Venice-based Bitcoin startup Gem, launches new full-stack API for digital currency developers at TechCrunch Disrupt.
Along with being the first ever Bitcoin-related startup competing at TechCrunch's Disrupt San Francisco's Startup Battlefield, Gem, formerly BitVault, introduced a unique and innovative platform with bank-grade security for Bitcoin and cryptocurrency developers.
The startup was selected as one of 30 companies competing for the US $50,000 check, as well as the Disrupt Cup.
Security has been a crucial challenge in the cryptocurrency echo-system, and Gem aims to provide a solution to this issue by introducing an easy and secure solution that can be deployed by developers in minutes. According to a press release, the full-stack API "doesn't require developers to be experts in security or cryptography" and includes 5 main components:
- Two-of-three multi-signature key technology
- Multi-factor device authentication
- Real-time bank level fraud and identification monitoring
- Cold Storage offline key backup
- Redundant architecture with military-grade encryption
Gem was founded by open-source contributor and community organizer Micah Winkelspecht, who launched Bitcoin wallet BitVault in November 2013. The entrepreneur stated:
"Right now if you want to build an app that uses Bitcoin, you not only have to build an amazing product, but you also have to be an expert in cryptography, security and the underlying Bitcoin protocols. With Gem, developers can build their entire stack on our platform with less than ten lines of code so they can focus on building product, not infrastructure."
Gem is said to be simple, scalable, as well as providing 'bank-level' security to cryptocurrency-related applications. Winkelspecht noted:
"The major issue plaguing the digital currency community is security, and our goal is to dismantle fear surrounding digital currency and educate mainstream consumers on how they can maintain their currencies and other electronic assets with better security and ease-of-use."
Former VP of Risk Management at Paypal and COO at Gem Ken Miller, referred to the string of data breaches at Home Depot and Target to highlight the importance of security in the banking and electronic payment industry:
"Traditional banking and payment technologies performed a valuable function in society, but they are outdated and cannot keep up with present day threats. The latest credit card hacks against Home Depot and Target are painful reminders of that."
TechCrunch Disrupt SF 2014 is TechCrunch's sixth annual conference in San Francisco. The event combines tech-related discussions with industry leaders, as well as company launches and the famous Startup Battlefield, which consist in a series of presentations from 30 selected startups around the world. The event closes with the nomination of a winning company, which will be rewarded with a $50,000 grand prize and the Disrupt Cup.
"TechCrunch Disrupt was the ideal forum to introduce our powerful infrastructure and key-management capabilities to technology’s key players and enthusiasts."
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