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Title: Best way to use Shamir's Secret Sharing Post by: madmat on April 10, 2014, 08:55:06 AM I want to use Shamir's Secret Sharing algorhythm to make a paper wallet in a way some risks are lowered : paper wallet lost, burnt or stolen.
My first idea was to use https://encryptedbitcoinwallet.com/ with 5 shares and 3 required and then to set in 5 envelopes one share with the secret and one bip38 paper wallet. But i do not see clearly the benefit of sharing a passphrase versus directly sharing the bitcoin private key. If someone could clear my mind on the subject. Title: Re: Best way to use Shamir's Secret Sharing Post by: GigaCoin on April 10, 2014, 08:56:17 AM I want to use Shamir's Secret Sharing algorhythm to make a paper wallet in a way some risks are lowered : paper wallet lost, burnt or stolen. My first idea was to use https://encryptedbitcoinwallet.com/ with 5 shares and 3 required and then to set in 5 envelopes one share with the secret and one bip38 paper wallet. But i do not see clearly the benefit of sharing a passphrase versus directly sharing the bitcoin private key. If someone could clear my mind on the subject. Scam Title: Re: Best way to use Shamir's Secret Sharing Post by: madmat on April 10, 2014, 09:15:45 AM Title: Re: Best way to use Shamir's Secret Sharing Post by: iceburn2003 on June 28, 2014, 04:37:15 PM I am a bit late to this post, but I am the creator of https://encryptedbitcoinwallet.com, and for what it is worth: The site is not a scam.
Trust is difficult, but I have published the website under my real name. I have created the site as a fork of bitaddress.org to make it easier for folks to analyze my code. The project is available on Github at https://github.com/exception386/encryptedbitcoinwallet.com To be extra safe you can always download a copy of Encrypted Bitcoin Wallet and run it from an offline computer. Thanks, Jeff Hockema Title: Re: Best way to use Shamir's Secret Sharing Post by: jonald_fyookball on June 28, 2014, 05:17:06 PM I am a bit late to this post, but I am the creator of https://encryptedbitcoinwallet.com, and for what it is worth: The site is not a scam. Trust is difficult, but I have published the website under my real name. I have created the site as a fork of bitaddress.org to make it easier for folks to analyze my code. The project is available on Github at https://github.com/exception386/encryptedbitcoinwallet.com To be extra safe you can always download a copy of Encrypted Bitcoin Wallet and run it from an offline computer. Thanks, Jeff Hockema Offline address creation should be done even if site is trustworthy because of possibility of viruses. Title: Re: Best way to use Shamir's Secret Sharing Post by: Ron~Popeil on June 28, 2014, 05:21:55 PM When you call someone a scam you should have some evidence to back it up. The constant cries of scam don't help anyone.
Title: Re: Best way to use Shamir's Secret Sharing Post by: Jan on June 28, 2014, 06:28:58 PM I want to use Shamir's Secret Sharing algorhythm to make a paper wallet in a way some risks are lowered : paper wallet lost, burnt or stolen. SSS is superior to any kind of password encrypted private key scheme. You should check out Mycelium Entropy (https://www.indiegogo.com/projects/mycelium-entropy) which supports SSS (BIP in progress). My first idea was to use https://encryptedbitcoinwallet.com/ with 5 shares and 3 required and then to set in 5 envelopes one share with the secret and one bip38 paper wallet. But i do not see clearly the benefit of sharing a passphrase versus directly sharing the bitcoin private key. If someone could clear my mind on the subject. Title: Re: Best way to use Shamir's Secret Sharing Post by: Tenarlty on June 29, 2014, 09:12:55 PM I use ssss. Very versatile and easy to use, and the project even has a Bitcoin donation address.
Title: Re: Best way to use Shamir's Secret Sharing Post by: Tenarlty on June 29, 2014, 09:19:25 PM I don't know if it runs on Windows, but making the splits on a live Linux booted from an optical medium makes sense anyway.
Title: Re: Best way to use Shamir's Secret Sharing Post by: grue on June 29, 2014, 09:21:48 PM Don't bother using Shamir's Secret Sharing, just use multisig transactions. It's part of the bitcoin protocol so you don't need a tool to recombine the keys.
Title: Re: Best way to use Shamir's Secret Sharing Post by: madmat on June 29, 2014, 09:24:32 PM Don't bother using Shamir's Secret Sharing, just use multisig transactions. It's part of the bitcoin protocol so you don't need a tool to recombine the keys. What are the tools you use for multisig ? Title: Re: Best way to use Shamir's Secret Sharing Post by: grue on June 30, 2014, 03:33:23 PM What are the tools you use for multisig ? It can be done with only bitcoin core: https://gist.github.com/gavinandresen/3966071Title: Re: Best way to use Shamir's Secret Sharing Post by: madmat on June 30, 2014, 03:45:02 PM What are the tools you use for multisig ? It can be done with only bitcoin core: https://gist.github.com/gavinandresen/3966071It is not very user friendly if you have to script it. I think mycelium is about to add multisig paper wallet support for their entropy thing. But i don't have any date for that. Title: Re: Best way to use Shamir's Secret Sharing Post by: hashman on June 30, 2014, 04:07:38 PM Yeah year of the multisig and all and here we are still using bitcoind command line with 1000+ character lines based on gavin's 18 month old instructions.
Fortunately there's a nice javascript tool also in the wild which works on your offline computer: https://github.com/OutCast3k/bitcoin-multisig/ Or you could go the SX route.. have you tested that recently grue? Title: Re: Best way to use Shamir's Secret Sharing Post by: gtsvani on July 29, 2014, 08:04:21 PM I use ssss. Very versatile and easy to use, and the project even has a Bitcoin donation address. I how do you use it!! I have been trying so hard! Do you have to open it on a windows machine and if so how? |