Distributed ownership

[Stn]

I have got an idea in my mind and partially it relies on this topic. I learned that there is technology of distributed private key exists. Private key split and distributed among several parties. When necessary the key can be assembled back.

Unfortunately I have no detailed view on deep principles of Bitcoin. I wonder is collective ownership can be somehow applied to the existing Bitcoin network? Say employing special client software. As I see it there is one peer who have to do all the work creating address and private key for it. Then this peer gets dominance over others, owner of the peer may peep the key.

Am I missing anything? May be there is a way to create true distributed key?

[Stn]

Just for better understanding. I think of Bitcoin address the owner can't spend until certain conditions met.

[TierNolan]

Am I missing anything? May be there is a way to create true distributed key?

There are N of M signing rules.  Anyone can create the a transaction spending the coin.  It is only valid if at least N of the M owners sign it.

This has to happen off chain, so as you say, it would require special software.  The final transaction signed by N owners is then submitted to the chain.

As for a distributed key, it is possible to take a key (or any number) and split it into a "shared secret".  This works the same way, if you only have (N-1) of the required shares, then you have zero information about the secret.  However, once you have N shares, you can easily compute the key.

[mr_john]

Maybe this 2-of-3 example is helpful:
https://gist.github.com/gavinandresen/3966071

john

[jackjack]

Might be useful https://en.bitcoin.it/wiki/Contracts

[Stn]

Thanks guys. It is more or less clear how distributed key works. My problem was how to generate this key off center (no single worker which owner have probably seen all parts of the key).

Might be useful https://en.bitcoin.it/wiki/Contracts

It looks promising. I'll learn it.