Author: Rick Wesson 2011-08-24 15:55:41
Published on: 2011-08-24T15:55:41+00:00
In this email conversation between Gregory Maxwell and Gavin Andresen, they discuss the idea of using multi-signature transactions to create highly secure Bitcoin wallets. While Maxwell acknowledges that other solutions exist, such as external private key protectors, he agrees that multi-signature transactions are a valuable tool to have. They also discuss the possibility of defining new standard multi-signature transactions, which would require defining new Bitcoin addresses that are compatible with old clients. However, there is concern about the size of these new addresses and their potential incompatibility with old clients. They suggest hashing an ordered concatenation of many addresses as a possible solution. Additionally, they mention the possibility of supporting a long N-address address type for multisig destinations now, and deferring the 'compressed version' until after people have experience with this usage. The only limit to this approach is that old clients couldn't send funds to escrow addresses. Overall, they agree that multi-signature transactions are a useful tool to have and should be explored further.
Updated on: 2023-05-26T20:28:04.971557+00:00