Author: Hugo Nguyen 2021-04-09 14:54:11
Published on: 2021-04-09T14:54:11+00:00
The Bitcoin Secure Multisig Setup (BSMS) BIP has undergone important updates in the last month. The BIP proposes a standard for combining multiple devices to create a secure multisig wallet setup. The roles of Coordinator and Signer are abstract, meaning that in theory, a Signer can also be the Coordinator. The same criteria for trust applies equally to both roles. Local and remote multisig use cases are both valid and currently being used, so the standard should accommodate both. One concern is losing multisig setup context, which could result in lost coins. A future standard or extension should recommend an encryption convention for the descriptor data, ideally allowing decryption with any of the seeds to access the full setup. Smaller suggestions include using magic bytes for file extensions, indicating encrypted content, and using plaintext files for human readability. There should also be a way for signers to communicate their capabilities, and path restrictions allow for extending on the spec.
Updated on: 2023-06-14T17:36:22.569735+00:00