Square payments company

Square payments company opens the code of its Bitcoin offline storage tool American payment processing company Square has opened the code for its Bitcoin offline storage solution, which is used for crypto users of its Cash App.

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American payment processing company Square has announced that it is unlocking its Bitcoin (BTC) offline storage solution in a post on its official blog published today, October 23.


Offline storage refers to a method of keeping cryptocurrency holdings and private keys of users offline in order to protect against theft through a remote attack.


According to the email, Square's solution, dubbed "Subzero," uses an offline wallet backed by the Hardware Security Module (HSM) for which the company has published code, documentation and tools.


Today's post describes that an HSM is a specialized hardware device that is used throughout the payments industry to "store sensitive cryptographic key material and perform operations with those keys."


The security benefits of an HSM include robust protection against physical tampering, strong access control, and the option to replicate keys for backup or recovery purposes, which Square says makes them a "natural fit" for offline storage of crypto.


Subzero, for its part, is a customizable offline Bitcoin wallet for businesses, which Square says it has programmed so that its offline wallets can only send funds to an online wallet owned by Square-Stone, thus adding another layer of "defending". The company has reportedly also added multi-signature protection for its wallet, in which "participants [must] use a combination of smart cards and passwords" to authenticate transfers.


In addition, the article continues: "QR codes are used to exchange the minimum amount of data necessary between the offline world and the online world." The article extensively describes the multiple levels of protection involved in a "signing ceremony":


"A signing ceremony begins with an online server that generates a QR code. The QR code contains the minimum amount of information necessary to sign a transaction [...] The people who perform the signing ceremony interact with the servers. servers are located in undisclosed secure locations. "


The company also says it has taken full advantage of Trezor's "open source (like Trezor-crypto) projects" from the industry.


As reported yesterday, October 22, the Dutch multinational banking and financial services ING has also recently published the code for its blockchain privacy enhancement mechanism called "Zero-Knowledge Set Membership (ZKSM)", which aims to provide validation of specific data without compromising overall data security.

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