Change co-signers for Bitcoin multisig wallets, can it be developed?

[tranthidung]

Bitcoin has been developed from single signature wallet to multisign wallet that is a great development to make it more secure.

Recently an accident My Cold Keys Just Got Swiped! All Halving Sets!!
Collectibles are one of things and industries can use Bitcoin for their products. It is one of adoptions for Bitcoin.
Currently, Bitcoin technology is not able to prevent such scam happens. I have an idea.

In smart contract projects like Ethereum, Binance Smart Chain, we can set up multisign wallets and later can change co-signers. Of course, to revoke one of current cosigners, it must be done with enough current cosigners. After that, a new cosigner can be added for that wallet.

Can Bitcoin developers code something like that?

It can be useful for collectible industry and for inheritance too
Using Locktime for inheritance planning, backups or gifts

Like initially, there are 2 cosigners for a collectible. After a buyer buy it, he can change the multisign wallet to 3 cosigners with 2 new cosigners he created by himself and a transaction only can be made if 3/3 cosigners sign it, with one is from 1/2 initial cosigners set up by Collectible company.

This way, the initial private keys in items still have their values that can help to maintain whole value of the item but the company launched those items can not scam.

Is it possible technically?

It is my raw idea that maybe a shower thought but we can deeply think about it and discuss

[garlonicon]

can it be developed?

Yes, just create a transaction.

Taproot allows N-of-N multisig, behind a single address, and a single signature. You can also reach K-of-N by using TapScript, or by constructing keys in a proper way.

So, if you want to change keys, you have to create a transaction. Doing that in other way is hard, because you can only reveal what is hidden, not hide what is revealed. If you have 10-of-10 multisig, you can make it 9-of-10 multisig by sharing some signature, or revealing some key. But you cannot make it 11-of-11 multisig, without making a transaction.

[tranthidung]

User can prevent scam if they generate and print the private key by themselves.

I know but if Bitcoin can support such things (co-signer ownership change) and prevent such scams, it will be helpful for community. It won't be perfect too if a scam company sweep private keys immediately after they sell any product but I believe they won't do it for every product they sell. So there will be enough time for buyers of collectibles in most cases to change cosigners and secure their funds stored in collectible items.

Bitcoin is not created to serve the Collectible industry only but if it can have a new feature like that, it can open a new gate for new communities, not only the Collectible industry.

Things must be developed with time and new demands. Multisign wallet was created by such demand.

But it is my shower thought that might be dumb technically.

[BlackHatCoiner]

If you have 10-of-10, and want 9-of-10, just import the same master public keys with N being N-1. If you have 10-of-10, and want 11-of-11 or whatever, just import the same master public keys, and the additional from new co-signers. You just re-configure the wallet, and send the money to the new wallet.

I don't understand why is this considered "missing from the protocol".

[jackg]

I think this property makes multisig more secure and I don't know exactly what your idea would be used for.

There's a way to get an extra key by using it to encrypt a private key and publishing the encrypted text publicly so you know you'll be able to find it (you could just store it with the other key though).

Relinquishing control from a key is something that can't be done in multisig without spending the funds but it probably costs more to relinquish a key in ethereum than it does to spend the funds anyway so that might be inefficient.

[lionheart78]

User can prevent scam if they generate and print the private key by themselves.

I know but if Bitcoin can support such things (co-signer ownership change) and prevent such scams, it will be helpful for community. It won't be perfect too if a scam company sweep private keys immediately after they sell any product but I believe they won't do it for every product they sell. So there will be enough time for buyers of collectibles in most cases to change cosigners and secure their funds stored in collectible items.

I understand your perspective, and I agree, that adding the ability for the change of co-signers on a multi-signature wallet could be a useful feature for the Bitcoin community, particularly in the context of the collectible industry and inheritance planning.

Bitcoin is not created to serve the Collectible industry only but if it can have a new feature like that, it can open a new gate for new communities, not only the Collectible industry.

It is true that Bitcoin was not specifically designed to serve the collectible industry, but I believe Bitcoin is a versatile technology that has the ability to adapt and serve a wide range of use cases. And the development of new features and solutions to address new demands is an ongoing process in the Bitcoin community.

Things must be developed with time and new demands. Multisign wallet was created by such demand.
But it is my shower thought that might be dumb technically.

The idea isn't dumb, but we still need to consider the technical feasibility and other factors in implementing it.

[bettercrypto]

Change co-signers for Bitcoin multisig wallets, can it be developed?

   Yes, it can only be achieved by using key recovery. Because it involves the existing co-signers that agreeing to the addition or removal of new

co-signers and then using their existing private keys to sign a transaction that updates the wallet's script anyway. But to change co-signers will depend on the type of wallet software.