Topic: Some teasers of Nem's MultiSig. (Read 3174 times)

:O

Looks promising   

Here is a tutorial to test NEM. https://forum.nemcoin.com/general-discussion/how-to-use-multisig-on-nem-guide/?topicseen

Finally some good news, I'll be looking forward to this.
Downloaded the new wallet

NEM has it all 

fantastic work guys. keep it up 

Looks good.

BAM

Really Cool and Unique...........

I believe BTC is client based. Otherwise, why is everyone and his dog implementing client based multi-sigs for BTC? We have so many different versions of multi-sigs out there by so many of these BTC wallet players. Why is there even a need if it is part of the block chain? Why would they re-invent the wheel if it is on the block chain? Signatures are collected through some Pay to Script Hash or Pay to Public key Hash and then made into a BTC public Key to be transacted from an account with BTC sent in at the creation of the hash script. Once all sign with a combiner sitting somewhere, then if it is matched, the transaction is broadcast. Some people calls this a lockbox. The combiner's computer must be always on to transact. Hence it is client based and a round about way to manage multi-sig.

Most of these people who offer multi-sigs for BTC say something similar to this, "Once all the signatures are in order, the transaction IS THEN BROADCAST to the block chain."

In NEM's case, once a transaction is created, it is broadcast to the block chain for the rest to sign off. Nobody else needs to make sure his or her computer is turned on. The P2P nodes will manage the signatories thereafter. This is a significant and powerful difference.

BTC multisig is not enforced by the BTC blockchain, but at the client level. You need a lockbox (like armory) and then once the signatories approve it for the lockbox, it is then broadcast onto the BTC network.

With NEM, multisig works more like a special case of smart contract and is enforced by the blockchain itself. Multi-sig transactions are just a special case of regular transactions in NEM. This is orders of magnitude easier to use and safer.

NEM = smart money  

BTW, multisig is out now in the latest beta (0.5.4): https://forum.nemcoin.com/beta-launch-discussion/nem-beta-0-5-4/msg12346/#msg12346

yep.. kinda cool. mikey likes it.

Can't wait for launch!

The NEMolution is starting...

That's pretty cool!

I think what their getting at is that the "native" NEM client will have this feature right away when the btc qt wallet didn't for some time (maybe still doesn't ?)
They're both integrated into the blockchain though. Saying that btcs multi-sig is only integrated on the client side is just wrong (uness I'm missing something majorly which is absolutely possible and I Hope you'll enlighten me in that case ).

I don't have a lot of tech knowledge but I think I might be able to answer this.  The NEM multisig is more like an API I guess.  So any third party developer will be able to use multisig with any other developer's multisig.  Where as with Bitcoin Coinbase had to develop their own version of multsig, and so did Greenaddress and so did every other Bitcoin company out there.  They are all using their private version of multisig, all of which are very complicated and none of which are compatible.

Additionally because Bitcoin wasn't really designed for multisig at the start but it was kind of forced in there, it is very complicated to get working (thus the long and slow delay of people using it) but with NEM, the whole platform is being built from the ground up with the intention that multisig will be a core feature that other features will be built off. 

The ease of use in NEM will be much easier in NEM. (Have you ever set up your own multisig account on your home computer using the Bitcoin client? Well, in NEM you can.)

Further more, the utility for multisig in NEM will be far greater with all the applications that will now be able to make use of multisig. 

And another thing in NEM it is almost as easy to add 30 different people with 30 different accounts to multisig in NEM as it is to add 3, and just takes a minute longer. 

I don't understand the difference between client-based and blockchain (network) based. Can you explain it in more detail please?

Yep, it's all integrated into the blockchain.