late night typo.4. Is great suggestion, if we do 2 of 4, the 4th key could be held by an attorney or trust agent.
Thanks again.
Topic: Electrum Multisig what is the Recovery process? (Read 461 times)
Thanks, yes Multi-sig not Multibit late night typo.
4. Is great suggestion, if we do 2 of 4, the 4th key could be held by an attorney or trust agent.
Thanks again.
late night typo.4. Is great suggestion, if we do 2 of 4, the 4th key could be held by an attorney or trust agent.
Thanks again.
I went back through the forums and could not find a detailed explanation of the following.
If I setup a 2-3 Multisig Wallet to be handled between 3 owners.
What is the backup and recovery process?
We have copied down the seeds, but are not clear with regards to the following.
1. If 2 of the wallets are lost or unrecoverable does this mean the funds are locked and unrecoverable?
2. Can the privatekey from one of the wallets be exported and then swept into a new standard wallet?
3. I am assuming the normal restore for a recovery wallet, is Restore>Multibit > Seed and pubkeys of cosigners?
4. Can anyone recommend best practices for backing up multi-sig wallets, we are concerned with a scenario where 2 of the signers are incapacitated or lose their wallets, what would be a recovery process or fallback. At same time don't want to create an attack vector by having the backups in a single location.
The transaction has to be signed with the minimum specified signatures for it to be valid. Hence,If I setup a 2-3 Multisig Wallet to be handled between 3 owners.
What is the backup and recovery process?
We have copied down the seeds, but are not clear with regards to the following.
1. If 2 of the wallets are lost or unrecoverable does this mean the funds are locked and unrecoverable?
2. Can the privatekey from one of the wallets be exported and then swept into a new standard wallet?
3. I am assuming the normal restore for a recovery wallet, is Restore>Multibit > Seed and pubkeys of cosigners?
4. Can anyone recommend best practices for backing up multi-sig wallets, we are concerned with a scenario where 2 of the signers are incapacitated or lose their wallets, what would be a recovery process or fallback. At same time don't want to create an attack vector by having the backups in a single location.
1. Yes. For 2 of 3 multisig wallets, the minimum signature is 2. If 2 of the keys are lost, the funds would be trapped since any transaction cannot be valid without at least 2 signatures.
2. Yes. The addresses from the wallets are still usable.
3. I'm actually rather confused with what you mean by "recover wallet" and you mentioning "Multibit" Electrum sub forum
.But yes. If you want to restore the multisig address on your Electrum, use the restore/import option then select multisig.
4. For n-of-m multisigs, increase the m value and give it to more individuals. You will have more fallback in this case.
I went back through the forums and could not find a detailed explanation of the following.
If I setup a 2-3 Multisig Wallet to be handled between 3 owners.
What is the backup and recovery process?
We have copied down the seeds, but are not clear with regards to the following.
1. If 2 of the wallets are lost or unrecoverable does this mean the funds are locked and unrecoverable?
2. Can the privatekey from one of the wallets be exported and then swept into a new standard wallet?
3. I am assuming the normal restore for a recovery wallet, is Restore>Multibit > Seed and pubkeys of cosigners?
4. Can anyone recommend best practices for backing up multi-sig wallets, we are concerned with a scenario where 2 of the signers are incapacitated or lose their wallets, what would be a recovery process or fallback. At same time don't want to create an attack vector by having the backups in a single location.
If I setup a 2-3 Multisig Wallet to be handled between 3 owners.
What is the backup and recovery process?
We have copied down the seeds, but are not clear with regards to the following.
1. If 2 of the wallets are lost or unrecoverable does this mean the funds are locked and unrecoverable?
2. Can the privatekey from one of the wallets be exported and then swept into a new standard wallet?
3. I am assuming the normal restore for a recovery wallet, is Restore>Multibit > Seed and pubkeys of cosigners?
4. Can anyone recommend best practices for backing up multi-sig wallets, we are concerned with a scenario where 2 of the signers are incapacitated or lose their wallets, what would be a recovery process or fallback. At same time don't want to create an attack vector by having the backups in a single location.
Jump to: