Elray Resources, Inc (OTCBB:ELRA), through its online gaming and turnkey solution subsidiary Elray Gaming, announced a security outline for the storage and holding of virtual currencies on their Dynasty Credit Exchange.
The Company announced, in response to recent events with respect to the MtGox Bitcoin Exchange, that it has a unique protocol for the secure holding of virtual currencies coins such as the Bitcoin. This protocol adds further value to Elray's offerings and will result in additional support for its Dynasty Credit Exchange.
Elray's wholly owned business, the Dynasty Credit Exchange, is not a traditional exchange for virtual currencies, but rather a secure private network for customers to trade and secure virtual items and currencies such as Bitcoins. Elray holds these virtual currencies on behalf for their clients in an offline armory. All holdings are secure by virtue of the fact that the storage of the currencies is offline and not susceptible to the ongoing hacking and attacks that are being experienced by online exchanges. In addition to being stored in an off-line environment, Elray has a fragmented hard copy backup of all currencies ensuring that no one or two parties can collaborate to steal the coins but 3 or more trusted parties together can retrieve the currencies if the need eventuates.
The unique Virtual Currency exchange allows owners of Virtual currency to depend on Elray to hold their currencies in a secure environment.
Mr. Goodman, the CEO of Elray, commented: "The digital currencies are not going away, the driving forces are simply too powerful - crypto-currency is around to stay and the changes to our global economy because of it will be staggering. Crypto-Currency is cutting edge technology and is one of the most innovative sectors in the technology arena. The challenges are real and obvious and regulation will follow. The trading and securing of Virtual currencies will evolve and become more acceptable over time. Anyone wishing to own a crypto currency should utilize a third party such as the Dynasty Credit Exchange to secure the currency. An analogy is using a bank to manage and hold your funds as opposed to storing cash in your mattress at home."
Our unique protocol allows us to hold Virtual Currency on behalf of our clients within our network and this will build both credibility among our customers, and reduce any liability risk to the company going forward.
Online Storage
We provide the option for players to exchange their credits and other virtual items for virtual coins, such as Bitcoin and Litecoin, but do not store any customer coins in an online environment. Dynasty will only hold a small amount of its own coins in a secure online environment and all customers coins are maintained in an Offline Armory ensuring safety and security.
Offline Storage
All coins are held on behalf of our clients in an Offline storage Armory, or in what they call "cold storage" armory, which provides the highest level of security for savings. It involves storing a wallet in a secured place that is not connected to a network or the internet, and it offers protection against computer hacking and internet theft providing a secure environment for customers.
Brian Goodman, the CEO of Elray Gaming, commented, "Due to recent security breaches at such exchanges as MtGox and Flexcoin, we thought it important to establish a security protocol for the holding of any virtual currencies within our network. Since Dynasty is not an exchange, but rather a private network, we would not be required to hold any customers coins in an online or networked environment, thus reducing any liability risks for our exchange model."
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