Bitcoin Dev Reveals Multisig UI Teaser for Hardware Wallets, Full Nodes

Published at: Aug. 29, 2019

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.

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.”

Unassailable?

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.

Tags
Bitcoin
Wallet
Security
Cryptography
Multisignature
Related Posts
Israeli Startup That Allows Offline Crypto Transactions Secures $4M
Israeli cybersecurity startup GK8 has reportedly developed the world’s first offline system for transacting cryptocurrencies. The new system uses GK8’s proprietary cryptographic techniques that enable instant blockchain transactions of digital assets without any need for an internet connection, Israeli business news publication Globes reported on Sept. 18. The company raised $4 million in a funding round led by Discount Capital, a venture arm of one of Israel’s three largest banks, Discount Bank, and Marius Nacht, a co-founder of cybersecurity giant Checkpoint. Other investors reportedly included EdenBlock, iAngels, IDEAL-HLS, StratX and the Israel Innovation Authority. As reported by Globes, GK8’s new …
Bitcoin / Sept. 18, 2019
How Not to Lose Your Coins in 2020: Alternative Recovery Methods
When Peter Schiff claimed that his wallet lost his Bitcoin (BTC), many in the crypto community were skeptical. While some believe that Schiff simply lost his password, others, like Ethereum co-founder Vitalik Buterin, highlighted that losing private keys remains an important issue for cryptocurrency users. Being your own bank is hard Keeping custody of your own cryptocurrency is quite complex, especially for non-tech savvy users. Most wallets require the user to write down the private key before accessing the wallet. Storing the key can be done by simply writing it down on a piece of paper, a method that is …
Adoption / Jan. 21, 2020
Overview of Software Wallets, the Easy Way to Store Crypto
Similar to a bank account for fiat currency, a crypto wallet is a personal interface for a cryptocurrency network that provides reliable storage and enables transactions. Whether a cryptocurrency is securely stored or not, much depends on the wallet, which is only as secure as its private keys. Wallets are generally either hot or cold. The funds in a hot wallet can be spent at any time, online. A cold wallet functions in contrast: not intended for regular cryptocurrency transactions, but funds can be received at any time. Wallets can also be divided into three groups: software, hardware and paper. …
Blockchain / March 29, 2020
Bitcoin in the Palm of Your Hand — Crypto Hardware Wallets Review
A hardware wallet may just be the safest way to store cryptocurrency for average users. Nowadays, many different devices are trying to tackle the challenges of secure crypto asset storage. In this article, Cointelegraph will review some of the most well-known hardware wallets and compare their features. The cryptocurrency wallets that will be covered in this article are Ledger’s Nano X and Nano S, SatoshiLabs’s Trezor One and Trezor Model T, ShapeShift’s KeepKey, and Coinkite’s Coldcard and Opendime. It is also important to point out that all the wallets tested in this article, other than the Ledger Nano S (which …
Bitcoin / March 26, 2020
California Cybercrime Police Focus on Cryptocurrency SIM Swapping as ‘Highest Priority’
U.S. law enforcement consider so-called “SIM swapping” one of its “highest priorities” in a bid to fight cryptocurrency fraud, security news and investigation blog KrebsonSecurity reported Nov. 7. Speaking to the publication, Samy Tarazi, a police sergeant in Santa Barbara and a supervisor of the REACT Task Force — a group dedicated to fighting cybercrime — said the number of instances of the crime had increased dramatically. “For the amounts being stolen and the number of people being successful at taking it, the numbers are probably historic,” he said. SIM swapping refers to the act of remotely hijacking the SIM …
Bitcoin / Nov. 7, 2018