Author: Tamas Blummer 2014-03-29 13:38:53
Published on: 2014-03-29T13:38:53+00:00
In a discussion on the Bitcoin-development mailing list from March 2014, members talked about the merits of Shamir's Secret Sharing Scheme versus multisig for higher security cold wallets. While Shamir allows users to store two shares in two locations instead of storing an encrypted seed in one location and the passphrase in another, the scheme has more of a DIY factor and requires policies such as "no key reuse". Multisig transactions offer fine-grained specificity of what a key holder may approve and define security at the transaction level. However, Shamir can still have occasional uses for splitting a wallet seed for higher security purposes. Despite this, ongoing shared accounts like corporate accounts are still best off using multisig or the n-of-m ECDSA threshold scheme proposed by Ali et al.
Updated on: 2023-06-08T17:09:56.633065+00:00