Author: Vertoe Qhor 2015-04-16 13:11:01
Published on: 2015-04-16T13:11:01+00:00
A potential BIP (Bitcoin Improvement Proposal) called "Multi-Currency Hierarchy For Use In Multisignature Deterministic Wallets" has been proposed. The proposal's motivation is to limit the possible implementations of multi-currency, multisignature wallets and to enable the generation of litecoin or darkcoin multisigs without permission. The proposal suggests sticking coin type on the public derivation side of things so that a user can generate any desired currency of a wallet without requiring n xpubs where n is the number of currencies shared. On the other hand, William Swanson questions the uniqueness of this proposal as it seems quite similar to BIP 44 but with fields arranged differently. He suggests using the existing BIP 44 hierarchy but adding the convention that "wallet/account N" is the same wallet in each supported currency. In response, Kefkius states that this proposal exists because of BIP-0044, which also describes a multi-currency hierarchy. Therefore, he believes that this is an appropriate proposal for Bitcoin. Furthermore, Jona points out that the new proposal is a good fit for multi-currency wallets based on multisig but it is not an improvement proposal for Bitcoin. He disagrees that this proposal should be assigned a BIP number as it is improving altcoin usability. Kefkius agrees that it improves altcoin usability but still argues that it is appropriate as a BIP. Overall, supporters of the proposal argue that it is practical and already has a working reference implementation. They see no reason why this proposal should not be assigned a BIP number so that kefkius and his team could use the standard in Encompass and share it with other software packages interested in using deterministic cross-currency wallets.
Updated on: 2023-06-09T19:02:24.513661+00:00