Replying to Avatar Louis

Can I learn more? How Nostr can improve custody and signing?
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Max Gravitt 2y ago

Nostr clients are all actually Bitcoin wallets under the covers.

Taproot enables flexible and sophisticated spending policies, or "smart contracts" for multisig rules.

When a CEO or CFO type has a new request to spend money, they can be notified in their DMs and tap-tap-approve.

Super smooth, super safe, and all open protocols.

Here are a few summary slides that visualize it and more detailed info is on the website:

https://docs.google.com/presentation/d/1E4WwSgt4ZKr1M9SmmVELpf2ckhmqC237idLumCKP7Eg/edit#slide=id.p

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Discussion

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Louis 2y ago

Bitcoin is stored in a multisig wallet with keys spread across many parties and each can approve and sign using their Nostr private key combine with Bitcoin private key?

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Max Gravitt 2y ago

Yes, precisely.

With really nice dressings for things like Louis can spend from a specific wallet anytime he wants, or Max, Alice, and Bob can spend from it if they all agree, etc. Those are the spending policies that can be authored by users.

https://void.cat/d/47kSfScpsJop8ktD3VG4SG.webp

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Louis 2y ago

How do I secure my key? It’s easy to secure bitcoin private key with hardware wallet, how about Nostr private key? If I lost it and leak it how do I reset?

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Max Gravitt 2y ago

Coinstr is compatible with hardware wallets.

Nostr Connect may also expand to include hardware or air-gapped signing (QR-code only communications) CC: #[3]

Often key loss can be addressed through the spending policy though. You will have a stash wallet or vault that is 2 of 3 of your own hardware wallets for your big stack. Single sig for your day-to-day, and lightning for shopping and zapping.

If a key becomes compromised, the coins can be swept to a new vault with an updated policy that has the new key. (you technically don't 'reset the key', you 'reset the policy')

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Max Gravitt 2y ago

A simple 3 of 5 looks like this. If any 1 (or even 2) people lose their key, they notify the others and the policy gets reset and the coins moved to the updated policy.

https://void.cat/d/DjwUionbAFNmJWZeqnofeC.webp

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Max Gravitt 2y ago

The UX is typically terrible for multisignature, but Nostr fixes the underlying signature 'rails' to make it a fully integrated and super safe experience.

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Louis 2y ago

Followed for more updates!

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Max Gravitt 2y ago

Here are the 3 simple user stories we're building for the MVP.

https://docs.google.com/presentation/d/1l9NV_Wh9RwH5A9NPlg4ZxK14i-aqeNPuc9APJrMs-Lc/edit?usp=sharing