Monero 2/2 Multisig
First, the wallet to be converted to multisig must be empty. It is best to use a brand-new walllet for the purpose, although not required. It is strongly advised to make a copy of the wallet files first, just in case something goes wrong.
Step 1 Initiate Creation of Multisig Wallet and Exchange Data
Person A commands:
Yes. Essentially, you can split up the private spend key according to a (k,n)-secret sharing scheme. Then any k participants can collect the keys together to recreate this private spend key and then sign transactions.
Now the question is, how is the key generated, how are the shares generated, and who/what brings the shares together.
One simple way is this ...
OK, here's my attempt at an ELI5 on this. Please help to correct any errors in the usual manner.
A multisig is a special requirement put on to a transaction so that it cannot be spent unless a certain number of signatures are present. This threshold is set something like "3 out of 5" or more generally "t of n".
Multisig transactions are useful because ...
Monero related projects that are not finished or do not hit certain milestones will have the donated XMR/BTC/USD used for other Monero related projects.
Donations are non-refundable and go into a development pool to be used on Monero projects. (This also answers what happens to donations if they are made by anonymous donors).
As for multisig and the forum ...
Disclaimer: this is written for the pre-release version and for testing purposes only (at the present moment). Use at your own responsibility and don't play with big amounts. To test yourself, you must build the linked multisig branch. I will remove this disclaimer once the multisig functionality will be in the release version.
First build the multisig ...
RingCT will make multisig easier to implement, as the planned multisig system relies on RingtCT building blocks.
Contrary to the Bytecoin multisig, Monero's will not be limited to mixin 0 transactions (in fact, Monero banned mixin 0 transactions in the general case since it is harmful to privacy, so cannot even use that system as it is).
In theory multisig was "simple" to implement in Monero, at least the way the Cryptonote whitepaper describes. It had never been implemented though.
There is ongoing research to implement multisig on top of RingCT and you can find a draft MRL here.
Multisig will not be directly available once RingCT is merged. It will need further changes, which will build upon the RingtCT work. It is intended to allow typical N of M threshold signatures, in a way that is not visible from the blockchain (ie, you can't tell whether a transaction was made with multisig, or not).
Monero does not support multisig at the moment. It will at some point, probably not very long after RingCT is merged, since that work relies on RingCT building blocks.
Cryptonote itself does not support multisig either, but Bytecoin (Cryptonote's first actual currency) does support it for mixin 0 (ie, without ring signatures involving other outputs). Monero'...
No, it doesn't. Monero multisig addresses look and work exactly the same as any other Monero address, and so do transactions. All the "magic" is done off-chain between the wallets involved. The reason that multisig has not been implemented pre-RCT is because the work would have been wasted since non-RCT transactions are becoming obsolete.
Bytecoin, Monero's ...
Multisig is when M of N (2 out of 3, or 3 out of 5, or anything, like 2 out of 10, for example) signatures are required in order to spend. In your example, there may be a Monero wallet with several private keys associated with it. Perhaps management's/ownership's plan is for requiring at least two signatures per transaction. How it ...
That's exactly right, OpenBazaar isn't opposed to other integrations and all PRs will be reviewed. And while multisig is definitely an important part of another cryptocurrency getting accepted, adding in support at all would be a significant undertaking. We've tried to make the code more modular in the 2.0 server version, but Bitcoin is a core aspect of the ...
Ring multisignature transactions can theoretically be implemented for any number of users and required signatures:
Suppose that a group of n users wants to create a multisignature address requiring t of the group to sign in order to spend any funds received, and in such a way that any observer will be unable to determine for certain whether funds have ...
Core contributor moneromooo recently got funding for 450 hours of his work on Monero. However, there is no exact estimation:
As before, I will not commit to any particular piece of work, but will
work on whatever needs doing to further Monero. Currently, my target
is rct verification performance, and then there is multisig, though I
will need help ...
I can only explain it to the extent I understand myself.
As written in the original post, we have user 1 with address (B, A) and user 2 with address (C, A), where B and C are individual public spend keys and A is the shared public view key (further on, small-caps will mean secret keys).
So, the 2/2 multisig address is obtained by simply summing the public ...
A view only wallet only allows seeing incoming transactions.
A view-only wallet can only see which incoming transactions belong to
you. It can not spend any of your Monero, in fact it can't even see
outgoing transactions from this wallet. This makes view-only wallets
Multisig addresses are like any other address generated from independent spendkey and viewkey. In fact, there exists some spendkey which lets you spend from it alone, but nobody knows which one of all the possibilites it is. Same like nobody can tell a spendkey of a regular wallet.
Can a normal Monero seed produce the same address as a multisig wallet?
Even if not implemented on wallet, you could use secret sharing - such as Shamir's secret sharing with, for example, three keys to encrypt your wallet or wordlist. Then you would keep one with yourself and the other two with trusted relatives. Your key alone wouldn't be able to decrypt your wallet. So you could keep it in your Will, so that when you die your ...
Now that RingCT has enabled multisig, we may see an implementation of it as soon as this fall.
Once a stable multisig implementation is created, the best course of action will probably be for someone to implement monero support in OpenBazaar, and submit the code to the OB devs via PR. AFAIK, while OB devs have no intentions of adding support for other ...
Though I can't speak for the devs on this, I can say that the RingCT multisig design is already well fleshed out and understood. As evidenced here. With RingCT ready to be released, the work on integrating RingCT with multisig can begin at the very least.
Fluffypony has also said recently it will probably be rolled out in 12 to 18 months see at 39:00
User 4matter on Reddit reported that the following was written to him in an email by Brian Hoffman and his team:
So the app is really only going to be able to implement one crypto currency at a time. Managing multiple crypto wallets in the same app is way more complexity than we want to do. So if you wanted it to support monero it would likely have to be ...
528 hex characters is 264 bytes.
The format is:
threshold of signers required - 8 byte uint32
number of total signers - 8 byte uint32
multisig signing secret key of this wallet - 32 byte scalar
public spend key of the overall multisig wallet - 32 byte EC point
secret view key of the overall multisig wallet - 32 byte scalar
public view key of the overall ...
Some changes have recently been made to the Github repo for Monero’s multisig development. Until recently, they had the “DO NOT MERGE” tag associated with them. That indicated the developers were far from having a working product. However, this tag was removed on or around 3rd November 2017, which seems to indicate a lot of progress has been made. Moreover, ...
I believe it is very likely.
Decentralized marketplaces are the next step in evolution of marketplaces. Similarly when Napster was replaced first by other centralized programs and then by torrents. In this analogy Napster=SilkRoad, current dark-net-markets=centralized programs and torrent=decentralized marketplaces.
This is trend, that cannot be stopped. ...
Apparently there is lack of information on internet about how monero multisignatures work, so we issued an article on Medium about it's inner workings. You may check it out - https://medium.com/@exantech/monero-multisignatures-explained-46b247b098a7
No. Once the wallet has been finalized, you cannot change the participants. Should you need to add a new participant, you would need to create a new wallet with the old and new participants then transfer funds from the old multisig wallet to the new one.
I'll reference part of the scheme as detailed in the commit:
2 of 2
User A (coordinator):
Viewkey a,A (shared)
Viewkey a,A (shared)
Public Address: C+B, A
Both have their own watch only wallet via C+B, a
The format of the MultisigV1 string is, once base58 decoded:
private view key component (32 byte scalar)
The command balance detail will show your balance for each address in your current account.
The command account will show you the balance in each account.
The command account switch N, where N is the number/index of an account, will switch to that account. You can then use the command balance detail per above to show the balance of each address in that ...
Each multisig wallet can only have a single address for incoming funds. This address will be different from any of the usual addresses created by a wallet prior to multisig conversion.
You cannot know the multisig address until you have completed the multisig wallet make_multisig process (in the case of N/N wallets) or have completed the make_multisig and ...
You can deposit funds into a multisig wallet as soon as you have completed the multisig wallet make_multisig process (in the case of N/N wallets) or have completed the make_multisig and finalize_multisig process (in the case of M/N threshold wallets).