3 ms·
Shamir's Secret Sharing allows this even without dealing with multisig wallets.
by MichaelGG 9y ago
Shamir's Secret Sharing allows this even without dealing with multisig wallets.
- Klathmon 9y agoThis is what I had in mind. And it can scale to any "n of m" you want, without any if the downsides if multisig wallets (namely larger transactions, and more complex Bitcoin wallets required) 2 of 2, 3 of 5, 7 of 10, etc...
- DennisP 9y agoI like the idea but I wish there were a widely-trusted implementation with public security reviews, maybe built into wallet software.
- Klathmon 9y agoIt's not a terribly large amount of code, and it's easy to test, even with a "live" key (since testing that any n of m can be recombined doesn't force a spend or reveal anything externally). Also, it's a fairly well-known system, so I don't see it being collectively "forgotten" on the timescale of a few decades (it's been around since the late 70's i believe). I'd love to get it integrated into wallet software, as it's such a safe and reliable way of storing secrets that lets you be as "secure" or as "reliable" as you want with just a slider.