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PRISMcide Aims to Secure Bitcoin Transactions

Mobile Commerce Insider Featured Article

July 09, 2014

PRISMcide Aims to Secure Bitcoin Transactions

By Casey Houser
Contributing Writer

Creators of the PRISMcide project recently launched their IndieGoGo campaign to raise funds for the device's creation.

PRISMcide, an open-source, secure Bitcoin wallet, aims to provide financial security for its users by protecting their Bitcoin keys from intrusion by prying public and private eyes as a result of government programs such as the National Security Agency (News - Alert)'s PRISM program or the low-security environments of devices such as smartphones and tablets.

"The new security PRISMcide solution consists of 'open source' smart cards and of a small 'open hardware' portable player that can be used with Android (News - Alert) and iOS smartphones and tablets via bluetooth and also, via USB with Windows, Mac OS and Linux computers," its IndieGoGo page reads.

The site describes a situation which may be all too familiar for individuals who have had their Bitcoin wallets and keys hacked or stolen. Users can trust their keys to online services only to have those services default on their security. PRISMcide points to the Mt. Gox scandal in which the company lost a combined 850,000 Bitcoins. It filed for bankruptcy, and users who trusted the service ended up with a raw deal. Additionally, users who store their Bitcoins keys on their mobile devices may be vulnerable to hackers because of the unsecure nature of most mobile environments.

PRISMcide will allow users to store their keys on smart cards that only an approved, compatible device can handle. To access or utilize their keys, users simple prepare a transaction on their smartphones, tablets, or desktop computers and then slide their secure cards into the PRISMcide card reader. Users then enter their PIN with the card reader touch screen and wait for the transaction to complete.

The creators say both their software and hardware are open source so users, if they desire, can make sure they are secure and have not been tampered with to reveal private information. The device reader and card both use an open-source branch of the DecKa OS.

Edited by Maurice Nagle

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