THEYA - new mobile multisig wallet

[cygan]

today i reliably came across the new mobile Theya Bitcoin wallet on the internet. it is supposed to be a self-custody 2-3 multisig wallet. currently you can subscribe to the whitelist and test the beta version on ios at the same time. general launch becomes available only after an audit of the vault architecture and key management has been completed in collaboration with a reputable security company


https://www.theya.us/
https://apps.apple.com/us/app/theya-secure-your-bitcoin/id1669665032

[1714682222]

1714682222

[Orpichukwu]

I just subscribed to the whitelist right now and tried to use my old iOS phone to test run the app, but it appears that the app is restricted for people from my country, so even if I want to try using a VPN, it won't work unless I use an iCloud, which is registered under a different location in the US. To be exact, is there any reason for such restrictions?

 

[Charles-Tim]

I think this will work like Mixin safe? Because of this:

Full Control
With Theya multi-sig, you hold 2 of the 3 keys and have complete control over your wallet. Nobody can deny you access to your Bitcoin, not even Theya.

I am an Android user. Also I can not bother because I can use Multisig wallet on wallets like Electrum and Sparrow which gives me the full control.

I do not bother about inheritance that wallets like this are having as part of their features. With normal wallet, you can still have some ways inheritance is possible if the people that will inherit your coins know about how bitcoin wallet works and you can teach them.

Making transaction on wallet like this (I mean Theya) will have its own expensive fee. I can go for Electrum 2FA which is safe if setup appropriately.

[Findingnemo]

I think this will work like Mixin safe? Because of this:

Full Control
With Theya multi-sig, you hold 2 of the 3 keys and have complete control over your wallet. Nobody can deny you access to your Bitcoin, not even Theya.

But the same company also admitted that they lost over 200 million worth of user's crypto assets. One more reason not to trust self-custodian wallets.

I am an Android user. Also I can not bother because I can use Multisig wallet on wallets like Electrum and Sparrow which gives me the full control.

I think we can compare this wallet with Nunchuk wallet, cause it seems lot of similarities in both but still Nunchuk has the better edge since its available on both Android and IOS.

As you said I don't know why people still go with custodial services when we have the option to go completely trustless for zero fees via electrum. Or still people feel maintaining the recovery seeds is overwhelming as these platforms claim?

[dkbit98]

today i reliably came across the new mobile Theya Bitcoin wallet on the internet.

Must be ''good'' wallet because it's backed by world-class ''investors'' 



Another wrong claim on their website is that hardware wallets have single point of failure.
This is not true for all hardware wallets, since they can all use multisig setup, and some of them have Shamir's Secret Sharing scheme as alternative.
You don't even have to use hardware wallet to create multisig setup, and you certainly don't have to use wallets with closed source code like Theya.

[BlackHatCoiner]

Tips when using wallet software:

• Don't use it if it's closed-source.
• Don't use it it's exclusively available in mobile OSes.
• Don't use it if it provides no additional benefit to past software.

One more reason not to trust self-custodian wallets.

That is a reason to not trust custodial wallets which portray themselves as non-custodial. Mixin, Mixin safe, or whatever it was called, was not as much trustless / decentralized / non-custodial as they marketed.

[Z-tight]

There is no advantage of using this wallet over creating a proper multisig wallet in Electrum. It is closed source, they don't generate a seed phrase and they say things like this:

Self-custody hardware wallets are a solution, but they come with their own set of challenges. They have a messy user experience, and users are responsible for managing their own setup, security, and backup keys.

Managing your security, keys, seed phrase, etc should not be a problem and looking for a solution to that is creating problems and ways for people to lose their money, just as ledger came up with their recover service, Theya's solution to all this by the way is:

Theya is simplifying the self-custody experience through a mobile-first multisig wallet that families can set up using iPhones and Apple Watches.

[Husires]

I do not know who else private keys can be shared with, but we can understand from this that the private keys may leave the device. I cannot trust what they say, as even the 2 keys out of 3 can be known by a third party.

With Theya multi-sig, you hold 2 of the 3 keys and have complete control over your wallet. Nobody can deny you access to your Bitcoin, not even Theya.

They appear to be the ones who have the third key, and this means that you may need to provide your data if you lose one of the two keys.

[BitcoinsGreat]

I think this will work like Mixin safe? Because of this:

Full Control
With Theya multi-sig, you hold 2 of the 3 keys and have complete control over your wallet. Nobody can deny you access to your Bitcoin, not even Theya.

I am an Android user. Also I can not bother because I can use Multisig wallet on wallets like Electrum and Sparrow which gives me the full control.

I do not bother about inheritance that wallets like this are having as part of their features. With normal wallet, you can still have some ways inheritance is possible if the people that will inherit your coins know about how bitcoin wallet works and you can teach them.

Making transaction on wallet like this (I mean Theya) will have its own expensive fee.

Mixin Safe had one of the owner's key with them which was time locked. (At least they claim it to be time locked), Do Theya also claim that they have access to the private keys?  
Those who know about  Mixin, I don't think they will risk another such MultiSig wallet  

I can go for Electrum 2FA which is safe if setup appropriately.

Can you guide/provide a link to set up Electrum 2FA properly?

[Charles-Tim]

Can you guide/provide a link to set up Electrum 2FA properly?

https://electrum.readthedocs.io/en/latest/2fa.html
https://trustedcoin.com/#/

Regarding the Trustedcoin fee: https://trustedcoin.com/#/faq#fees

If you read the FAQ, you will understand necessary questions that you may have.

Also know that the 2FA is a 2-of-3 multisig. That can make the on-chain transaction fee a bit higher. It also important to backup your seed phrase. The seed phrase is not stored on the wallet. If you have your seed phrase, you have the full control.

[Yamane_Keto]

general launch becomes available only after an audit of the vault architecture and key management has been completed in collaboration with a reputable security company

reputable security company With the multi-signature wallet option limited to 2-3 multisig wallets and there is definitely no guarantee that the wallet will be open source, it is much worse than the ledger recovery service with high fees due to multisig and may be exaggerated if the service is not well programmed. I would give them a try if they were taproot Multisig but there is no logical reason to use them and I can get those options with an open source wallet and lower fees.

[Pmalek]

it is supposed to be a self-custody 2-3 multisig wallet.

Isn't using a word like self-custody to describe a multisig wallet the wrong terminology? Sure, if you are indeed the sole owner of 2 out of 3 private keys, you have the essentials that provide control of your coins. However, you have no knowledge of one key. Perhaps there should be a better term.

Tips when using wallet software:

Don't use it it's exclusively available in mobile OSes.

Any particular reason why not? I wanted to mention Blue Wallet as an example, but remembered in the last second that they have a desktop variant even though it's only Mac.