What is multi-sig escrow ? | Bitcointalksearch.org

ShakyhandsBTCer

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Quote from: Pkofet on June 11, 2014, 02:00:22 PM

Quote from: newIndia on June 11, 2014, 01:47:59 PM

I read it somewhere, but dont understand what is it ?

A m-of-n transaction means there are a total of n parties in the transaction, each with their own private key.
The transaction need to be signed with any m parties, to make it a valid transaction.

So, with a 2-of-3 setting, you can get 3 persons to be escrows, and you will have no problem even if one of them disappears.

For 2 - 3 you would have the buyer and seller each have one "key" and the escrow person would have one key

Ideally the transaction would go smoothly and you both sign a TX that sends the coins to the seller. If there is a dispute the escrow person will review the facts and send the coins to the buyer/seller based on the facts.

Pkofet

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Quote from: newIndia on June 12, 2014, 02:53:32 AM

Quote from: Pkofet on June 11, 2014, 02:00:22 PM

Quote from: newIndia on June 11, 2014, 01:47:59 PM

I read it somewhere, but dont understand what is it ?

A m-of-n transaction means there are a total of n parties in the transaction, each with their own private key.
The transaction need to be signed with any m parties, to make it a valid transaction.

So, with a 2-of-3 setting, you can get 3 persons to be escrows, and you will have no problem even if one of them disappears.

Thank u so much for the explanation.

No problem. I am happy to be helpful.

newIndia

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Quote from: Pkofet on June 11, 2014, 02:00:22 PM

Quote from: newIndia on June 11, 2014, 01:47:59 PM

I read it somewhere, but dont understand what is it ?

A m-of-n transaction means there are a total of n parties in the transaction, each with their own private key.
The transaction need to be signed with any m parties, to make it a valid transaction.

So, with a 2-of-3 setting, you can get 3 persons to be escrows, and you will have no problem even if one of them disappears.

Thank u so much for the explanation.

Quote from: Acidyo on June 11, 2014, 02:01:15 PM

Instead of creating a new thread you could have just asked it here in this thread: https://bitcointalksearch.org/topic/get-help-here-the-ultimate-help-thread-free-giveaways-645750

It was literally 2 threads above yours.

Thanks for pointing out. Mu next Q has gone to this thread => https://bitcointalksearch.org/topic/m.7266100 ...Lets c if I get satisfactory reply

Acidyo

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Instead of creating a new thread you could have just asked it here in this thread: https://bitcointalksearch.org/topic/get-help-here-the-ultimate-help-thread-free-giveaways-645750

It was literally 2 threads above yours.

Pkofet

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Quote from: newIndia on June 11, 2014, 01:47:59 PM

I read it somewhere, but dont understand what is it ?

A m-of-n transaction means there are a total of n parties in the transaction, each with their own private key.
The transaction need to be signed with any m parties, to make it a valid transaction.

So, with a 2-of-3 setting, you can get 3 persons to be escrows, and you will have no problem even if one of them disappears.

newIndia

legendary

Activity: 2226

Merit: 1052

I read it somewhere, but dont understand what is it ?

Topic: What is multi-sig escrow ? (Read 731 times)