Author: Paul Brown 2018-04-25 09:35:03
Published on: 2018-04-25T09:35:03+00:00
Paul Brown has written a new BIP (Bitcoin Improvement Proposal) describing a BIP32 derivation path that supports a single or multi-signature and multi-coin wallet from a single master seed. This BIP combines BIP44 and BIP45, and adds in a self-describing structure in the derivation path for multiple multi-sig combinations within the single wallet along with an extended public key export file format for public key distribution between parties. This could be particularly useful for multiple Lightning Network 2of2 accounts for different payment channels. The BIP text and example paths used to generate keys can be found on GitHub. BIP44 has been widely adopted, however, it leaves itself open to a lot of interpretation from a wallet portability perspective. BIP45 solves the collision that occurs when the individual parties in a multi-sig group each give out a new address from a wallet, but drops the multi-coin support that BIP44 has. Brown's proposal addresses both issues. He highlights the problems of collisions and the merits of separating cosigners in the derivation path. Brown temporarily assigned the proposal number "46" for the purposes of the BIP text, as this number was available and seemed appropriate given that it builds on the good work of BIP44 and BIP45.
Updated on: 2023-05-20T05:26:40.511267+00:00