The way I understand Oleg's multisign proposal is that he's doing some arithmetic to "blind" both public keys and transactions to address the anonymity issue, but yes - it's different. Phynti solves the "loss of your wallet problem" through secret sharing with friends.

Guys,

We're looking for early beta testers for Phynti - a friend-protected wallet.

Perhaps I don't have to reiterate for you the pains of managing your private Bitcoin addresses, i.e., your cash. Either you have to trust a third party to manage them (bad idea - Mt Gox), keep them on a physical device only you can access (bad idea - they break and disks fail), or keep them somewhere in the cloud with strong encryption (don't forget that password, because if you do, all is lost). People get anxious and lose sleep over this.

We believe we have a better alternative by using secret sharing to your existing trust network - your family and friends. With Phynti, you can reclaim your wallet from a quorum of your friends (currently 3) even if you have lost your password.

If you're interested in participating in an early beta feel free to sign up at:

https://phynti.com/

Thanks,
Torgeir