bitcoin knowledge, tools, and resources in order to grow adoption within the local Round Rock community.” Location(s): Lamppost Cofee (Oshi Gift Cards) Library $179 / hour Baca Center ½ that price Bitcoin Happy Hour at BrassTap or Alcove Rules: No shitcoining No pictures/video unless we agree ahead of time Chatham house – speakers should not be attributed Announcements: OshiApp Lamppost Gift Cards The Bitcoin Company Honey Badger – Free Sats! Circular Economy (Satoshi Square) - Azteco Vouchers Bitcoin Magazine Sponsorship? BTCPayserver for Donations Stickers from MVDEX Onboard local businesses Questions: Who has made an on-chain bitcoin transaction? Who has made a lightning transaction? Who is running a bitcoin full node?
Multisignature scripts set a condition where N public keys are recorded in the script and at least M of those must provide signatures to unlock the funds. This is also known as an M-of-N scheme, where N is the total number of keys and M is the threshold of signatures required for validation. For example, a 2-of-3 multisignature is one where three public keys are listed as potential signers and at least two of those must be used to create signatures for a valid transaction to spend the funds. 2 of 3 Multisig schema
distribution Add a layer of physical security requiring an attacker to be in more than 1 place at a time. Removes single point of failure If one of your keys is lost/stolen your funds are still SAFU Diversify Risk Multiple manufacturers to mitigate exploits of a single HW Wallet company Escrow Transactions Escrow is a legal arrangement where a third party holds funds until certain conditions are met. If there's a dispute, only A or B will authorize the transaction, allowing C to make the final decision. Two-Factor Authentication (2FA) Multi-sig can also serve as a form of two-factor authentication (2FA), because users can hold private keys on different devices. However, there are risks associated with using multi-sig technology as 2FA because a device holding one private key can be lost, stolen, or broken. For example, if the wallet signature is set as 2-of-2, losing a key on one device would make it impossible to recover funds. What are some other benefits?
Setup Additional layers of complexity means additional possibility of effing it up. No single point of failure, but potentially multiple! More things to keep track of More seeds to backup - Where will they all be stored securely? More devices to secure - Where will they all be stored securely? A backup of all public keys - Loss of 1 seed + 1 public key = no chance of recovery in a 2-of-3 setup Script type and derivation paths used - Generally standardised but useful in emergency recovery situations Use Testnet Enable testnet when you set this up and test recovery multiple times before trying on mainnet Have any of you tried installing one of these?
Multisig Recommends using Specter wallet with backup and restore steps using Sparrow Wallet Orange Surf Multisig Guide Instructions for basic 2of 2 and 2of 3 multisig using Sparrow Wallet Have any of you tried using one of these?
hold 2 keys, they hold 1 Casa Hodl 2 of 3, 3 of 5 and higher level tier options for a fee Swan-Specter Integration Collaboration with Swan Bitcoin and Specter wallet for easy purchase to multi- sig workflow TBD Have any of you tried using one of these?
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