Purse Releases Open-Source Wallet Code for 'Philosophical Reasons'

Bitcoin shopping platform Purse.io just announced the release of its wallet code into open-source as well as a browser-based full node to improve platform security following the Bitfinex hack.

Also read: Former Tradehill Founder Starts Another Bitcoin Dark Pool

Open-Source Wallet Code Released by Purse

Purse has added some new features to the platform such as a new tracking system, added packing/shipping data, and improved its user interface. Additionally, the business has hired more personnel doubling its support staff. Purse says the improvements should cut down ticket times and give a lot more information on tracking and shipping.

It has also open-sourced its code and released a browser-based full node. The company says the project bcoin.io will be the “backbone of our core Purse wallet, as well as many other future products.”

CEO and founder of Purse Andrew Lee says:

Bcoin is an open-source alternative to privatized solutions that reduces ecosystem system while allowing builders to retain control of wallets / funds. Stay tuned for announcements including technical details and new products!

Open-Source for ‘Philosophical Reasons’

Purse described why they decided to open-source the code and develop bcoin.io for philosophical reasons over the Medium blog. The company referenced the Bitfinex hack as an unfortunate time within the Bitcoin space. Purse believes being transparent with bcoin.io and its source code is the best way to curb such incidents. The firm explains in the blog post:

Esoteric knowledge pertaining to securing consumer funds for bitcoin should not be proprietary. At Purse, we will stand by this belief by open-sourcing our wallet infrastructure to accelerate collaboration in the bitcoin industry. Let’s build a safer, brighter future for bitcoin together.

Purse says that instead of open-source collaboration to improve security some Bitcoin companies have decided to rely on centralized security models. With the Bitfinex incident, the exchange put all “its eggs into one patented basket.”

By outsourcing security to BitGo, the exchange had become dependent on the third party to keep its customer’s funds safe and this method became the vector of attack. Moreover, this also prevents the exchange from learning how to improve their architecture.

“Companies also miss out on opportunities to accrue knowledge necessary to optimize their product(s), and instead, aggregate ecosystem risk,” the Purse team adds.

Expect many more announcements and features to come in the following weeks.

What do you think about Purse’s bcoin project and new marketplace features? Let us know in the comments below.

Images courtesy of Pixabay, Purse.io