Author: Peter Vessenes 2013-02-25 19:44:02
Published on: 2013-02-25T19:44:02+00:00
A 'dead' button idea is being discussed where pre-generated transactions are sent to a previously secured set of addresses in case of an emergency. A long-term storage address or set of addresses is used to store coins, and in case of panic, the previously signed transactions send value over to emergency storage. If some BTC has been sent/received from the long-term storage, the panic transaction would only catch some of it. However, the panic transaction leaking has lower security requirements than private keys, preventing the loss of all coins. The idea could be paired with a server that checks for unauthorized transactions on the blockchain for a reasonable automated security layer. There are also differing opinions on the effectiveness of this approach for enterprise scenarios.
Updated on: 2023-06-06T10:13:12.446117+00:00