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Author Topic: How do I use multisig transactions?  (Read 2392 times)
ripper234
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May 04, 2013, 05:39:36 PM
 #1

http://bitcoin.stackexchange.com/questions/10589/what-is-the-easiest-way-to-create-and-use-multisig

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May 04, 2013, 06:08:04 PM
 #2

http://www.bit2factor.org/
and
http://www.bitescrow.org/
for now.
Though I don't think that answers your question specifically. AFAIK, there isn't an easy way to do multisig in general.

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May 04, 2013, 07:25:21 PM
 #3

- Would it require a protocol change / hardfork?
- Is the supporting scripting system enabled right now, or is there some decision that "someone" needs to make to turn it on?
- Is it just a matter of writing a small utility that does this? (If so, how about we set up a bounty for it?)

BTW, I want an app I can run on my machine, not a website/javascript (even if it only runs client side code).

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May 04, 2013, 08:20:18 PM
Last edit: May 04, 2013, 08:41:42 PM by blockgenesis
 #4

See this comment from Gavin : https://bitcointalk.org/index.php?topic=82213.msg906833#msg906833

Edit : Basically (if I get it right), you can make a multisign Bitcoin address using the command line (but no user-friendly GUI). And to spend funds from this address, many seperate people have to sign the transaction. So this is not as simple as sending a transaction from your computer. Some work still need to be done on this part.

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ripper234
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May 04, 2013, 08:33:50 PM
 #5

See this comment from Gavin : https://bitcointalk.org/index.php?topic=82213.msg906833#msg906833

Edit : Basically (if I get it right), you can make a multisign Bitcoin address using the command line (but no user-friendly GUI). And to spend funds sent to this address, many seperate people have to sign the transaction. So this is not as simple as sending a transaction from your computer. Some work still need to be done on this part.

Thanks!

Specifically, if you want to release the entire amount and you do trust one of the individuals to hold the funds short term during the signing process, you can just combine the private keys into one instance of bitcoin-qt and then spend the funds.

If anyone can document a better, more distributed way to combine signatures on specific transactions that spend from the multisig address, please do so.

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May 04, 2013, 08:43:19 PM
 #6

See this comment from Gavin : https://bitcointalk.org/index.php?topic=82213.msg906833#msg906833

Edit : Basically (if I get it right), you can make a multisign Bitcoin address using the command line (but no user-friendly GUI). And to spend funds sent to this address, many seperate people have to sign the transaction. So this is not as simple as sending a transaction from your computer. Some work still need to be done on this part.

Thanks!

Specifically, if you want to release the entire amount and you do trust one of the individuals to hold the funds short term during the signing process, you can just combine the private keys into one instance of bitcoin-qt and then spend the funds.

If anyone can document a better, more distributed way to combine signatures on specific transactions that spend from the multisig address, please do so.

Gavin in his comment refers to BIP 0010, which seems to address this issue (allowing people to partially sign a multisign transactions).
https://en.bitcoin.it/wiki/BIP_0010

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May 04, 2013, 08:55:02 PM
 #7

Cool:

Quote
This proposal has been implemented and tested in the Armory Bitcoin software for use in offline-wallet transaction signing (as a 1-of-1 transaction), and will eventually use it for multi-signature transcations.

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May 04, 2013, 09:06:34 PM
 #8

Cool:

Quote
This proposal has been implemented and tested in the Armory Bitcoin software for use in offline-wallet transaction signing (as a 1-of-1 transaction), and will eventually use it for multi-signature transcations.

Indeed, Armory cold storage works pretty well with offline transactions signing : https://bitcoinarmory.com/using-offline-wallets-in-armory/

I am also looking forward for multisig to become a user-friendly feature. This is a huge step for security.

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