Does multisig need to be all set up at one time?

Abdussamad

legendary

Activity: 3682

Merit: 1580

Quote from: nvmind on January 16, 2018, 07:38:13 PM

We are looking at setting up a multisig Electrum wallet 2 of 3. When looking it seems you need to have all three people set up at the same time, this is very inconvenient for us. Is there a way to avoid this?

Yes it's possible to do this asynchronously. Instead of creating a multisig wallet have everyone create a standard wallet first. Then have them exchange master public keys (MPK) which they can get from wallet menu > information. After that they can create a multisig wallet inputting the seed of their own standard wallet as the first cosigner and then the MPKs of the other 2 cosigners.

nvmind

newbie

Activity: 17

Merit: 0

It seems from my trials that the individual wallets have to be running there does not seem to be a way to save the state, and transfer the keys to each other. If you close the wallet part way it does not save. You end up with new key next time it runs.
Maybe I missed something or made a mistake.

pooya87

legendary

Activity: 3472

Merit: 10611

well to "create" the wallet you will need all 3 keys to generate the master key and have all the addresses. but these keys can be created separately and at different times and when you 3 were all ready you start sharing the pubkeys with each other and "create" the wallet then.

but in order to get the final multi signature address you will need all 3 keys at the same time.

nvmind

newbie

Activity: 17

Merit: 0

We are looking at setting up a multisig Electrum wallet 2 of 3. When looking it seems you need to have all three people set up at the same time, this is very inconvenient for us. Is there a way to avoid this?

Topic: Does multisig need to be all set up at one time? (Read 99 times)