Author: Gavin Andresen 2014-03-10 17:49:04
Published on: 2014-03-10T17:49:04+00:00
The writer shares their process for standardizing something, which involves someone having a great idea, implementing it, receiving agreement and refinement from others, and finally achieving standardization. They then compare this to the current state of multisig wallets, which they believe are at step two of the process. The writer suggests that a BIP (Bitcoin Improvement Proposal) for a payment protocol using multisig may be beneficial, as setting up multisig is currently a complex process that requires exchanging public keys and generating addresses and scripts. The writer notes that this complexity can lead to security issues, such as malicious parties setting up multisig addresses with incorrect parameters. They also mention an attempt at creating a browser interface for multisig, but note that it lacks the ease of use provided by the payment protocol. The writer proposes that a BIP could aid in future usability of multisig wallet implementations.
Updated on: 2023-06-08T14:38:09.799853+00:00