New answers tagged multi-signature
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In order to set up a multisig transaction, your bitcoind needs to know the public keys that make up that multisig address, and the order that those public keys are listed in. The address itself doesn't contain this information. If you already have 1 bitcoind set up with this information, you can use this script to copy that information to a second bitcoind.
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I'm not sure what daemons should be used in this script and ...
You first run two bitcoind daemons locally and then specify their ports as arguments to the command along with other information such as authentication credentials:
# Example usage:
# multisigsync.py \
--connect1=http://abc:123@127.0.0.1:9000 \
--connect2=http://abc:123@127.0.0.1:9001 \
...
4
Why did the transaction was accepted by the network despite not working as intended
The network does not check the validity of output scripts. An output script can contain pretty much any data and the transaction will still be consensus valid. But your transaction is not actually invalid. It's just like a bare multisig now, but since the pubkeys are hashes, ...
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Right now, the top two alternatives to Taproot & Schnorr Signatures rely on multiparty ECDSA (elliptic curve digital signature algorithm) also known as threashold ECDSA.
Threshold ECDSA has two main functions: The first function is to spread out key generation across multiple machines. This makes it so that no single party is ever made aware of the full ...
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Advantages of OP_CHECKMULTISIG over Shamir Secret Sharing for k-of-n:
There is no need to reconstruct the actual secret key on one specific machine. With SSS, you're inherently relying on that one machine being able to verify that what it's going to sign is what is intended - otherwise you may e.g. be sending your entire balance instead of just the payment ...
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A single output is roughly 34 bytes per output regardless of whether the output represents a standard address or multisig address. Is this correct?
Yes, in modern Bitcoin transactions the size of producing an output (ie, paying to an address) is constant and has no relation to the size of the actual script. For native segwit outputs the size is somewhat ...
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