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1  Alternate cryptocurrencies / Altcoin Discussion / Re: Ethereum: How to combine a MultiSigWallet with the advantages of a HD Wallet? on: September 15, 2018, 03:41:14 PM
Quote from: fuer44 on September 15, 2018, 02:13:47 PM
... to invest in tokens with multisig wallets which means we only use one address but store two wallets.

Could you clarify a bit more your approach? It sounds interesting but I didn't get it
2  Alternate cryptocurrencies / Altcoin Discussion / Ethereum: How to combine a MultiSigWallet with the advantages of a HD Wallet? on: September 15, 2018, 02:00:28 PM
For a token sale we want to use the MultiSigWallet (https://github.com/ConsenSys/MultiSigWallet) from ConsenSys for ETH-Payments where all team members will registered as signer while every transaction needs to be signed by at least 2 team members.

Otherwise we also like the idea of using HD Wallets to make it easier to identify a payment with a particular purchase while using new addresses only once for every purchase.

Is there any way to combine both approaches?
3  Bitcoin / Bitcoin Technical Support / Best practices to handle BTC payments in a web based shop properly and secure on: September 15, 2018, 10:11:16 AM
In a Webshop users should be able to pay with several crypto currencies (for the beginning BTC, LTC, ETH, DASH...)

We won't store any private key on the web server but need to be able to receive funds from the customer while being also able to identify each payment to its particular purchase.

This is how I would do it now, but I'd like to reflect the approach with the community. To make things more easier I'd like to use a symbolic programming language:

1. create locally a MultiSig wallet (2 of 3) with the keys from all 3 shop operators

Code:
wallet = createMultiSigWallet(key1, key2, key3)

2. create the base derivation path for each accepted coin, like this for BTC: "m/44'/0'/0'/0"

Code:
btcNode = wallet.derivePath("m/44'/0'/0'/0")
ethNode = wallet.derivePath("m/44'/60'/0'/0")
...

3. store the xpubkey of each node on the Webserver for further derivation on a per customer bases:

Code:
server['keys']['btc'] = btcNode.xpubkey
server['keys']['eth'] = ethNode.xpubkey 
...

4. On the Webserver, when a new payment is requested, the shop system would then create a new address per derivation from the xpubkeys:

Code:
address1 = node(server['keys']['eth']).derive('m/1')
address2 = node(server['keys']['eth']).derive('m/2')
address3 = node(server['keys']['eth']).derive('m/3')
address4 = node(server['keys']['eth']).derive('m/4')
... and so on ...

This way only the xpubkeys of a derived path needs to be stored on the Webserver without the need to hand out the master key.

Will this be a proper, secure way to handle payments?
4  Bitcoin / Bitcoin Technical Support / Re: What is the advantage of HD Wallets? on: September 15, 2018, 09:55:56 AM
Thank you very much each other! I think I have understand now completely!
5  Bitcoin / Bitcoin Technical Support / What is the advantage of HD Wallets? on: September 14, 2018, 09:20:15 AM
I have read man resources and questions about HD Wallets. As pointed out in this question on SO https://bitcoin.stackexchange.com/questions/73376/a-few-questions-about-how-hd-wallet-works, it won't be possible to send funds of a derived child address using the master private key.

In my humble opinion exactly this would make sense if I could create a derived child to receive funds for a specific purpose but being able to spend these funds using my master private key without the need to store each child private key.

Do I miss something here? Why should I use HD wallets if I still need to store each single local private key as well?
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