Bitcoin Q&A: Threshold Signatures and Shamir Secret Sharing

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What are keyless, seedless threshold signatures? Does it have advantages over multi-signature schemes? What are the best practices for key storage by organizations? What is SLIP-39? How do I turn a BIP-39 recovery seed into K-of-N Shamir sharing scheme?
Chapters
0:00 What are keyless, seedless threshold signatures?
6:17 What are the best practices for key storage by organizations?
11:41 How do I turn a BIP-39 recovery seed into K-of-N Shamir sharing scheme?
These questions are from the June and August monthly patron sessions, which took place on June 29th and August 24th 2019 respectively. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: / aantonop
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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in Bitcoin. He is the author of “Mastering Bitcoin,” “The Internet of Money" series, and "Mastering Ethereum."
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3 авг 2024

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Комментарии : 12

@ouriel 4 года назад

Brilliant explanation of threshold signatures. Implementation over schnorr already exists (we have one for eg). Also worth adding of benefits over multi sig : since all the signatures are happening before being broadcast the cost is much cheaper in addition to better privacy. Finally it's blockchain agnostic (btc and any chain or elliptic curve)

@JonathanCr0ss 4 года назад

7:25 Andreas suggested using BIP48 for hierarchical multisig wallets... Did he mean BIP45? Structure for Deterministic P2SH Multisignature Wallets github.com/bitcoin/bips/blob/master/bip-0045.mediawiki From what I can see, BIP48 was never formalized, but was mentioned here: github.com/bitcoin/bips/pull/253

@edfox2725 2 года назад

I'm confused about the utility of Shamir backup, with the Trezor Model-T. I see the benefit for redundancy wallet backup protection, but I don't see the benefit for security. If someone wanted to get someone's coins, all someone would need to access all your coins (in spite of the Shamir backup) is your Trezor and your PIN (assuming you haven't set a passphrase). Am I correct?

@MiguelAlvarez-yi7jz 4 года назад

Awesome and excellent content as always. the more I watch crypto RU-vidrs and crypto videos. The more I see that crypto has a long way to go for adoption. Regular people construction workers fast food workers School teachers mechanics landscapers the list goes on. Those people don't want to deal with having to remember keys or a 12 or 24 word seed. They don't want to know what encryption their money's in or what kind of cryptocurrency their money is. I think it makes it more difficult for them to adopt. No matter what the banks can do something scandalous and unforgivable but people will still feel safe with their money at the bank and it is sad to see that. There's got to be a way to make all this technology simpler for easier for the everyday person that does not understand encryption computer technology algorithms hashing. There's so much technology behind cryptocurrency and blockchain that for now most likely is going to stick to the people that are into computer science Big Time Financial investors maybe Big Time gamers it's hard to convince people to be decentralized and to be their own bank and to be the boss of their money. Maybe that's why it will take years for crypto to get adopted into the big Financial system by the whole world. Thank you Andreas and don't give up fighting the good fight.

@andygarcia5270 3 года назад

Really well put. My thoughts exactly.

@stephen-he4iw 4 года назад

FYI the security of ecdsa threshold signatures has been proven, just not publically. The first real, blockchain agnostic DEX will be based on ecdsa threshold signatures and decentralized key generation.