There’s a new kind of transaction platform coming to the crypto scene and it’s different from the rest. Stash is a platform that offers fast and low cost off-blockchain transactions in a trustless manner. Off-chain transactions are movements of value outside of a blockchain and by using this method there can be some positive outcomes such as speed and greater functionality. The team members of Stash are ready for their software to disrupt the entire financial tech industry.
“We’re committed to furthering our vision of complete user autonomy. Anything less than cryptographic proof is simply unacceptable – especially when it comes to people’s money.”
— Chris Odom, Stash
Stash was founded by Chris Odom, creator of Open-Transactions and co-founder of Monetas, and Cliff Baltzley, the founder of Hushmail. The two Stash founders are keeping solid attention to their users’ access to recovery without backups, personal keyspace, and payment codes by researching these fields for future development.
The software they’re developing integrates Open-Transactions with Bitcoin to add a multisig pools layer, allowing users to retain 100% control over their funds even while transacting off-blockchain. That’s in contrast with existing services who take possession of user funds in order to provide advanced functionality such as bid/ask exchange, versus Stash’s software, which is able to provide such advanced functionality without a server taking possession of the user’s funds.
The team has a robust wallet that works with colored coins, fast off-chain transactions and multisig technology. Stash’s multisig technology is different than any other multisig used by existing providers in the crypto space. User funds are stored in a Stash Pool, allowing all transactions to occur “off-blockchain” using Open Transactions unforgeable receipts. Users themselves maintain all of the wallet’s functionality even if the user is offline and also while funds are locked safely in the multisig pool.
There is no other multisig provider able to accomplish this. The wallet itself is based on Open-Transactions with a variety of useful financial tools such as cheques, vouchers, receipts and even smart contracts. Right now the platform targets Mac, Windows, and Linux operating systems. A mobile version is coming in the near future. Users always are 100% in control of their funds and perform transactions on the client side of the software. Another astounding highlight to the software is “Untraceable Cash” — an offering allowing users to gain a superior form of fungibility. The best part about the untraceable cash feature is that “it’s fully functional in the wallet now” they say.
The team of six developers have worked hard to “change the economics of the industry.” Co-founder Chris Odom said:
“Services running our software will be incapable of stealing or losing customer funds, because they will never receive nor store those funds in the first place.”
— Chris Odom, Stash
Stash wants to make the need for trust obsolete in the crypto and FinTech environment. Odom and Baltzley grew tired of seeing the hacks, scams and thefts in the Bitcoin space. The team realized that all of the services within the cryptocurrency environment share one similar problem: holding user funds. Stash technology eliminates the need for a man in the middle and they want their business actions to create a new “normal” in the Bitcoin industry.
Stash CEO and co-founder Cliff Baltzley said,
“We’ve noticed a disturbing trend in our industry: Companies with crypto-products which start out having open source or publicly audit-able code, but eventually end up with closed proprietary source code.”
— Cliff Baltzley, Stash
“Therefore, we have taken a number of steps to ensure that Stash is a company that always has source code and protocols fully available to each and every user to view and dissect. Certainly wherever it might pertain to users’ power to manage their own money, data communications, and privacy thereof. We have established this as a core legacy value of our company, including the eventuality of when the founders are no longer alive or active shareholders of Stash.”
It seems this crypto duo is bringing the game to a whole new level. Odom and Baltzley have a strong background in crypto and a desire to bring its benefits to the people. Cryptocurrency is about open source code in a true peer-to-peer environment that’s entirely decentralized. Stash aims to capitalize on that last point immensely with their software. With a protocol that performs in a “low trust way”, a service like this will clearly step over the competition. Right now in the cryptocurrency space if the team brings this kind of versatility to the Bitcoin atmosphere it will be by leaps and bounds.
What do you think of Stash? Let us know in the comments below.
Images courtesy of Shutterstock, Stash, Pixbay, and Redmemes
Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.