[Proposal] BitDevs: Bitcoin Socratic Seminar - multisigbackup.com #47
Description
UTCTime: 2024-XX-XX 22:00 UTC (TBD)
Duration: 1h
Location: ATL BitLab, 684 John Wesley Dobbs Ave NE, Unit A1, Atlanta, GA 30312
Details
This is a topic proposal for a future Bit Devs Socratic Seminar. I recently released an open source project, multisigbackup.com, which aims to simplify the process of backing up a 2-of-3 multisig descriptor, so that anyone, including a loved one, can always recover it with only 2 seeds.
How it works
This tool strips all the sensitive data in a k-of-n descriptor (master fingerprints, xpubs) and encrypts it such that it can’t be decrypted without k xpubs. The tool then helps the user inscribe the data publicly on Bitcoin, including the descriptor template, derivation paths, and a hash of each pair of master fingerprints.
To recover, the user simply inputs two master fingerprints, which are hashed and used to find the encrypted descriptor onchain. An open source indexer makes this near instantaneous. Once the user has the encrypted descriptor, they use the derivation paths in the descriptor template to derive k xpubs, decrypt the encrypted data, and reassemble the original descriptor.
Ledger and Trezor hardware wallets are integrated into the recovery process for ease-of-use.
Source code: https://github.com/joshdoman/multisig-backup
Agenda
- Intro to threshold multisigs and multisig descriptors
- Existing best practices for backing up descriptors
- Benefits and drawbacks of inscribing descriptors on Bitcoin
- High-level overview of the project
- Deep dive on shamir secret sharing and threshold encryption scheme
- Deep dive on recovery process
- Live demonstration
- Future development
Location
ATL BitLab
684 John Wesley Dobbs Ave NE, Unit A1, Atlanta, GA 30312
📍 Map Link
Park in the gravel lot. Look for the orange door behind the fence.