Published on: 2011-08-27T01:36:19+00:00
In 2011, Gavin Andresen proposed the idea of using multi-signature transactions to secure Bitcoin wallets. He initiated a discussion to seek consensus on this concept. While some argue that external private key protectors could address the issue, others suggest contacting the authors of a research paper that presents a scheme for splitting a private key between two individuals.Despite differing opinions, Gavin believes enabling a new set of standard multi-signature transactions would be beneficial. However, concerns have been raised about the compatibility of new bitcoin addresses with older clients and the larger size of these addresses. Possible solutions include hashing concatenated addresses or supporting a longer N-address type for multisig destinations.In an email thread, Gavin suggests that multi-signature transactions are the most efficient way to secure Bitcoin wallets. He proposes discussing open-source, patent-free, and thoroughly-tested code for DSA-key-splitting. Despite arguments against the proposal, Gavin believes enabling new "standard" multisignature transactions is advantageous.However, Gavin expresses concern about the lack of consensus on digest function usage and the need for a new opcode for arbitrary boolean expressions involving keypairs. This delay in reaching an agreement could result in continued wallet loss or theft. Suggestions are made to focus on feature roadmaps, bug fixing, testing frameworks, or even forking the project to individuals capable of implementing these tasks.Overall, the author suggests that multi-signature transactions offer a quick solution for securing bitcoin wallets. They seek open-source, patent-free, and thoroughly-tested code for DSA-key-splitting. Consensus is being pursued for low-level "standard" transactions involving 2 or 3 key signatures. Despite arguments against the proposal, the author believes enabling new "standard" multisignature transactions is beneficial. However, their main concern is the potential loss or theft of wallets if there is no consensus on the correct approach.
Updated on: 2023-08-01T02:18:45.266576+00:00