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This key storage system is a now very common and (ostensibly) very secure model that has been iterated on and is in wide use, especially for hardware wallets li
by elliotec 5y ago
This key storage system is a now very common and (ostensibly) very secure model that has been iterated on and is in wide use, especially for hardware wallets like Trezor. The model they use is called the "Shamir Backup," here's more info: https://wiki.trezor.io/Shamir_backup https://wiki.trezor.io/Shamir_backup
- BoppreH 5y agoA cool feature of Shamir Secret Sharing Scheme is that it has information-theoretic security[1], just like one-time pads. In a exaggerated 100-out-of-1000 scheme, even if you steal 99 out of the 100 required shares, you still have zero information. You are better off trying to brute force the value from scratch than trying to use the 99 shares you have. It's also very simple to implement, making it my favorite algorithm. [1] https://en.wikipedia.org/wiki/Information-theoretic_security https://en.wikipedia.org/wiki/Information-theoretic_security