Secure Bitcoin Hardware Wallet With Open Source Smart Card: PRISMicide Crowdfunding Campaign

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PRISMicide

07 Jul, 2014, 14:42 BST

PARIS, July 7, 2014 /PRNewswire/ --

PRISMicide, the first security solution based on open source smart cards, protects the privacy of its users... starting with their Bitcoin wallet.

     (Photo: http://photos.prnewswire.com/prnh/20140707/696393 )

Introduction video: https://www.youtube.com/watch?v=UpzBjqSq3i4

Join the crowdfunding campaign: http://igg.me/at/prismicide

Transparent security: "open source" and "open hardware" 

The new security PRISMicide solution consists of "open source" smart cards and of a small "open hardware" portable reader that can be used with Android and iOS smartphones and tablets via Bluetooth and also, via USB with Windows, Mac OS and Linux computers.

PRISMicide democratizes security solutions based on the banking industry and telecommunications smart cards.

Bitcoin wallet with an unparalleled security 

Many Bitcoin users already had their accounts' private keys stolen, either because they have entrusted their keys to unsafe websites (see the MtGox scandal), or because they've been direct victims of local attacks (malware, trojans...) on their personal computers or smart phones.

The smart card protects the keys… 

PRISMicide for Bitcoin allows each user to secure its private key within a smart card. These private keys are then used directly via the smart card to sign the transactions as requested by its owner but will never be exposed to the potentially compromised computers, smartphones or tablets that are used to perform these transactions.

… and the small portable player secures the use of the card 

Although the keys are protected against theft, they must also be protected from hidden misuse. Indeed, some attackers distort approved transactions: the owner of an account believes he is validating a small transaction towards one of his friends' account, as indicated on his computer screen (or smart phone), but he is actually validating a transaction that empties his account, sending the bitcoins to the pirate's account.

The small secured portable player makes that type of attack impossible by posting on its own screen the real details of the transaction requested prior its validation. It's also on this player that the PIN code of the smart card is entered.

Users have a personal terminal for payments that they can use and trust even on unsecured computers or smartphones and also, with potentially compromised third parties (traders, point of sales…)

PRISMicide for Bitcoin is a Hierarchical Deterministic Wallet (BIP0032) solution: during card initialization, each user is able to backup the card initial seed to regenerate the private keys on a new card if the original card is lost.

PRISMicide wants to become an open standard and has already contacted several wallet software providers (Multibit, KryptoKit, Electrum, Dark Wallet...) to ensure future compatibility.

Multiplatform solution for all attacks 

The PRISMicide project community's security professionals share the same conclusions:

  • the need for effective security tools to prevent isolated hackers or government spying programs (see the PRISM scandal) attacks
  • the absence of fully open source solutions that use secure reliable elements such as smart cards
  • the low security software environments used by smart phones and tablets
  • the increase in piracy-related attacks linked with crypto-currencies like Bitcoin

PRISMicide is also an ideal platform for the development of future services such as data encryption, electronic signature, online authentication, SMS encryption or ultra-secure messaging.

Project details and pre-orders are available on the campaign page: http://igg.me/at/prismicide

Contact: media@prismicide.com

SOURCE PRISMicide