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



Summary:

In an email conversation, Alan Reiner expressed concerns about the usability of obfuscating information and the potential risks it can bring for users. He explained that users may accidentally mix different types of fragments or distribute too many, which can lead to insecurity or difficulty in restoring their wallets. However, he acknowledged that attackers may still be able to figure out the information despite the obfuscation. Matt Whitlock, who proposed the obfuscation method, was convinced by Reiner's argument but ultimately decided that his proposal was unnecessary based on the consensus of others. Reiner suggested making the threshold an option, with verification as default, to accommodate a few cases where high thresholds and tamper-evident seals would be useful, but physical security measures would generally suffice.


Updated on: 2023-06-08T17:16:51.266689+00:00