FlyCoin Inks Partnership with BitGo

FlyCoin, a cryptocurrency-based travel rewards company, announced on Wednesday that it had signed a partnership with BitGo, a digital asset financial services provider. According to the press release, with BitGo’s US Qualified Custody Solution, FlyCoin will hold a significant portion of its minted cryptocurrency token, FLY. Earlier this year, FlyCoin raised $33M in seed funding.

As part of their advisory team, the company announced major crypto heavyweights Lisa Nector and Rena Shah. Flycoin’s other partners include ThanksAgain, Foley Wines and Ravn Alaska Airlines.

“As we continue to grow Flycoin’s ecosystem of partners and end-users, it is critical that we properly safeguard these digital assets. BitGo’s reputation and credibility as a global leader in digital asset cryptocurrency are unmatched, and a key factor in our decision to partner with them in this capacity,” Lenny Moon, FlyCoin’s CEO, commented.

Kai Kono, the Managing Director of Global Head of Digital Asset Sales at BitGo, added: “I am very pleased to work closely with the FlyCoin team and for BitGo to be a trusted partner in their journey to revolutionize the travel rewards industry through the use of  blockchain 
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their…