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Thread: Does doge have multisig?
07-10-2014, 07:34 PM #1
Does doge have multisig?
http://frozenb.it/, on the other hand, has more of an emphasis on utilizing multisignature technology to secure one’s bitcoins in a trustless manner. It also seeks to make the use of multisignature bitcoin addresses much easier than ever before. Currently the site is up, but there are no features implemented yet, so it is difficult to give a fair assessment. However, conceptually it sounds secure. Your funds are secured via a 2-of-3 multisignature address, meaning two out of three private keys are needed to spend an address’ funds. Frozenbit stores one, while you presumably control the others. If Frozenbit servers were compromised, there would be nothing to gain, as the attacker would only attain one out of the two necessary private keys.
Pros & Cons
There are advantages and disadvantages between both of these services. With Greenaddress, you may be comforted knowing that your seed and private keys are in your control, however if their servers ever goes down, you lose the ability to spend your funds. This stems from how they implement multisignature technology, which is different from most given examples.
Traditionally, examples are presented with a 2-of-3 bitcoin address, whereby you need 2 out of the 3 private keys of an address in order to spend its funds. However, Greenaddress.it uses a 2-of-2 implementation to allow a bitcoin address’ funds to be spent. This does not mean to say that private keys are involved, rather this implementation involves providing signatures to validate a transaction. One signature comes from the user while the other comes from Greenaddress when two factor authentication is performed. This would entail that if Greenaddress cannot provide the second form of verification, you’re unable to spend your funds. This fact leads into the second disadvantage, which comes from there being a central point of failure. This is very relevant considering the above fact about authenticating transactions. They explain a way around this in their FAQ, but this still should be taken into consideration.
There is still the convenience surrounding a service such as this, though. Couple this with the fact that Greenaddress has been functional longer than Frozenbit, and you have a service that may be more polished and easy to use. Frozenbit has the potential to be more secure than Greenaddress, however. It makes an interesting use of multisignature technology to give security not seen in other online bitcoin wallets. I’d encourage examining both, particularly when Frozenbit becomes fully functional. It may boil down to which technology you have more trust in, which is of course, a whole other topic when it comes to bitcoin!
Find the full article here: https://bitscan.com/articles/multisi...itcoin-wallets
Last edited by Slowduck; 08-11-2014 at 10:22 AM.
07-28-2014, 06:06 PM #2
Yes doge does have multi-sig now because Frozenbit is supporting bitcoin, dogecoin, litecoin, blackcoin, and quarkcoin. The first mulit-coin multi-sig wallet. We have not launched yet but beav and I will keep you guys posted.
Last edited by Vintage; 07-28-2014 at 06:09 PM.
07-28-2014, 06:32 PM #3
One door closes and another one opens.
Just infect the client. Wait til they enter their signature, use their pc to access the frozen bit server, move the bitcoin to another wallet, Profit?
I like adding more security to cryptocurrency it's much needed.
Good job on assisting with this site guys.
07-28-2014, 06:37 PM #4
Last edited by Slowduck; 07-28-2014 at 07:31 PM.
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