According to the BBC, Elliptic Vault is the "world's first" Bitcoin storage service that "insures deposits of the digital currency against loss and theft." Since cyber-wallets used to store Bitcoins have been prone to a "number of cyber-attacks," and those transaction cannot be reversed, the service provides offline storage combined with multiple levels of encryption and access requirements.
The company is underwritten by Lloyd's of London, which will give people "more faith in the Bitcoin system", according to Emily Spaven, managing editor of CoinDesk, a digital currency news site.
Insurance payouts will be calculated using the Bitcoin to US dollar exchange rate at the time a claim is made.
Elliptic's focus is on storing bitcoins as securely as possible, using what Mr Robinson calls "deep cold storage" techniques.
Bitcoin keys are encrypted and stored offline. There are multiple copies, protected by layers of cryptographic and physical security.
The copies are accessible only via a quorum of Elliptic's directors.
|“The autonomous ship does not mean removing human beings entirely from the picture."|
|AI Will Create a Class of Eternally Useless Human Beings|
|"Over the next 20 years, I see automation taking nearly all jobs, and I doubt capitalism will survive that."|
|1 in 8 to Cut Cable and Satellite TV in 2010|
|"10 innovations that are radical enough to alter our lives."|
|“If you really want to save the planet, you should die.”|
|“Cultured meat is finally on its way towards becoming a commercial reality.”|
|Japanese Robot Serves Ice Cream From Inside a Vending Machine|
|“There are but two powers in the world, the sword and the mind. In the long run the sword is always beaten by the mind.”|
|How to Avoid Jury Duty|
|Why, Typewriters Are Alive and Well, Thank you|
|Somebody Needs to Build a New Facebook Stat|
|CaptchaTweet: Write Tweets in Captcha Form|
|The (Very Scary) People of Public Transit|
|Bizarre Record Covers|
|When the Wrong Hastag Can Get You Killed by an Assassination Drone|
|“Lighter, more affordable, personal rapid transit: self-driving bikes.”|