Blockstream Unveils New Concept for Multisigning Bitcoin Wallets
Blockchain Developers Offer A Simplified Option For Signing Bitcoin Transactions
Offer may only take effect with Taproot update & Schnorr
BitMEX remains the most famous user of multisignatures
International consortium of news organizations developing transparency standards.
New multisignature architecture reduces the number of operations required to sign a transaction while maintaining the same level of confidentiality
Blockchain company Blockstream has developed a new concept for multi-signature bitcoin wallets called MuSig2. The developers reported this in their official blog. According to the description, the new multisignature method reduces the number of interactions between private key holders to sign a transaction..
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The main disadvantage of multi-signatures in the MuSig1 concept (introduced in 2018) is the excess contact between private key holders when creating a signature.
“If MuSig1 was used in Lightning Network payments, privacy would have improved, but payment would have taken significantly longer,” says the announcement..
Unlike its predecessor, MuSig2’s multisignature scheme eliminates almost all interactions between signers while maintaining a level of confidentiality. If the Bitcoin community implements the Taproot soft fork, the MuSig2 concept will be compatible with a range of Blockstream products, including Blockstream Green and c-lightning..
Bitcoin community has been discussing the Taproot soft fork for a long time & Schnorr. More details about one of the most important bitcoin updates can be found in the special material BeInCrypto. In short, the upgrade should speed up the processing of blocks in the Bitcoin blockchain network by 2.5 times, which will significantly increase the throughput of transactions, and should also reduce commission costs..
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The use of multisignatures is especially relevant in the case of collective management of a cryptocurrency wallet. So, for example, BitMEX always processes requests to withdraw funds from the exchange using multisignatures. The absence of a digital wallet, combined with the collective management of a single hardware wallet, allowed BitMEX to remain one of the few exchanges that, at the time of this writing, no one was able to hack.
However, BitMEX still found itself at the center of a scandal due to high-profile accusations from the Commodity Futures Trading Commission (CFTC). The accusations led to the fact that the entire management of the exchange lost their positions, and later the clients of the exchange suspected the management of the site of withdrawing more than $ 440 million.
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