That's a bit different. Just one bit, but it's the MSB.

I can't watch the video for lack of speakers, so I may have missed something. But as far as I understand it, that wallet aims to provide security by making some of your chosen friends sign the transaction before it can go ahead. Which is IMO wonderful for purchasing departments with four-eyes policies, but not for everone.

For example, suppose you make a purchase from nobra.de, which makes custom-made artisan vibrators, optionally molded to match a certain penis. Would you want your bitcoin wallet to tell five of your friends about that purchase? No? Would you like them to accept a transaction without details? "Bob wants to pay €300 to an unnamed vendor to purchase an unnamed product. Accept?"

What we have uses the same math, but functionally it's much closer to lastpass or 1password, except that we don't store just passwords. As long as you have the key to your wallet, you can buy your Christmas presents without revealing to your friends what you're buying for them. You only bother your friends if you lose or forget the private key. Less tedious for your chosen friends, less restraining for you.

Arnt