Bits was born in June, 20 14, and was upgraded to the second generation in September, 20 14, with a total initial release of 200 million. The second generation of bits has great innovations in algorithm, function and security, especially in mining and trading under the mechanism of multi-signature and SMS verification, which provides effective security protection for users' virtual currency assets, which may be the first in the world.

Multi-signature:

The new Bitcoin wallet introduces the multi-signature mechanism of Bitcoin and redefines a new storage mode, thus achieving a higher level of security. This is the core content of Bitland's wallet update, which makes payment and mining very safe.

Under the multi-signature mechanism, an address has two private keys. To transfer money from this address, it is necessary to sign these two private keys to complete the transaction. Among them, there are 1 private keys in the client's Bitcoin wallet, and the second private key is stored in the Bitcoin official website (or other custodian) server (only the user's password can be decrypted and can only be used through SMS verification). Hackers must conquer these two computers at the same time and obtain the password used by users to decrypt the private key of the server, so as to steal users' virtual currency, which greatly increases the difficulty.

Bitkin was originally an online virtual currency, which can be used to buy real-life items. Its characteristics are decentralization and anonymity, and it can only be used in the digital world. It does not belong to any country or financial institution and can be exchanged anywhere in the world, so it is used as a money laundering tool by some lawless elements.