Ryan Singer from Cryptoorp talks privacy and security
Multi-signature transactions is an important security feature for institutional and wide spread adoption of Bitcoin. As even further evidence of his genius, Satoshi Nakamoto anticipated this years ago when he originally wrote the code for bitcoin and this feature has been lying dormant in the bitcoin code.
Multi-Signature or Multi-Sig as it is known allows bitcoin wallets to require multiple private keys in order to move bitcoins.
For example, a husband and wife might each have a key and the wallet require both keys to send bitcoins. In this example this would be a 2 of 2 wallet.
Another example might be a company wallet has 3 keys, 1 for the CEO, 1 for the CFO and one for the Accountant and the wallet requires any 2 of these 3 keys in order to send bitcoins. This would be a 2 of 3 wallet.
The use cases for multisig is enormous. In this interview with Ryan Singer, we discover one of the very first, easy to use implementations of multisig and how you can use it to secure your funds.
Singer is Founder and CEO of CryptoCorp and his company is working hard to make the multisig feature of bitcoin available to all of us to use.
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