Author: ZmnSCPxj 2020-02-28 13:10:27
Published on: 2020-02-28T13:10:27+00:00
The context discusses the limitations of Shamir split backups and mentions that the key can exist plaintext on a device at some point. It is suggested that non-interactive multisig is better as it allows signing transactions without having keys in the same room/place/device ever. However, there is still a place for Shamir split backups, especially in operational security scenarios. The best C-library for Shamir sharding of recovery seeds is available at the Blockchain Commons Github but needs refactoring to be a good standalone library. They are working on air-gapped open-source open hardware for seed creations and Shamir restoration. Longer-term, they want to leverage the VSS (Verifiable Secret Sharing) that future Bitcoin musig uses, which has advantages over Shamir Secret Sharing. Bitcoin multisig transactions are recommended as the best solution for self-sovereign recovery of funds vs using Shamir or SLIP39. The free #SmartCustody book offers current best practices for single seed recovery and is now working on v2 of the book, which will cover multisign and fiduciary scenarios now that PSBT is maturing and more wallets are improving multisig support.
Updated on: 2023-06-13T23:44:38.128897+00:00