San Francisco-based payments processing company has reportedly decided to open-source its bitcoin cold storage technology, which is designed to support trading through its Cash app, the company’s peer-to-peer mobile finance service.
The news comes from a blog post published on October 23rd, announcing that the source code, software development kit (SDK), and documentation for the company’s cold storage solution is now accessible on Github’s repositories.
As Square’s software engineer Alok Menghrajani noted in a blog post, the company chose to make the system open source aiming to encourage further innovation in the cryptocurrency space, as well as to provide companies with a higher security level:
“We hope that by sharing our work, we can make it easier for others to fulfill their security needs, enabling even more innovation — and better protection for all players — in the cryptocurrency space. In the long run, since we had to solve problems that other companies may face, we are interested in standardizing some of our work.”
Cold storage is defined as a means of keeping cryptocurrency holdings and users’ private keys offline in order to prevent the possibility of theft via a remote attack. The Square solution is called Subzero and represents itself an enterprise offline bitcoin wallet, which is beneficial for “those who don’t want to use an off-the-shelf hardware wallet because they need to create unique customizations or implement business-related rules”.
Subzero relies on Hardware Security Modules (HSMs), which are specialized hardware devices commonly used for storing sensitive cryptographic key material and performing operations with those keys. Square has recently released the code, documentation, and tools for the Subzero’s HSM-backed cold wallet.
According to Menghrajani:
“Funds can be sent from online systems to the cold storage at any time. Moving funds out of cold storage requires a multi-party signing ceremony. In addition, the offline HSMs are able to enforce business logic rules, for instance we only allow sending funds to Square-owned addresses. Such a scheme is usually called defense in depth or an onion model. We maintain the online/offline isolation by importing transaction metadata and exporting signatures using QR codes.”
Moreover, Square is also open-sourcing its Beancounter tool, designed for auditting wallet balances. Among the most notable features of Beancounter are the abilities to compute the balance at any given date in the past, and to handle wallets with very large number of transactions.
Square Inc. was founded in 2010 by the 41-year-old billionaire, Jack Dorsey, who is also the CEO of Twitter. Initially, it was only a small business platform that allowed users to make payments using credit or debit cards from their smartphones. In November of 2017 the company began supporting bitcoin trading through its Cash app. In mid-August, Square’s officially let users buy and sell bitcoin in all 50 US states.
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While some people strongly believe that successful trading is pure luck, some others are absolutely sure that only deep understanding of the industry, a well-developed strategy and good knowledge can bring their results.
To prove it, it is enough just to study the stories of successful traders and Reinhardt Coetzee, South African Popular Investor, who has been trading on since 2016, is one of the best role models for investors which can be seen from his .
Reinhardt Coetzee’s Experience
Being a technology enthusiast, Reinhardt has always been interested in the latest technological trends that are able to revolutionize our life. As he works in the industrial automation industry, investing is something like his hobby.
He started investing in equity funds like unit trusts and ETFs quite long ago when he began earning his own money. But having an aim to move further in this direction, he decided to go in for share trading online, to start investing in stocks directly and to build his own portfolio. A little bit more than years ago he joined eToro and quite quickly reached an Elite Popular Investor status.
Why eToro
Reinhardt said that he had chosen eToro as it offers easy access to international markets, a user-friendly interface and an opportunity to interact with other traders from all over the world. Moreover, the platform has such benefits as transparency and statistics which is extremely important if you want to see a real situation.
According to Reinhardt, thanks to eToro he has managed to build out a well-positioned, diversified portfolio. Via the market-maker model that is used by the platform, traders have an opportunity to reinvest in their portfolios, adding new positions and taking advantage of buying opportunities that are opened.
Reinhardt Coetzee’s Trading Strategy
Reinhardt’s portfolio is focused on a maximum long-term growth. He doesn’t want to be just a day trader and tries to do a lot of research and to analyze carefully all the information available about the companies that he invests in.
Moreover, being a thematic investor, Reinhardt specializes in the technology spheres, like AI, as he really believes that namely these companies are creating our future.
As he has managed to become a Popular Investor, now he gets a percentage of his assets under management which is a good incentive for him. Though being a Popular Investor presupposes huge responsibility, it is also a great motivator.
“My main focus and long-term goal at eToro is still to grow the portfolio, keep getting the best possible return, and to be profitable on a consistent basis for myself and my copiers”, said Reinhardt.
Based on his experience, Reinhardt recommends traders to keep a long-term goal in mind. He also warns that though technology stocks and equities may be volatile in the short-term, they are considered to be the most profitable investment categories. One of the key things according to him is patience and staying calm despite all external changes.
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