What is Split Wallet on www.bitaddress.org ?

Muhammed Zakir

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I prefer Zakir over Muhammed when mentioning me!

You might want to read https://bitcointalksearch.org/topic/what-is-mean-by-enter-available-shares-in-bitaddressorg-826374.

Quote from: User365 on July 06, 2017, 05:44:38 AM

-snip-
BUT, the public address is f.e. 14DMsSty9S6M51Bxh3X2ZiFhRvdfNhXAjV, why is that? I thought multisig adressess always start with a 3? Is the 3 at the beginning only optional?

Address starting with 1 is pay-to-pubkey-hash (P2PKH) and address starting with 3 is pay-to-script-hash (P2SH). You can't interchange 1 & 3 or any other letter in an address. It will result in an entirely different address than yours or end up with an invalid(unusable) address.

https://bitcointalksearch.org/topic/m.11410590

DannyHamilton

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Quote from: krishnapramod on July 06, 2017, 06:11:13 AM

As the name suggests, split wallet splits the private key into different shares.

Correct. It is still 1 private key, but that key is split up into pieces. You have to have enough pieces to reassemble the original single private key in order to spend any bitcoins. Once you've reassembled the single private key you could import it and use it just like any other single private key address.

Quote from: krishnapramod on July 06, 2017, 06:11:13 AM

It is an older version of multi-sig.

Incorrect.

Transactions that make use of the address to receive bitcoins will still require only a SINGLE signature from the SINGLE private key that is reassembled from the pieces. Since it doesn't require multiple signatures, it is NOT multi-sig.

Quote from: krishnapramod on July 06, 2017, 06:11:13 AM

You can share the different parts with different people and later based on the minimum share threshold needed to combine, different shares can be combined to get the whole private key.

Correct. Or you could store the pieces in multiple locations, and later based on the minimum share threshold needed to combine, different shares can be combined to get the whole private key.

krishnapramod

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Quote from: User365 on July 06, 2017, 05:44:38 AM

I recently discovered split address on www.bitaddress.org, but I am not sure what this actually should be.

Basically you have one public adress and can choose how much "shares" (I assume those are priv keys, they look like it) are generated and how much of those are required to send from the address.

BUT, the public address is f.e. 14DMsSty9S6M51Bxh3X2ZiFhRvdfNhXAjV, why is that? I thought multisig adressess always start with a 3? Is the 3 at the beginning only optional?

As the name suggests, split wallet splits the private key into different shares. It is an older version of multi-sig. You can share the different parts with different people and later based on the minimum share threshold needed to combine, different shares can be combined to get the whole private key. Yeah it does not start with 3, but still valid. I would not recommend using bitaddress. Instead of using split wallet, just generate a multi-sig address.

User365

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Activity: 434

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physics, mathematics and engineering

I recently discovered split address on www.bitaddress.org, but I am not sure what this actually should be.

Basically you have one public adress and can choose how much "shares" (I assume those are priv keys, they look like it) are generated and how much of those are required to send from the address.

BUT, the public address is f.e. 14DMsSty9S6M51Bxh3X2ZiFhRvdfNhXAjV, why is that? I thought multisig adressess always start with a 3? Is the 3 at the beginning only optional?

Topic: What is Split Wallet on www.bitaddress.org ? (Read 618 times)