THEYA - new mobile multisig wallet | Bitcointalksearch.org

Pmalek

legendary

Activity: 2730

Merit: 7065

Quote from: cygan on October 04, 2023, 11:14:18 AM

it is supposed to be a self-custody 2-3 multisig wallet.

Isn't using a word like self-custody to describe a multisig wallet the wrong terminology? Sure, if you are indeed the sole owner of 2 out of 3 private keys, you have the essentials that provide control of your coins. However, you have no knowledge of one key. Perhaps there should be a better term.

Quote from: BlackHatCoiner on October 04, 2023, 02:52:22 PM

Tips when using wallet software:

Don't use it it's exclusively available in mobile OSes.

Any particular reason why not? I wanted to mention Blue Wallet as an example, but remembered in the last second that they have a desktop variant even though it's only Mac.

Yamane_Keto

hero member

Activity: 406

Merit: 443

Quote from: cygan on October 04, 2023, 11:14:18 AM

general launch becomes available only after an audit of the vault architecture and key management has been completed in collaboration with a reputable security company

reputable security company With the multi-signature wallet option limited to 2-3 multisig wallets and there is definitely no guarantee that the wallet will be open source, it is much worse than the ledger recovery service with high fees due to multisig and may be exaggerated if the service is not well programmed. I would give them a try if they were taproot Multisig but there is no logical reason to use them and I can get those options with an open source wallet and lower fees.

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

Quote from: BitcoinsGreat on October 09, 2023, 07:46:45 AM

Can you guide/provide a link to set up Electrum 2FA properly?

https://electrum.readthedocs.io/en/latest/2fa.html
https://trustedcoin.com/#/

Regarding the Trustedcoin fee: https://trustedcoin.com/#/faq#fees

If you read the FAQ, you will understand necessary questions that you may have.

Also know that the 2FA is a 2-of-3 multisig. That can make the on-chain transaction fee a bit higher. It also important to backup your seed phrase. The seed phrase is not stored on the wallet. If you have your seed phrase, you have the full control.

BitcoinsGreat

sr. member

Activity: 1022

Merit: 280

Quote from: Charles-Tim on October 04, 2023, 11:32:15 AM

I think this will work like Mixin safe? Because of this:

Quote from: https://www.theya.us/

Full Control
With Theya multi-sig, you hold 2 of the 3 keys and have complete control over your wallet. Nobody can deny you access to your Bitcoin, not even Theya.

I am an Android user. Also I can not bother because I can use Multisig wallet on wallets like Electrum and Sparrow which gives me the full control.

I do not bother about inheritance that wallets like this are having as part of their features. With normal wallet, you can still have some ways inheritance is possible if the people that will inherit your coins know about how bitcoin wallet works and you can teach them.

Making transaction on wallet like this (I mean Theya) will have its own expensive fee.

Mixin Safe had one of the owner's key with them which was time locked. (At least they claim it to be time locked), Do Theya also claim that they have access to the private keys?
Those who know about Mixin, I don't think they will risk another such MultiSig wallet Huh

Quote from: Charles-Tim on October 04, 2023, 11:32:15 AM

I can go for Electrum 2FA which is safe if setup appropriately.

Can you guide/provide a link to set up Electrum 2FA properly?

Husires

legendary

Activity: 1596

Merit: 1288

I do not know who else private keys can be shared with, but we can understand from this that the private keys may leave the device. I cannot trust what they say, as even the 2 keys out of 3 can be known by a third party.

Quote

With Theya multi-sig, you hold 2 of the 3 keys and have complete control over your wallet. Nobody can deny you access to your Bitcoin, not even Theya.

They appear to be the ones who have the third key, and this means that you may need to provide your data if you lose one of the two keys.

Z-tight

hero member

Activity: 994

Merit: 1089

There is no advantage of using this wallet over creating a proper multisig wallet in Electrum. It is closed source, they don't generate a seed phrase and they say things like this:

Quote

Self-custody hardware wallets are a solution, but they come with their own set of challenges. They have a messy user experience, and users are responsible for managing their own setup, security, and backup keys.

Managing your security, keys, seed phrase, etc should not be a problem and looking for a solution to that is creating problems and ways for people to lose their money, just as ledger came up with their recover service, Theya's solution to all this by the way is:

Quote

Theya is simplifying the self-custody experience through a mobile-first multisig wallet that families can set up using iPhones and Apple Watches.

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

Tips when using wallet software:

Don't use it if it's closed-source.
Don't use it it's exclusively available in mobile OSes.
Don't use it if it provides no additional benefit to past software.

Quote from: Findingnemo on October 04, 2023, 12:33:20 PM

One more reason not to trust self-custodian wallets.

That is a reason to not trust custodial wallets which portray themselves as non-custodial. Mixin, Mixin safe, or whatever it was called, was not as much trustless / decentralized / non-custodial as they marketed.

dkbit98

legendary

Activity: 2212

Merit: 7064

Quote from: cygan on October 04, 2023, 11:14:18 AM

today i reliably came across the new mobile Theya Bitcoin wallet on the internet.

Must be ''good'' wallet because it's backed by world-class ''investors'' Tongue

Another wrong claim on their website is that hardware wallets have single point of failure.
This is not true for all hardware wallets, since they can all use multisig setup, and some of them have Shamir's Secret Sharing scheme as alternative.
You don't even have to use hardware wallet to create multisig setup, and you certainly don't have to use wallets with closed source code like Theya.

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

Quote from: Charles-Tim on October 04, 2023, 11:32:15 AM

I think this will work like Mixin safe? Because of this:

Quote from: https://www.theya.us/

Full Control
With Theya multi-sig, you hold 2 of the 3 keys and have complete control over your wallet. Nobody can deny you access to your Bitcoin, not even Theya.

But the same company also admitted that they lost over 200 million worth of user's crypto assets. One more reason not to trust self-custodian wallets.

Quote from: Charles-Tim on October 04, 2023, 11:32:15 AM

I am an Android user. Also I can not bother because I can use Multisig wallet on wallets like Electrum and Sparrow which gives me the full control.

I think we can compare this wallet with Nunchuk wallet, cause it seems lot of similarities in both but still Nunchuk has the better edge since its available on both Android and IOS.

As you said I don't know why people still go with custodial services when we have the option to go completely trustless for zero fees via electrum. Or still people feel maintaining the recovery seeds is overwhelming as these platforms claim?

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

I think this will work like Mixin safe? Because of this:

Quote from: https://www.theya.us/

Full Control
With Theya multi-sig, you hold 2 of the 3 keys and have complete control over your wallet. Nobody can deny you access to your Bitcoin, not even Theya.

I am an Android user. Also I can not bother because I can use Multisig wallet on wallets like Electrum and Sparrow which gives me the full control.

I do not bother about inheritance that wallets like this are having as part of their features. With normal wallet, you can still have some ways inheritance is possible if the people that will inherit your coins know about how bitcoin wallet works and you can teach them.

Making transaction on wallet like this (I mean Theya) will have its own expensive fee. I can go for Electrum 2FA which is safe if setup appropriately.

Orpichukwu

sr. member

Activity: 658

Merit: 387

I just subscribed to the whitelist right now and tried to use my old iOS phone to test run the app, but it appears that the app is restricted for people from my country, so even if I want to try using a VPN, it won't work unless I use an iCloud, which is registered under a different location in the US. To be exact, is there any reason for such restrictions?

cygan

legendary

Activity: 3304

Merit: 8633

Crypto Swap Exchange

today i reliably came across the new mobile Theya Bitcoin wallet on the internet. it is supposed to be a self-custody 2-3 multisig wallet. currently you can subscribe to the whitelist and test the beta version on ios at the same time. general launch becomes available only after an audit of the vault architecture and key management has been completed in collaboration with a reputable security company

https://www.theya.us/
https://apps.apple.com/us/app/theya-secure-your-bitcoin/id1669665032

Topic: THEYA - new mobile multisig wallet (Read 204 times)