The Year of Multisig: How is it Doing So Far?
2014 has been touted by some as the 'Year of Multisig' - including most recently by Gavin Andresen at Bitcoin2014 in Amsterdam - and for one big reason: the number of services which support multi-signature transactions is increasing. In this article, Thomas Kerin charts the story of this emerging technology to date, addressing some key questions using data obtained from the block chain. If you're not sure about multisig, here's a brief primer. Multi-signature addresses allow multiple parties to partially seed an address with a public key. When someone wants to spend some of the bitcoins,....
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Coinbase Vault, first revealed a few months ago, has now implemented a multisig feature that has been demanded far and wide by Coinbase's international customer base. In one fell swoop, Coinbase has set themselves apart from their competitor, Circle, in a big way. Today, Coinbase announced their Multisig Vault, which allows users to control their own private keys on Coinbase. This means that even in the event of Coinbase's untimely demise, bitcoins "stored" in the Coinbase multisig vault would still be accessible to the user. Users would be able to use open source tools, like this one, to....
Today, 13% of Bitcoin is protected by multisig technology. A growing minority of Bitcoin users employ a multi-signature wallet, which uses more than one private key to access the wallet. By using this approach, wallets are much less vulnerable to security breaches, as no single party possesses all the information necessary to decrypt the wallet. Princeton professor Arvind Narayanan tweeted about the significance of the multisig uptick: More cryptocurrency wallets offering multisig support. More Bitcoin wallet providers have recently enabled multisig functionality, as it seems to be headed....
UK-based digital assets service provider Elliptic has partnered with Gem to offer a custodian service for the private keys of multisig wallets. Multisig wallets have at least three unique private keys. Through the new partnership, consumers will control one private key, while Gem and Elliptic will have custody over the two others. Customers are not obliged to assign the third key to Elliptic. However, if the client loses their key, Gem and Elliptic will use their private keys to transfer the user's funds into a new Gem multisig account belonging to the customer. Dr James Smith, CEO at....
Bitcoin payments processor BitPay has announced that Copay, its multisig bitcoin wallet, is set to leave beta today. Copay, originally known as Cosign, aims to combat bitcoin wallet thefts by offering customisable security for businesses and individuals. Like other multisig products, a predetermined number of parties must 'sign off' each Copay transaction before it is broadcast to the bitcoin network. The app, which has been in development for over a year, is fully open-source and able to be
Nunchuk, a wallet provider focused on “the proliferation of multisig,” announced the release of its library today. The post Multisig Coordination Software Nunchuk Releases Its Code appeared first on Bitcoin Magazine.