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I have been pondering the m-of-n aspect. I think there is scope for a service to hold a single key and to give it out upon request only after notifying the key
by Lerc 13y ago
I have been pondering the m-of-n aspect. I think there is scope for a service to hold a single key and to give it out upon request only after notifying the key creator and a set amount of time has passed.
An environment where any 2 of three keys work you could have a paper wallet with one key. The service provider holds one, and the originator of the wallet holds the third.
This would allow a protected paper wallet where anyone can remove the money but you get the chance to veto and take the money out first.
- nwh 13y agoYou can do it without trust using nlocktime. https://en.bitcoin.it/wiki/NLockTime https://en.bitcoin.it/wiki/NLockTime
- Lerc 13y agoThat is a different timer isn't it. That lets you make a delayed transaction, It doesn't stop a wallet holder from making an instant transaction. The service would be to provide a wallet where the holder could not generate an immediate transaction. Any attempt to access would cause the service to contact the owner. It's possible that nlocktime could allow it so that the service never reveals their private key, It auto approves time delayed transactions and notifies the owner that it has done so.
- nwh 13y agoYou can do a trick where you make a transaction from a private key with a nLockTime set in the future, then not broadcast it until that date, and destroy the original private hey. Then the only option is to wait until the time or block number set.