breaking news

Bitcoin 101 – Multi-Signature Addresses pt1 – Coding This Major Security Improvement

January 31st, 2015 | by BTC News
Bitcoin 101 – Multi-Signature Addresses pt1 – Coding This Major Security Improvement
Tech
49

Just like the Wright brothers, on those first flights at Kitty Hawk, didn’t concern themselves that much with landing. And improvements like anti-lock brakes…
Video Rating: 4 / 5

 

October 8th 2014, Committee on Banking, Trade and Commerce “Study on the use of digital currency”, 11th session Background on the “Study on the use of digita…
Video Rating: 4 / 5

 

49 Comments

  1. avatar Luc Serre says:

    Do you know a wallet provider that supports multisig services like you
    describe?

  2. avatar Reto Bhunjun says:

    Hi James
    Great video, thanks.
    I think though, when you are speaking, you sometimes mix up public keys and
    public bitcoin addresses. I think you can’t generate mulitsig addresses
    from public bitcoin addresses like “14bZ7YWde4KdRb5YN7GYkToz3EHVCvRxkF
    “. You rather need the public keys like
    “03d0988bfa799f7d7ef9ab3de97ef481cd0f75d2367ad456607647edde665d6f6f
    ” (compressed format). The bitcoin address is a hash of the public key so
    there is no way to recover the public key from the bitocin address.
    Am I correct or have I confused matters?

  3. avatar Dan Darden says:

    I like to create an #encrypted backup of my wallet seed and use the
    private key of a #bitcoin #multisig address as the password for the
    backup. This method allows me to consolidate all of my bitcoin addresses
    and #future addresses generated into multiple secure offline backups that
    can be recovered if any one of the backups fails or is lost. Each of the 3
    backups will contain a separate key and it will take 2 out of 3 keys to
    decrypt the backup. It’s a good a idea to include some extra wallet seeds
    for future expansion in case you think at some point your seed may have
    been compromised you can switch to a new seed and it is already backed up
    along with any new addresses and coins you generate. 

  4. avatar Troy Johnston says:

    Thank you for this free education.

  5. avatar Danster82 says:

    So how do you restore a multisig wallet? bitgo for example give you qr
    codes only as backups which dont seem to be in the typical qt format for
    private keys and you have to use their recovery tool.

    You cant do it through blockchain.info, you cant do it through bitcoin.qt
    etc.

  6. avatar Pieh0 says:

    Epic video, thanks for making it so simple to understand.

  7. avatar bigtimebubble says:

    Oh man. You rock, James. We need multi-sigs now! Boom.

  8. avatar Paul Boldra says:

    Even though Bitcoin can’t do 5 of 7 or 51 of 100 multisig wallets, public
    key encryption still can. So you could set up a club with one wallet key
    for the president, one for the treasurer, and one for the members, and then
    require a majority of members to act together to decrypt the members key. 

  9. avatar Ivor Thomas says:

    James, can you explain Adam Back’s ‘sidechains’ idea when more info is
    avail? 

  10. avatar Dan Roseman says:

    This is easily the best explanation of multisig that I’ve come across.
    Thanks James!

  11. avatar world bitcoin network says:
  12. avatar Ivor Thomas says:

    James, can you post a Dark Wallet tutorial ASAP? Not all of us grok stealth
    addresses and multisig wallet features. It looks awesome so far!

  13. avatar BA DINGA says:

    Thank you so much for this video series! Im using these blackboard series
    as a bootcamp for starting my own bitcoin business

  14. avatar Jeff Flowers says:

    Great video. When creating this, can you generate a new multisig using the
    same three addresses but changing the order by which they are parsed into
    bitcoind? 

  15. avatar KoinKid BizitKoin says:

    stone cold james. stone cold.

  16. avatar kiki caicai says:

    This video is so nice for me, I had understood about Multi-sig Wallet that
    is Cool!☆彡(・ω<)★ I think that the multi-sig will be a standard type of Digital Currency wallet.Thank you so muchヽ(´ー`)ノ

  17. avatar Sean Wendt says:

    Great video. I’d love to hear more about the implications this has on
    privacy, since the more dots you have the easier it is to connect them.
    (Obviously I’m hoping 2014 is the year of many great things including
    multi-sig). Many still don’t understand why privacy isn’t just a
    “nice-to-have” feature, nor is it a way for criminals to hide (there are
    plenty of other ways). Rather, privacy is what big businesses absolutely
    require in order to do business.

    Here is an example: let’s say Dunder Mifflin sells paper to Company A for
    $25,000/ton, but has given a better deal to Company B for $18,000/ton. If
    Company A knows this by researching the blockchain, it will hurt Dunder
    Mifflin. And if Dunder Mifflin’s competitors know this, it will also hurt
    Dunder Mifflin.

    Now to a certain extent, some business deals are largely public and there
    is no privacy involved. However, for a lot of business dealings, the
    invoices are not at all public and that information is often extremely
    sensitive and protected by law.

    If companies want to deal with bitcoin on a large scale (beyond consumer
    shopping) then privacy must be baked into the protocol. (Adam Back has
    some good things to say on this). Not shuffling coins around hoping they
    can’t be traced, but completely untraceable, including obfuscating even the
    amounts of the transaction — only the parties involved are privy to the
    transaction details and of course would trust one another with this
    information just as they do now.

  18. avatar B for Basti says:

    great video! You are the best teacher ever! Is pt2 of this or the
    revolution vid next?

  19. avatar cmcdonough mcdonough says:

    That is really cool. Its such a cool technology. 

  20. avatar Илья Найдов says:
  21. avatar Ivor Kellock says:

    Multisig, FTW.

  22. avatar Paul Boldra says:

    James D’Angelos Bitcoin videos are an excellent way to learn the details of
    #Bitcoin.

  23. avatar Cryptoauction says:

    Cryptoauction [dot com] is the only Bitcoin, Litecoin and Primecoin site
    that uses unique fully automated multisignature escrow accounts for each
    item purchased. Only you have a copy of your escrow key and the system
    keeps the second. Both keys are required to finalise the payment to the
    seller. This means that our escrow account security is decentralised as the
    means to spend the funds and finalise the transaction do not reside on our
    servers alone.

  24. avatar Pat Jack says:

    Excellent. Your ability to take these extremely complex matters and speak
    at a level of language where many can comprehend and learn is a gift, and
    it’s clear you both enjoy this and understand at some level it is a
    responsibility or a calling … for you to exercise this gift. Thanks for
    your dedication. Looking forward to hearing you speak with Andreas
    @aantonop,(twitter addy), as a guest on the “Let’s Talk Bitcoin” podcast. A
    potential show with you, Joris Bontje, Vitalik Buterin and ethereum core
    devs would be awesome, historical.

  25. avatar Gee Light says:

    With the issues with Bitcoin recently in the news why should I bother
    getting Bitcoin given the situation with Mt. Gox? 

  26. avatar Avatar X says:

    *Andreas M. Antonopoulos At The Canadian Senate Hearing On Bitcoin Of
    08/10/2014*
    Truly great. A must watch. Already finished watching it and it is very well
    worth it. One of the most striking things is also how well mannered
    Canadian Officials are. Continuing the now famous Canadian custom of
    spelling out “Thank You’s” as a lead to asking a question instead of saying
    it after the answer. I also find it incredible that Canada has taken the
    time to do a dozen hearings on Bitcoin. I mean, that is not only a first,
    but I think it will be unique to Canada. Then there is the finish
    remarks…wow.

  27. avatar hallerd says:

    This video recording is important human history being made.

  28. avatar Pat Jack says:

    The wealthiest and the most powerful on our planet find the greatest
    portion of the expression of their humanity exercised through the use of
    money, and without control over money, without their monopoly control over
    money exercised through the application of force as power … they have no
    identity … without power over money they are nothing and would then
    simply be consumed by their own sociopathic narcissism and neurosis. When
    Andreas says to Senator Ringette, the lady Senator, that the ability to be
    expressive with the use, even the creation of currency is now available to
    any person, even a ten year old, this strikes at the core of the very being
    of those who seek money for power, and power over money, and we see this
    condition of the wealthiest and the most powerful laid painfully bare to
    them. For the wealthiest and the most powerful to have their precious
    monopoly over the expression of self laid open to competition by any
    person, this is a cognitive dissonance that will drive them insane.

  29. avatar Mario Jefferson says:

    is it me or do these politicians seem to lack the sleaze of american
    politicians or to be fair can it be that canadian politician sleaze
    less….. Obvious.
    These guys seemed like they wanted to learn something

    I admit my current bias and loaded nature of that question. Still which is
    it?

  30. avatar Kurt Robinson says:

    Amazing… it’s almost like Canadian politicians are real people

  31. avatar Rip Rowan says:

    Set aside 2 hours, find someplace where you can actually concentrate on
    this talk, and prepare to learn about the future of money. Watching this
    is like getting an exceptional lecture on the future of the Internet in
    1992. The difference being, whereas email threatened the incumbency of the
    fax machine, and whereas the web challenged the incumbency of the major
    media and retail businesses who most exploited those systems, blockchains
    will threaten the incumbency of institutions until now solely the province
    of governments, in particular at this time, money.

    This short presentation and lengthy Q&A with a Canadian Senate panel is
    easily the most cogent, most articulate, best-informed, and least frothy
    explanation of the paradigm-changing power of blockchains in general and
    Bitcoin in particular. The Q&A and Andreas’s answers are exceptionally
    enlightening.

    There are a couple of folks on the panel who clearly have some sort of
    interest in preserving and defending the financial status quo of banking
    incumbents at the expense of… really, whatever – starving kids in Africa,
    for example. One such fellow, as he gets a clear view of the power of
    blockchains, exclaims more or less that there’s no way that the banks are
    going to just let this happen. For many in power, moldy concepts like
    freedom of speech and association are so easily swept aside.

    Better yet is how clearly impotent they are in light of the rest of the
    content of the discussion and how effortlessly Andreas sweeps their
    concerns aside in light of the need to both serve a greater good and to not
    be the reason that their nation slips behind.

  32. avatar Frank Flores says:

    While #bitcoin is a better money, eh, it won’t solve the problems created
    by money, don’t ya know. Please investigate a resource based economy and
    learn what it’s all aboot. Sorry for telling you what to do, eh.

  33. avatar Harald Hoyer says:

    +ChangeTip + $1

  34. avatar Galiano Tiramani says:

    Andreas is really a class act, we couldn’t ask for anyone better to
    represent Bitcoin.

  35. avatar Eve Rodriguez says:

    Bitcoin – Serious disruption to the Banksters 

  36. avatar David Latapie says:

    Some new arguments but that’s not important. The important thing is that
    Bitcoin is listened at the highest governmental models
    And #powerofblockchain at 1h45m with Paul J. Massicotte
    Oh, did I say Antonopoulos was brilliant?

    *I read the paper and understood that this was not a currency. It was a
    decentralized network model for financial security and trust which allows
    currency but also allows many other things and that literally blew my mind
    and then I understood this was much bigger.*

  37. avatar danz177 says:

    The END OF CENTRAL BANKING, I think we ENDED THE FED… lol

  38. avatar Michael X says:

    Very great presentation on Cryptocurrencies. Bitcoin does have some
    inherent problems though, and they must be solved before the mainstream
    gets on board. People will not move their net worth into Bitcoin until it
    is solved. Check out Bitshares and BitUSD – They have solved the major
    problem with Bitcoin (volatility)…

    http://wiki.bitshares.org/index.php/Market_Peg

  39. avatar David Seaman says:

    Great work Andreas Antonopoulos on explaining #Bitcoin ‘s promise to the
    Canadian Senate

    Andreas M. Antonopoulos educates Senate of Canada about Bitcoin (Oct 8, ENG)
    

  40. avatar xuridun says:

    I’m at 1:10:25, and Andreas just got done answering Celine’s retarded
    question. I am in disbelief that someone in her position could possibly not
    know where value comes from.

  41. avatar BananaBurton says:

    I didn’t know how Bitcoin works, and I didn’t particularly care. Then I
    happened upon this video, and I decided to just put everything else on hold
    for two hours straight to learn more about this. Now I can’t believe I
    didn’t look into it sooner. Really interesting.

  42. avatar Mitchell Callahan says:

    The man of #bitcoin speaks to the Canadian Senate.

  43. avatar Todd Burns says:

    Andreas M. Antonopoulos is Wonderfully Brilliant !!

  44. avatar Gorflaxsack says:

    Yes, that was awesome. Makes me proud as a Canadian to know there are those
    in Parliament that can listen and understand. Andreas is such a great
    representative of Bitcoin. 

  45. avatar Hodor says:

    If someone tips me, I’ll buy $50 more myself.

  46. avatar Placeholder says:

    Andreas is a fucking hero.

  47. avatar John Malkovich says:

    Canadian politicians seem way cooler, nicer and smarter than american
    politicians…

  48. avatar Gilbert duMotier says:

    I used to feel bad for all the people who lost so much money in bitcoin.
    It has become funny, now.

  49. avatar J. says:

    The whole ‘funding terrorism’ argument is ridiculous. It’s like criticizing
    email and mobile phones because they help criminals to communicate with
    each other. 

Leave a Reply

Your email address will not be published. Required fields are marked *