Third Key Solutions offers consulting and cryptographic key management solutions for companies using decentralized digital currencies. Bitcoin and other decentralized digital currencies empower people by giving them full control and authority over their money. With great power, however, comes great responsibility. Most general purpose computer devices, such as laptops and mobile phones, were never designed to store keys controlling large sums of money. For businesses dealing in bitcoin, and other decentralized digital currencies, these challenges are compounded by the need to separate controls and apply basic standards of corporate governance. Creating internal operation processes and recovery plans isn’t fun. Managing bitcoin keys isn’t easy: security and resilience are often contradictory goals. Actions taken to secure the keys (encryption, strong passwords etc.) make it difficult to backup and recover keys.
“Bitcoin’s multi-signature feature is an incredibly powerful technology for digital currency security. However, technology is not enough. Security depends on technology, process, and people. Third Key Solutions offers consulting and key management services that provide the process and people to complement the technology”, said Andreas M. Antonopoulos, Third Key Solutions CTO.
For the past 10 months, attorney and entrepreneur Pamela Morgan has advised bitcoin startups on how to implement corporate governance with multi-signature technology establishing best practices in key generation, storage, and management. Offering support as an advisor, Andreas M. Antonopoulos, author of “Mastering Bitcoin”, noted bitcoin advocate and security expert, assisted in developing operational security practices and technology which became the basis for the launch of Third Key Solutions. Led by Pamela Morgan as CEO, with technology support by Andreas M. Antonopoulos as CTO, and Richard Kagan, an experienced silicon valley entrepreneur, as a business advisor, Third Key Solutions launched on March 31, 2015.
“After working with numerous clients in the bitcoin industry the need for Third Key Solutions became apparent. Companies want to build operationally robust and secure businesses but let’s be honest, building a business in the bitcoin space is hard enough. Governance and key recovery are not a top priority for anyone – until something goes wrong. At Third Key Solutions they are our only priority and we’re here to make it easy. We can generate and store keys with a carefully designed and audited process that gives you and your investors peace of mind, without taking custody of funds.” said Pamela Morgan, Third Key Solutions CEO.
Third Key Solutions works with companies in the digital currency space to develop customized multi-signature governance strategies supported by highly secure, auditable and consistent key generation, storage, and recovery services. Third Key Solutions is a technology neutral provider, designing and implementing solutions based on a variety of technology platforms but focused on established and emerging industry standards such as hierarchical deterministic wallets (BIP32/BIP43/BIP44), mnemonic phrases (BIP39), m-of-n multi-signature (BIP11/BIP16).
Third Key Solutions is partnering with leading crypto-currency technology providers to deliver tightly integrated secure solutions to clients. Technology partners include Gem (gem.co) offering hardware security modules (HSMs) and software support; CryptoCorp (cryptocorp.co) providing software and technology services; and Armory (bitcoinarmory.com) offering Armory Wallet and Armory Enterprise software and technology services.
Third Key Solutions has developed operational processes aimed at surpassing the CryptoCurrency Security Standard (CCSS) level three requirements as currently drafted. These standards reflect industry best practices with formalized policies and procedures, multiple actors for all critical actions, and geographical / organizational distribution, with internal and external audit. Upon ratification of CCSS, estimated September 2015, Third Key Solutions will seek formal certification to level three, the highest security level specified.
Just as bitcoin is decentralized, key storage services should also be decentralized. To achieve this goal, Third Key Solutions is partnering with other key storage and recovery service companies to establish the Key Recovery Network, an industry association focused on decentralizing key storage and signing services. Founding members of the Key Recovery Network include Third Key Solutions, Keepr (keepr.ca) a new venture by C4 President Michael Perklin, and Armory. The Key Recovery Network will coordinate on technical, security, and service quality standards to deliver multi-jurisdiction, m-of-n, split-key backup and signing services with keys split across multiple independent organizations. The Key Recovery Network will launch in the Summer of 2015.
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