Group Proposes Guidelines for Bitcoin Exchange and Wallet Services

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In last few days, the Bitcoin market is filled with news related to exchanges being hacked or just closed while fearing hacks. There would not have been a better time than this to encourage community to adopt standards that not only save one from being victimized by stolen funds, but also make Bitcoin an equally trustable investment as a fiat currency. And a group of cryptocurrency veterans have just done that.

Cryptocurrency Certification Consortium (C4) is a group composed of cryptocurrency developers and security experts that has designed a set of 10 standards that, if followed, will eliminate existing security concerns.

The group has therefore drafted a proposal that speak of certain approached Bitcoin exchanges and wallet services must exhibit. These standards include key and seed generation, key compromise policy, third party security audits, data sanitization policy, and many more.

If such standards comes into effect, Bitcoin services will required to obtain a certificate from C4 in order to look reliable to its customers. The reliability of C4 very own standards will meanwhile be based on trust, especially when its board consists of veterans like Vitalic Buterin, Russell Verbeeten, and others.

The standards, if come into effect, will further help regulators to design resolutions for Bitcoin.