Author: Tamas Blummer 2014-03-29 08:44:53
Published on: 2014-03-29T08:44:53+00:00
In an email sent to Matt Whitlock, Tamas Blummer proposed using Shamir's Secret Sharing to decompose a seed for a BIP32 master key, which he believes is more future relevant than a single key. He suggested adapting the BIP for a length used there typically 16 or 32 bytes and having a magic code to indicate its use as key versus seed. In response, Matt Whitlock described a method for dividing a Bitcoin private key into shares using Shamir's Secret Sharing Scheme, which allows for reconstitution of the key from any sufficiently large subset of the shares without revealing information about the key. He also proposed an encoding methodology to standardize transmission and storage of shares. The complete BIP was provided on GitHub and Matt Whitlock invited comments, questions, and suggestions.
Updated on: 2023-06-08T17:16:22.060723+00:00