In Order to Grow The Open Source for Bitcoin Wallet: $600K Is Raised By Armory

In Order to Grow The Open Source for Bitcoin Wallet: $600K Is Raised By Armory

Just Recently, Armory was able to help bitcoin wallet (which is open source and they also claim that they are the leading industry in security) to raise $600K. Armory is known as one of the first big platforms that encouraged and embraced the cold storage that is on bitcoin. This cold storage is actually the process of which the private keys are used in order to sign the transactions and then they are stored on the computer solely and it is not connected to the web.

Chief Scientist Gavin Andresen, Bitcoin Foundation Chief Scientist, stated that it was extremely important for the wallet to be secure and stated this at the beginning of the year. There are computers which could be compromised despite the protocol and strength of bitcoin. In the past these have lead to a lot of problems such as thefts and that is what prompted the creation by Armory a couple of years ago.

Armory is now considered a major client with bitcoin and because they are now a thick client they can require blocks of chains to actually get downloaded in order to verify the transactions. The clients which are thin can use the servers to verify their transactions and that helps to reduce the requirements on any computers which might local at the cost of their own security. One of the team members on Armory, Matt Hensley said that in the future they plan on having a variety of options which allow the users to use their wallets to whatever type of personal need they might have and it could up being ease of use vs your security.

Alan Reiner, Armory founder, will be able to bring on a couple more developers thanks to the funding and they will then work on the software. They are making it a top priority to optimize usability with the software that they have currently and when they release the next update they hope to have greatly improved the resources. In the near future they hope to have multi signature transactions plus support for the hardware wallets. They even hope to have mobile wallets available for users who do transactions on their phones.

Trace Mayer helped to lead the round and Trace actually serves as the editorial board for Bitcoin Magazine and also is one of the investors for Bitpay. Mayer has a mission and that is to try and help Armory become a platform which is easy to use and on top of that Mayer is helping with HW Wallets, multi-sig implements, Android App plus working on creating a version that eventually lead to replacing the bitcoind.

Raising the funds for both the bitcoins plus the US Dollars ends up adding a great deal of complexity in regards to the money decisions that is made with early startups. The two new employees added will be able to have the choice of getting paid by either USD or by BTC. Companies will continue to raise the funding for bitcoins and there will be a lot more employees that could start accepting portions of the paycheck that they have to go into BTC in order to increase the spending of bitcoins for transactions which happen daily.

Currently, there are not any plans right now in regards to monetizing the Armory Bitcoin Wallet Service which other businesses have had amazing success finically in the past with using the open source technology. Reiner has stated that some services might integrate along with the vendors plus API functionality and that might help with monetization in the future.

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