3 ms·
Too bad the Bitcoin protocol is hard-wired to accept at most m-of-3 transactions. More than 3 signatures is considered non-standard and rejected by peers/miners
by kaoD 13y ago
Too bad the Bitcoin protocol is hard-wired to accept at most m-of-3 transactions. More than 3 signatures is considered non-standard and rejected by peers/miners.
- sirsar 13y agoThe key, however, can be split an unlimited number of ways using Shamir's Secret Sharing Scheme or a similar protocol. http://en.wikipedia.org/wiki/Shamir's_Secret_Sharing http://en.wikipedia.org/wiki/Shamir's_Secret_Sharing
- kaoD 13y agoNice! It isn't quite the same since the spending party will know the private key forever, while m-of-n is a per-transaction signature. Still very useful.
- Smegger 13y agoCould you not simply store your privet key in a truecrypt container then split the truecrypt container into however may par files as you want and distribute the pieces to as may friends via micro SD for safe keeping? Then not only would your friends not be able to conspire and betray you (as this is Jason Bourne scenario) you would then need most of the peices and the passcode to access the contents
- vbuterin 13y agoYou can push directly to Eligius if you want anything up to k-of-20; http://github.com/vbuterin/pybitcointools http://github.com/vbuterin/pybitcointools lets you do that with the eligius_pushtx command.
- oleganza 13y agoBitcoin is not hard-wired to limit N to 3. Default client discourages "non-standard" transactions by not relaying or mining them, but if you mine them yourself or have someone to mine them, they will be valid and accepted. For all practical purposes, non-standard transactions are just taking longer to be included in the chain and typically required to have a non-zero fee (while the regular payments can be often mined for free).