Cologne Start-up enterprise wants to make Bitcoins safe: In the betting industry they already proved, how it goes and billion-euro conversions secured – with cryptography ?larva in Germany?
Virtual money (wallets) and exchange exchanges for Bitcoins are always the target of hackers. The day before yesterday, the Bitfinex exchange platform was hacked and 120,000 Bitcoins worth 58 million euros were stolen. On the stock exchange, Bitcoin Evolution the Bitcoin price fell from around 590 euros a week ago to 482 euros. CryptoTec AG wants to put an end to such thefts. The Cologne-based company is relying on the cryptographic technology it has already developed, which has proven itself in the betting industry for years without any notable incidents and has successfully secured transactions worth billions.
Bitcoin Evolution make Bitcoins safe
In June 2016, Ethercoins worth 50 million dollars were stolen from DAO (Dezentrale Autonome Organisation). Previously, the Japanese Bitcoin exchange Mt Gox had to file for bankruptcy after a Bitcoin theft worth several million euros. „We offer simple modules against such attacks, in particular to protect the new business models on the Internet against attacks from inside and outside,“ says Michael Mertens, CEO at CryptoTec. „Because we have for a legitimate Bitcoin Evolution Review a secure and user-friendly solution for file-based online cooperation, file transfer and real-time communication with end-to-end encryption for companies and projects of all sizes: the „CryptoTec Zone“. It not only enables tap-proof and tamper-proof correspondence – worldwide and in real time – but also the transmission of unlimited data and virtual workrooms including file synchronization,“ he adds.
According to CryptoTec, important encryption technologies are too often not taken into account in Internet transactions and new payment methods, and in some cases the legal framework in the countries in which the online trading platforms are operated is also lacking. The encryption technology used by CryptoTec in combination with digital signatures protects against unwanted eavesdropping, intrusion and falsification of data Bitcoin Evolution and confirms the authenticity of all system participants.
CryptoTec AG uses the globally recognized cryptographic methods RSA-4096, AES-256 and SHA-256 for encryption. The core is „CryptoLib“, a specially developed cryptographic high-level library. The Distributed Systems Platform (DSP) contained in it does not only contain a public key infrastructure (PKI), which ensures the fully automatic distribution of cryptographic keys. It also automates DNS integration, data distribution, and a variety of convenience features, such as notification of contacts about name changes or new addresses. All system participants receive an address marked with a double @, for example „bob@@cryptotec.com“. Manipulated content and sender data are automatically detected, ensuring that only a closed circle of participants consisting of authenticated persons is used for communication.
In 2015, the „CryptoTec Zone“ in Berlin won second place at the Outstanding Security Performance Awards (OSPA) in the category „Outstanding security technology installer“. The OSP Awards are presented by the German Alliance for Security in Business (Bundesverband der Allianz für Sicherheit in der Wirtschaft). The jury consists of proven experts such as Steffen Gentsch, Head of Security (CSO) of the Airbus Defence and Space Division, and Michael Hange, President of the Federal Office for Information Security. In his laudation at the award ceremony on November 11, 2015, the latter emphasized „the user-friendliness and low costs“ of the CryptoTec solution, which is „predestined for use as state-of-the-art encryption“.
All modules will be developed within Germany. CryptoTec AG is therefore not subject to any interference by government bodies.