Decentralised wallet provider Airbitz is offering users a more secure means to buy and sell Bitcoin directly from its app, using its Edge Security platform and BitID protocol which does away with password/usernames.
Edge Security works by securing personal devices of end-users such as phones, tablets, etc., rather than trying to secure the central servers where data is held.
This means no user account data is transmitted from the device before it’s encrypted, and cannot be viewed or accessed by the service provider. So instead of user accounts being stored in one concentrated location that that aggregates all the valuable data and is a huge incentive to attack, the data is stored in small encrypted files and the value is much harder to find, said Airbitz.
Decentralised value requires more resources to hack since more devices need to be attacked to find this value and the payoff is nowhere near as high as hacking a traditional enterprise server, reasons Airbitz. In addition this system has fall backs to protect against some degree of human error, which more so that theft, has caused the loss of thousands of bitcoin; users are not always great with physical security or remembering to back up our data.