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Author Topic: Multi-owned coins  (Read 1102 times)
fabianhjr
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March 24, 2011, 11:30:31 PM
 #1

Hey, I am just thinking that an added feature might be the ability for a coin to be "owned" by multiple addresses. So in order to make a payment with this keys the owners, all of them, must agree. This could also increase the security against fraud in the following scenario:

A wants to buy from B
A adds B's public key to the owner list of the involved coins so now A and B own the coins
B delivers the goods and services and then A removes his key from the owner list
Now B can use the coin freely

Please discuss. Cheesy

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theymos
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March 24, 2011, 11:36:16 PM
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That's already supported by the protocol with transaction scripts.

Satoshi described that escrow use of multi-owner coins here:
http://bitcointalk.org/index.php?topic=750.0

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fabianhjr
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March 24, 2011, 11:49:31 PM
 #3

Well, the last message was by august. It is a shame it didn't continue.

Now: What about 3 or four owners? Say for instance that I operate a bank and want to exchange Bitcoins. As a precaution there is the cashier's key, the vault-master's key and my key. So neither the cashier or the vault-master can get the Bitcoins to disappear and only if we all agree the Bitcoins can be release. Of course, neither the cashier or the vault-master can disappear the key because you keep a backups. Tongue

theymos
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March 25, 2011, 12:11:10 AM
 #4

Up to 20 keys can be required.

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fabianhjr
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March 25, 2011, 12:24:50 AM
 #5

Then what this:
A buys from B
A uses the multi-own feature to escrow the Bitcoins to B
B then buys from C and uses the multi-own feature to add him
B never gives the goods to A
C delivers goods to C who keeps them

The coins never really get released and are still owned by A , who got scammed.

theymos
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March 25, 2011, 01:30:36 AM
 #6

You can't add owners without making a new transaction.

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Mike Hearn
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March 25, 2011, 11:45:29 AM
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Look at OP_CHECKMULTISIG for how to do this.
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March 25, 2011, 12:07:08 PM
 #8

Posting here just to make it easier for me to find.

PGP key id at pgp.mit.edu 0xA68F4B7C

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