Our team of passionate creators works side-by-side with our partners to deliver outstanding and secure software for BullionCoin

Our Cryptology

The BullionCoin Exchange (BCX) uses industry-standard public-key cryptography tools and techniques, which means the code is well tested and well understood.

To authorise transactions, the initiator must generate a hash, using SHA256 algorithm, and sign it with a private key using Ed25519 algorithm. These steps cryptographically provide proof that the sender was authorised to make the transaction.

Our Privacy

The cryptographic system ensures that all private data (including balance of account, transaction history, etc.) remains secure from potential attackers. The BCX blockchain is fully private so victim selection for targeted attack is a much more complicated process.

To perform requests for transaction history, balances, trading history or personal information, BCX requires a user to sign a request using their private key. Using this approach, only admins and users who were authorised by the account holder, are able to get access to sensitive data.

About Key Storage

All keys are stored in a subsystem called the “Key Server”. Before adding a new client key, we first generate a unique key identifier using a password-based key derivation function called Scrypt.

As an input the user’s login is used. Then s password and unique salt is generated on the client side. The key identifier is then used to prove and verify with our server, that the requestor actually knows the password without the need to send it to us.

To encrypt a user’s private key, we use AES-256-GCM algorithm and the user’s password as the encryption key. After this extensive process, the key identifier and encrypted private key are uploaded to our Key Server. Using this approach, the user’s sensitive data is never stored directly in our system, so not even admins have access to it.

To ensure that a user’s key is further secured, we use a 2-factor authentication using Google’s Authenticator (MFA) to retrieve encrypted keys from the storage.

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