoin Script) can be exploited to write smart contracts of significant complexity. “bitcoin Script does provide a set of useful primitives — signature checks, hash computations, and absolute and relative timelocks — and the freedom to combine those primitives,” notes the Chain news release.
However, bitcoin Script is not being fully used by software developers, which according to Chain is due to “the relative difficulty of reading and writing bitcoin Script programs, and of creating and using addresses from those programs.” In fact, bitcoin Script is a very low-level, assembly-like language, which doesn’t offer the readability and ease of use of high-level programming languages. Therefore, most bitcoin programmers limit themselves to simple applications, without pushing bitcoin Script to its limits.
The Chain developers want to change that with Ivy, a higher-level language that allows developers to create custom, SegWit-compatible bitcoin addresses that enforce arbitrary combinations of conditions supported by the bitcoin protocol, including signature checks, hash commitments and timelocks.
Earlier this year, Chain , a tool for designing, drafting and testing smart contracts on a Chain Core blockchain network with Ivy. Now, Chain is making Ivy available to bitcoin developers and releasing
, which allows developers to design, create and spend simulated bitcoin contracts. The playground includes preloaded smart contract templates for bitcoin and developer .
A disclaimer states that Ivy is relatively untested prototype software and should be used for educational and research purposes only. “Do not attempt to use Ivy to control real Bitcoins,” warns the front-page document.
Besides Chain, other developers are realizing that bitcoin needs more sophisticated smart contracts and user-friendly programming environments for smart contracts. Recently, blockchain developer Blockstream , a new programming language for blockchain-based smart contracts, intended for inclusion in Blockstream’s sidechains and eventually in bitcoin. Lead developer Russell O’Connor said that “after extensive vetting,” Simplicity support could be considered for inclusion in one of the next releases of bitcoin.
In the Blockstream announcement, O’Connor noted that Ivy’s programming language development efforts may be suitable for being compiled to Simplicity. But it now appears that Ivy’s progress toward these more sophisticated bitcoin smart contracts is advancing faster than some might have expected.
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