Multisig Vault

#1

Post by blazamos » Wed, Oct 29, 2014, 5:07 PM UTC

Re: Multisig Vault

#2

Post by jastanton » Wed, Oct 29, 2014, 5:29 PM UTC

Sorry if this is off topic. But I wonder how many websites like these the US government creates in an attempt to control their environment. Maybe I'm paranoid but what if (as an example) companies like Popcorn Time were shutdown and replaced with a government version? All the more reason open source is important.

Re: Multisig Vault

#3

Post by ukd1 » Wed, Oct 29, 2014, 6:23 PM UTC

Does this mean we'll be able to see balance on the blockchain in one place?

Re: Multisig Vault

#4

Post by mihar » Wed, Oct 29, 2014, 6:23 PM UTC

ukd1 wrote: post #3

Does this mean we'll be able to see balance on the blockchain in one place?

Yep.

Re: Multisig Vault

#5

Post by adrianmacneil » Wed, Oct 29, 2014, 6:28 PM UTC

TL;DR: Store your bitcoin on Coinbase, without giving up control of your private keys.

Re: Multisig Vault

#6

Post by peter_l_downs » Wed, Oct 29, 2014, 6:29 PM UTC

    > COINBASE KEY: The only key that Coinbase stores.
    > SHARED KEY: Encrypted with your password and stored
    >             both by you and Coinbase.

Are these the same key, or is there an inconsistency with the language here? How many keys does Coinbase store?

Re: Multisig Vault

#7

Post by jerguismi » Wed, Oct 29, 2014, 6:32 PM UTC

peter_l_downs wrote: post #6

> COINBASE KEY: The only key that Coinbase stores. > SHARED KEY: Encrypted with your password and stored > both by you and Coinbase. Are these the same key, or is there an inconsistency with the language here? How many keys does Coinbase store?

Different key. The other key is encrypted with BIP38 with your chosen password. I don't know how the actual interface works, if it is encrypted client-side or server-side. Anyway, on paper it sounds fantastic.

Re: Multisig Vault

#8

Post by coinbase-craig » Wed, Oct 29, 2014, 6:32 PM UTC

peter_l_downs wrote: post #6

> COINBASE KEY: The only key that Coinbase stores. > SHARED KEY: Encrypted with your password and stored > both by you and Coinbase. Are these the same key, or is there an inconsistency with the language here? How many keys does Coinbase store?

Coinbase stores one private key that we can access, and one private key that is encrypted with the user's vault password on the front-end and sent to us encrypted for storage. The third key is the user's and we never see that.

We have no ability to access multisig vault funds without the user passphrase, which never touches our server.

Re: Multisig Vault

#9

Post by jerguismi » Wed, Oct 29, 2014, 6:33 PM UTC

ukd1 wrote: post #3

Does this mean we'll be able to see balance on the blockchain in one place?

At the same time they use deterministic hierarchical keys. Means that you get series of different keys. I guess you can use only a single key, or number of different ones if you want to.

Re: Multisig Vault

#10

Post by sillysaurus3 » Wed, Oct 29, 2014, 6:39 PM UTC

Keys are created and encrypted in the browser

Key hijack in 5... 4... 3...

Browser crypto isn't secure. One way to offset the risk is to use a browser plugin to perform the crypto operations, and even that isn't really a security guarantee.

When you combine an incentive to break crypto (money) with a straightforward route to breaking it (browser crypto), you get a pretty dangerous situation.