full image - Repost: Jack Dorsey’s company Block released some details about their upcoming hardware wallet (from Reddit.com, Jack Dorsey’s company Block released some details about their upcoming hardware wallet)
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I’m very excited to see that their idea is to go with a multi-sig setup. Their plan is to give you a bitcoin wallet ruled by 3 keys, but only 2 of 3 need to sign a transaction in order to broadcast it. One key will live in the app, another key will live in the actual hardware wallet you buy from them, while a third will be held in safe custody by Block.The idea is that you can broadcast your own transactions by signing them with both your Block hardware wallet and your app key. You don’t need Block for this - you can back up both the app and hardware wallet keys yourself and never lean on them as long as you don’t lose your keys. They can’t move your coins with just the one key they have. But if you lose one of yours, you can ask them to sign a transaction to move your funds to a new wallet you set up.This helps on multiple fronts. It eliminates any one key being a total point of failure, and it makes each key less valuable, so therefore easier to backup (you can safely email one to a friend to hold in case).There’s an arcane detail about multi-sig wallets that you absolutely need to understand to operate with them safely. You need to save the master public keys of all the wallets used in the setup, because if you need to re-construct the wallet on a fresh pc but only have 2 of the three keys, you can’t access your funds without knowing the details of all three wallets used to create it. Details = each wallet’s fingerprint, it’s xpub value and the derivation path used in the wallet. Advanced wallets let you back up your multi-sig wallet in a .bsms file, which contains all of the aforementioned information.I am willing to bet you 1000 bitcoins that Block will save this data for you along with the one key it’s privy to.Anyway, what do you guys think? Would you buy a hw from Dorsey? How much would you pay?
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