Author: Simone Bronzini 2017-08-29 10:19:10
Published on: 2017-08-29T10:19:10+00:00
The email proposes a new structure to facilitate the management of different multisig accounts under the same master key, avoiding key reuse but still allowing cosigners to independently generate new addresses. It is important to have a better multi-account management method to handle multiple payment channels now that LN is becoming a reality. The draft of the BIP can be found on GitHub. Feedback is appreciated, particularly regarding coin_type level and SegWit addresses. Coin_type level is intended to allow users to manage multiple cryptocurrencies or forks of Bitcoin using the same master key (similarly to BIP44). There are legit objections that, since this is a Bitcoin Improvement Proposal, it shouldn't care about alt-coins. However, having a coin_type level improves interoperability with multi-currency wallets without major drawbacks. Moreover, even a Bitcoin maximalist may hold multiple coins for whatever reason (short term speculation, testing, etc).Since mixing SegWit and non-SegWit addresses on the same BIP44 structure could lead to UTXOs not being completely recognized by old wallets, BIP49 was proposed to separate the key space. The proposal assumes that wallets implementing it would be SegWit-compatible, so there should be no need to differentiate between SegWit and non-SegWit pubkeys. If someone believes this problem still holds, two possible solutions were suggested: create separate purposes for SegWit and non-SegWit addresses or create a new level on this proposed structure to divide SegWit and non-SegWit addresses. The latter solution would give the option of having a multisig wallet with non-SegWit-aware cosigners without having to use two different subtrees.This proposal is a work in progress, and feedback is requested before moving on with proposing it as a BIP draft. Simone Bronzini is the author of the email.
Updated on: 2023-06-12T15:15:46.864849+00:00