Today, we are excited to be rolling out Armory and Bitcoin Core cold storage support in Coinprism.
Security is critical when we are dealing with assets that can have a very real value. Coinprism is already extremely secure, as the private keys never leave the browser. However, the next step in terms of security is cold storage. Cold storage allows you to store your private keys on a machine that has never been in contact with the internet.
It is now possible to use that with Coinprism.
The workflow is the following:
- Add an offline address to your account. The first option is to simply enter your offline address, generated by Armory. This requires at least one outgoing transaction from the address so that the full public key can be extracted from the Blockchain. Unlike Counterparty, we also offer the option to directly enter the public key of the address. This is quite convenient since the public key can be easily retrieved from Armory. This can also work as a watch-only address.
- Once the address is added, simply make a transaction as you would usually do. Instead of the usual confirmation screen though, you will see a page giving you the unsigned transaction. Download it as a file, and put it on a USB drive.
- You can then bring that USB drive to your offline machine, and use Armory to sign the transaction. Replace the file with the signed transaction.
- Finally, bring the USB drive back to your online machine, and use Armory to broadcast the transaction to the Bitcoin network.
This functionality allows you to perform almost all of the operations offline. You can for instance keep the address used for issuing a colored coins offline. You can also distribute dividends from an offline address.
We also support offline signing using Bitcoin Core.