True to form: Copay decentralizes the BTC Wallet
Amid all the hype, Bitpay has been quietly developing some unique additions to its model, and now Copay, the closest thing to a decentralized wallet, is nearing completion.
Fraud meets its match
“This is way, way easier to do multisig than it was before. It’s completely open source; we’ve developed this completely in the open.”
And while the question of security isn’t entirely solved by Copay, Charles recognizes it as a “significant improvement.” The few pitfalls arise with the perennial risk of fraud, as leaked wallet addresses could mean a foreign party even enters the signing group. For this, however, Bitpay has added video function, meaning any unknown faces could be rooted out rather effectively.
Other potential problems lie more in the nature of WebRTC, an example cited by Charles being the risk of transaction failure when several party members are behind firewalls. Plans are underway to resolve this by using either a holding server or, more ideally for Bitpay, a decentralized alternative.
On the whole, there is little left to do, and Charles confirms that the next challenge is the initial launch, for which Bitpay is still testing its servers to ensure any rapid uptake is catered for seamlessly.
For now, more information on Copay can be found here.