Pushing the Envelope of Security at Vault of Satoshi

Vault of Satoshi is a Canadian based exchange platform that allows you to trade fiat currency to crypto currencies (such

Vault of Satoshi is a Canadian based exchange platform that allows you to trade fiat currency to crypto currencies (such as Bitcoin, Litecoin, Peercoin and more) with other members of the Exchange. Its members decide what price currencies are exchanged at. If an offer that a member makes has no takers, then it will be saved and the trade will happen once someone accepts the offer.

Vault of Satoshi is notable for being one of the few venues providing bitcoin trading that is denominated in Canadian dollars. Per demand, following only offering trading of digital to fiat currency and vice versa, in 2014 they launched crypto to crypto exchange.

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Among important features of Vault of Satoshi is the firm’s focus of security.  Examples of this include daily PCI-DSS testing of their software, backing up data several times a day to secret, remote geographical locations, two factor login authorization and passwords must consist of a sentence that includes punctuation, spaces, as well as both words and digits. There is also an automated monitoring program in place that is activated if unauthorized usage is suspected.

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Unique to the Vault of Satoshi is a rewards program which encourages users to report suspected security breaches and vulnerabilities. The program uses Crowdcurity’s crowdsourced network of hackers to find bugs.

In recent news, it was reported that Vault of Satoshi has added a “Proof of Solvency” feature allowing any user to validate the exchange’s holdings. Users can generate a time-stamped report in the exchange’s backend to view the address of their cold storage wallet, from where balances can be verified. The hot wallet address isn’t displayed as a security precaution.

Learn more about bitcoins and other digital currencies on the DC Magnates resource portal

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