Author: bgroff at lavabit.com 2011-06-22 20:44:38
Published on: 2011-06-22T20:44:38+00:00
Gavin Andresen proposed the idea of publishing a new type of bitcoin address called "m of n address" that requires m out of n signatures to spend. The proposed use-case for this browser-centric flow is a 2-of-3 scenario, where the user selects a transaction observer and is redirected to the observer by the merchant. The observer presents the multisign address and terms and conditions, under which the observer will sign. The user copy/pastes the multisign address to their bitcoin client and sends funds. After some blocks pass by, the merchant ships the product. For redemption, the merchant reminds the user to release funds, and the user creates a partial tx, which pays out to merchant-addr and emails or copy-pastes it to the merchant. Finally, the merchant signs and publishes the tx. This process requires two pastes for funding and one paste for redemption. A browser plug-in would reduce the user effort to a couple of confirmatory clicks.
Updated on: 2023-05-26T18:13:51.964180+00:00