Published on: 2015-04-16T13:11:01+00:00
A potential Bitcoin Improvement Proposal (BIP) called "Multi-Currency Hierarchy For Use In Multisignature Deterministic Wallets" has been proposed. The proposal aims to create a hierarchical structure for multi-currency wallets based on multisig, allowing users to generate any desired currency without requiring multiple extended public keys (xpubs). The proposal suggests sticking the coin type on the public derivation side of things so that users can generate litecoin or darkcoin multisigs without permission. However, there are concerns about the uniqueness of this proposal, as it seems similar to BIP 44 but with rearranged fields.The discussion also involves Alan Reiner's proposal for multisig address generation. His scheme is similar to BIP45 but collapses the "cosigner_index" and "change" fields into a single field with a different formula. William Swanson prefers BIP45's approach of giving each field its own dedicated purpose. He also discusses Airbitz's ideal HD tree structure, which would be BIP 44 plus some "no-collision" logic. Reiner explains his "no-collision" scheme for multi-signature wallets, which adds new internal and external chains without modifying the key tree structure. However, there is a debate about whether to add more levels to the key tree or more chains to the wallet.The email exchange continues with discussions about the benefits of a "cosigner_index" branch in multi-signature wallets. This branch ensures that different parties using a multi-sig wallet can accept payments from different sources but generate different addresses, adding privacy without additional cost. This structure allows for compatibility between XPUB's generated by different multi-sig wallets.The proposal for a multi-currency hierarchy in multisignature deterministic wallets is under discussion. Some argue that it is an appropriate proposal given BIP-0044's description of a multi-currency hierarchy, while others question if it improves Bitcoin and whether it should be assigned a BIP number. There are suggestions to use the existing BIP 44 hierarchy with additional conventions, and concerns about whether the proposal offers any advantages over BIP 44's structure.The proposal suggests a hierarchical structure for multi-currency wallets based on multisig, allowing users to generate different currencies without requiring multiple extended public keys. It aims to improve usability for altcoins but has raised questions about its relevance as a Bitcoin Improvement Proposal. There is ongoing debate about the benefits of the proposal and its potential impact on existing hierarchies like BIP 44.The potential Bitcoin Improvement Proposal (BIP) called "Multi-Currency Hierarchy For Use In Multisignature Deterministic Wallets" has been uploaded to Github for discussion and possible assignment of a BIP number. Some participants question the necessity of the proposal and suggest using the existing BIP 44 hierarchy with additional conventions. Others argue that the proposal improves altcoin usability but may not be relevant as a BIP for Bitcoin. The author seeks further discussion and feedback on the proposal.In summary, there are ongoing discussions about proposals for multi-currency and multisignature wallets. The proposed solutions aim to address the limitations of current systems and provide more flexibility and privacy for users. However, there are debates about the uniqueness and necessity of these proposals, as well as their compatibility with existing hierarchies. Participants in the discussions are seeking more clarification and feedback before deciding on assigning BIP numbers or implementing the proposed solutions.
Updated on: 2023-08-01T12:12:46.670263+00:00