Bitcoin Dev Reveals Multisig UI Teaser For Hardware Wallets, Full Nodes (#GotBitcoin?)
The organizer of a Bitcoin (BTC) programming boot camp has published a multisignature (multisig) user interface (UI) proof-of-concept for both hardware wallets and full nodes. Bitcoin Dev Reveals Multisig UI Teaser For Hardware Wallets, Full Nodes (#GotBitcoin?)
Justin Moon published a quick guide to using the prototype UI on Twitter on Aug. 28, together with the full software code on GitHub.
Lowering Entry Barriers For Bitcoin
Wallets that are protected by multisig technology require more than one private key to access the wallet and are thus thought to be much less vulnerable to security breaches, given that no single party possesses all the information necessary to decrypt them.
Moon’s step-by-step guide to using the software indicates that a user first needs to configure their RPC settings (currently only operating as a testnet version), then create a wallet and decide how many signatures and total signers will be required for its decryption.
When a hardware wallet such as Trezor, Ledger or ColdCard is plugged in, these are recognized by the software and can thus be added as signers.
Users then generate their first receiving wallet address and generate a test transaction, which will need to be confirmed separately by each separate signer device to be confirmed and broadcasted.
In response to Moon’s code release — which he has warned is still in alpha stage and therefore buggy — self-described Bitcoin evangelist Hass McCook tweeted:
“To be honest —I think this project has the potential to increase #bitcoin’s utility by billions and billions of dollars. Easy multisig like this knocks down HUGE barriers to entry for normies carrying big balances.”
Earlier this summer, decentralized identity startup Civic and blockchain security firm BitGo announced their plans to launch a new wallet using BitGo’s multisig technology in Q4 2019.
The product aims to lower the barrier to entry into the blockchain sphere for consumers and provide the secure infrastructure that can support a new blockchain-based financial and identity ecosystem.
Just last week, BitGo officially added EOS to the list of assets supported by its multisig wallet and custody service.
Back in 2017, Cointelegraph published an analysis of an attack on the multisig wallet designed by Parity Technologies — creator of the Parity Ethereum Client — which was thought to have affected at least 573 wallets at the time.
Electrum Bitcoin Wallet To Support Lightning Network In Next Release
The next release of major Bitcoin (BTC) wallet software Electrum will support off-chain scalability solution Lightning Network (LN).
The Electrum official Twitter account announced the upcoming LN integration in a tweet sent on Oct. 14. The tweet announced:
“The next release of Electrum will support Lightning payments. Our lightning node implementation has been merged into Electrum’s master branch.”
Electrum also confirmed that the wallet will employ a new implementation developed in-house, written in Python.
High Hopes For Lightning Network
Lightning Network is believed by many Bitcoin proponents to be the solution to the network’s scalability limitations. Recently, the chief strategy officer at Bitcoin technology firm Blockstream has said that the current block size capacity may not even be needed in the future if off-chain scaling solutions such as Lightning become widely used.
That being said, the current LN implementations are still experimental and bugs are still being uncovered.
As Cointelegraph reported at the end of September, at the time LN developer Rusty Russel has published the full disclosure of the network’s vulnerability discovered in August, which — if exploited — could lead to theft of funds.
Bitcoin Dev Reveals Multisig,Bitcoin Dev Reveals Multisig,Bitcoin Dev Reveals Multisig,Bitcoin Dev Reveals Multisig
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