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Here is some github code to create split keys.

  • Is Key Splitting the same as Multi Sig?

  • What are the benefits of Key Splitting, what's it used for?

  • How does it relate to P2SH or any other relevant BIP?

  • How are split keys used in a transaction?

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  • No. Multisignature transactions involve multiple keys/signatures, whereas this involves splitting up one key.
  • As far as I know, it's not used at all in production. There are a whole host of issues.
  • P2SH was created to make multisignature transactions easier to implement for e-wallet providers and merchants, and to move the burden of multisignature transactions from the sender to the reciever.
  • Like so:

    1. Generate a key
    2. Split the key up, store the pieces in different places
    3. Put the key back together
    4. Sign transactions

    The major problem with split-key transactions is that you need a trusted third party. When they generate the key, they could secretly store it. When they put the key back together, they could secretly sign a transaction that stole all of your bitcoins.

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