Multisig blockchain bitcoin
These are often referred to as M-of-N transactions. These parties can be people, institutions or programmed scripts.
The company, for security reasons, would not want a single one of its employees to have access to the company BTC wallet's password. Any transaction would have to meet the approval of more than one employee. Shamir's Secret Sharing Scheme ssss [2] is a general software implementation of multisig. Specific to Bitcoin, GreenAddress. Electrum allows a multisig wallet made of any combination of m-of-n. Coinbase also offers 2-of-3 and 3-of-5 multisig, which they call Vault.
Blocktrail offers 2-of-3 multisig. This javascript page can create and spend from multisig addresses: As a result, instead of the existing scheme for generating individual signatures for each new transaction, signatories can use only one. This single signature can be verified by anyone who also knows the message and the public keys of the signers. Thus, the developers plan to save space used on the blockchain. That, in turn, will solve the problem of low network bandwidth and high transaction fees.
Bitcoin Core developers Gregory Maxwell, Andrew Poelstra, Yannick Seurin, and Pieter Wuille are working on the implementation of the Schnorr multi-signature technology, a process which has been ongoing since Despite the obvious advantages of the technology, earlier implementation was impossible for two reasons. Firstly, there were too few developers in crypto communications that would understand Bitcoin's blockchain and cryptography well enough to ensure large-scale implementation of the Schnorr scheme.
The Segregated Witness SegWit protocol that was activated last year also helped implement the new Schnorr authentication scheme in the form of a backward compatible soft fork, rather than a hard one, as previously thought. Moreover, the SegWit protocol allows the technology to increase the level of privacy in some transactions and also helps in the fight against spam.
That, in turn, will solve the problem of low network bandwidth and high transaction fees. Bitcoin Core developers Gregory Maxwell, Andrew Poelstra, Yannick Seurin, and Pieter Wuille are working on the implementation of the Schnorr multi-signature technology, a process which has been ongoing since Despite the obvious advantages of the technology, earlier implementation was impossible for two reasons. Firstly, there were too few developers in crypto communications that would understand Bitcoin's blockchain and cryptography well enough to ensure large-scale implementation of the Schnorr scheme.
The Segregated Witness SegWit protocol that was activated last year also helped implement the new Schnorr authentication scheme in the form of a backward compatible soft fork, rather than a hard one, as previously thought.
Moreover, the SegWit protocol allows the technology to increase the level of privacy in some transactions and also helps in the fight against spam. Yannick Seurin, the cryptographer of the French agency for crypto security ANSSI, and concurrently one of the leading developers of cryptography in the Schnorr scheme, noted in an interview with CoinDesk:. As evidenced by the recent scaling debate, any efficiency improvement is highly beneficial to bitcoin. The Schnorr technology is one of the many possible directions for the current development of Bitcoin's blockchain.