Topic: Let's try this: We need a hot wallet that takes multiple devices to control (Read 556 times)
March 11, 2014, 11:03:52 AM
Well done! Very interesting in looking how does it actually work
March 10, 2014, 09:06:50 PM
I don't really understand how this differs from multi-signature transactions.
On application of multi-signature transactions, via Pay-to-Scripthash, is requiring m of n people to sign any transaction.
Obviously to do that securely, each participant should use their own device.
On application of multi-signature transactions, via Pay-to-Scripthash, is requiring m of n people to sign any transaction.
Obviously to do that securely, each participant should use their own device.
This is a discussion about making multi-signature transactions very easy for the average user to create/maintain/spend in a local wallet GUI across multiple devices.
Let me just boot up my bitcoin-qt client and show you how easy this- ...oh wait, it can't be done yet.
March 10, 2014, 03:09:05 PM
I don't really understand how this differs from multi-signature transactions.
On application of multi-signature transactions, via Pay-to-Scripthash, is requiring m of n people to sign any transaction.
Obviously to do that securely, each participant should use their own device.
On application of multi-signature transactions, via Pay-to-Scripthash, is requiring m of n people to sign any transaction.
Obviously to do that securely, each participant should use their own device.
March 10, 2014, 12:41:40 PM
Very interesting concept. I would like to see it myself too.
March 10, 2014, 12:30:38 PM
So use multi-signature transactions right? Great!
Now ask yourself, why isn't multi-sig more prevalent? Because its usability is still awful.
It's still beyond the average user to set up, maintain, and spend from multi-sig addresses. Various online tools exist that can help, but running to a hosted website for each new spend or multi-sig address shouldn't be the end-all solution for bitcoin users. Instead, it should be possible to design a locally run wallet with a simple user interface that can easily split up the control over multiple devices.
I'm posting it here for comment and critique because I just want to know if this idea sounds feasible. Feel free to poke holes in it and call out what doesn't make sense. If executed properly, we'll end up with a dynamic program that can create a variety of customized, secure, and persistent multi-sig setups.
2-of-2 setup
2-of-3 setup.
Now ask yourself, why isn't multi-sig more prevalent? Because its usability is still awful.
It's still beyond the average user to set up, maintain, and spend from multi-sig addresses. Various online tools exist that can help, but running to a hosted website for each new spend or multi-sig address shouldn't be the end-all solution for bitcoin users. Instead, it should be possible to design a locally run wallet with a simple user interface that can easily split up the control over multiple devices.
I'm posting it here for comment and critique because I just want to know if this idea sounds feasible. Feel free to poke holes in it and call out what doesn't make sense. If executed properly, we'll end up with a dynamic program that can create a variety of customized, secure, and persistent multi-sig setups.
2-of-2 setup
2-of-3 setup.
Jump to: