Presenting a BIP for Shamir's Secret Sharing of Bitcoin private keys

Author: Tamas Blummer 2014-03-29 08:34:25
Published on: 2014-03-29T08:34:25+00:00

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Summary:

Tamas Blummer, the founder of Bitsofproof, has implemented Shamir's Secret Sharing on GitHub, but lacked serialization. He thanked Matt Whitlock for defining and starting the serialization process. The method divides a Bitcoin private key into shares which can be reconstituted from any sufficiently large subset of the shares without revealing information about the key. Matt Whitlock proposed an encoding methodology to standardize transmission and storage of shares in a Bitcoin Improvement Proposal (BIP) that he hopes will be added to the bitcoin/bips repository. Comments, questions or suggestions are invited.

Updated on: 2023-06-08T17:11:15.514067+00:00