New protocol to prevent fraud revealed by Bitcoin exchange Bisq

Friday 1 November 2019 13:11 CET | News

Non-KYC, P2P exchange Bisq has announced the launch of a revised trade protocol to help facilitate safety and trust on its platform.

As such, the decentralised exchange has upgraded its multi-signature trade protocol and account reputation system. Bisq’s platform was buit in 2016, and it allows its users to trade cryptocurrencies and fiat pairs. It uses a combination of multisig escrows and an arbitration process to govern honest trading on its open-source and Tor-enabled, peer-to-peer platform.

As per the new process, traders now sign a ‘time-locked transaction that pays out all multisig escrow funds’ to a new ‘donation address’. Also, either of the traders can publish the signature for the transaction on the network.

In a bit to facilitate the trustworthiness of account holders on the exchange, Bisq had to impose ‘a 0.01 BTC restriction on fiat trades’, while it looked into reevaluating its account aging conventions. This solution is called ‘account signing’.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: decentralised exchange, Bitcoin, Bisq, launch, scammers, cryptocurrency, account signing, Fiat, digital assets
Categories: DeFi & Crypto & Web3
Countries: World
This article is part of category

DeFi & Crypto & Web3