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What is Multisig — Meetup

Date: 2022-12-08
Presenter: Round Rock Bitcoiners

Outline & Notes​

What is Multisig — Meetup #7 (2022-12-08)

Date: December 8, 2022

Community​

  • Mission: Share bitcoin knowledge, tools, resources in Round Rock
  • Ground Rules: No shitcoining, Chatham House Rule
  • Mexico Adoption Trip: Handed out >35 bitcoin tips via Azte.co vouchers

Multisig Deep Dive​

"Multisignature scripts set a condition where N public keys are recorded and at least M must provide signatures to unlock funds."

Benefits​

  • Key Distribution: attacker must be in multiple places
  • Removes Single Point of Failure
  • Diversify Risk: multiple hardware wallet manufacturers
  • Escrow Transactions: third party adjudicates disputes
  • 2FA: keys on different devices (but 2-of-2 is risky — losing one = unrecoverable)

Pitfalls​

  • Advanced setup = more possibility of error
  • More seeds to backup, more devices to secure
  • Backup of ALL public keys required
  • Loss of 1 seed + 1 public key = no recovery in 2-of-3
  • Document script type and derivation paths
  • Use testnet first; test recovery multiple times before mainnet

Setup Guides​

  • Bitcoiner.Guide Multisig (Specter + Sparrow)
  • Orange Surf Multisig Guide (Sparrow 2-of-2 and 2-of-3)

Semi-Custodial Options​

  • Unchained Capital: you hold 2 keys, they hold 1
  • Casa Hodl: 2-of-3, 3-of-5, fee-based

Slides in this Deck​

Slide 2 of 16 from 'What is Multisig — Meetup' (2022-12-08)

Slide 3 of 16 from 'What is Multisig — Meetup' (2022-12-08)

Slide 4 of 16 from 'What is Multisig — Meetup' (2022-12-08)

Slide 5 of 16 from 'What is Multisig — Meetup' (2022-12-08)

Slide 6 of 16 from 'What is Multisig — Meetup' (2022-12-08)

Slide 7 of 16 from 'What is Multisig — Meetup' (2022-12-08)

Slide 8 of 16 from 'What is Multisig — Meetup' (2022-12-08)

Slide 9 of 16 from 'What is Multisig — Meetup' (2022-12-08)

Slide 10 of 16 from 'What is Multisig — Meetup' (2022-12-08)

Slide 11 of 16 from 'What is Multisig — Meetup' (2022-12-08)

Slide 12 of 16 from 'What is Multisig — Meetup' (2022-12-08)

Slide 13 of 16 from 'What is Multisig — Meetup' (2022-12-08)

Slide 14 of 16 from 'What is Multisig — Meetup' (2022-12-08)

Slide 15 of 16 from 'What is Multisig — Meetup' (2022-12-08)

Slide 16 of 16 from 'What is Multisig — Meetup' (2022-12-08)