FIX Network Becomes First Open Source Project to Sign a Bitcoin Message Over Cellular Network
FIX Network, a core project of New Capital that aims to secure digital assets and identities on mobile devices has taken a giant leap forward in its goal to secure private keys and transactions on SIM cards. The company has become the first project to sign a Bitcoin message over the air, opening a new door to the possibility of storing private keys and executing cryptographic operations on SIM cards.
A FIX-enabled SIM card was used for the proof-of-concept testing. The SIM card which supports advanced hashing algorithms was used to sign transactions over a customized OTA gateway. While announcing the milestone, the FIX team shared the remarks of Frank Kleinewoerdemann, a cellular security specialist and contributor to the FIX Network project, stating:
This achievement serves as validation and proof-of-concept of our core technology of storing and managing private keys on SIM cards, and facilitating the completion of public and private signatures over the air.
The FIX Network Security Protocol protects the digital identities and assets of users by securely storing their private keys on mobile devices, away from the apps running on the device and public networks.
With regards to usability, existing cellular networks can use the FIX Network Security Protocol to offer advanced OTT services to their customers. This includes (but not limited to) digital identity management, cryptocurrency wallets, mobile banking and securing personal data. Additionally, upon full deployment, the tech will help prevent SIM swap frauds.