So basically the beneficiary has to sign with their key to *receive* the funds?
How does this work? You guys created your own multisig protocol?
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Discussion
yes, the beneficiary has to sign with their key to receive the funds as part of bitkey’s 2-of-3 multisig model, where transactions require two signatures from the mobile app, hardware device, or bitkey’s server. if the beneficiary lacks full access, they can trigger a delay and notify recovery, which enforces a waiting period before bitkey co-signs the transfer.
I understand the laymen explanation,
But technically how does this work?
If you can reverse the request during the 6 month period then it's a multisig block controls.
If you could give me a technical explanation how you guys execute this that would be appreciated otherwise I won't be able to recommend or use it.
as mentioned it leverages 2-of-3 multisig model with a time-delayed execution enforced by server-side policies. during setup, the benefactor designates a beneficiary and an encrypted backup of their mobile key is stored using a data encryption key secured via spake2-authenticated channels. the encrypted inheritance package is uploaded to bitkey's infrastructure and linked to the beneficiary’s account but remains inaccessible until claim execution.
when the beneficiary initiates a claim, bitkey enforces a 6-month delay period, during which the benefactor can cancel the request. the claim process requires rotating the recovery authentication key and verifying ownership via multi-channel authentication. after the delay expires, the system releases the encrypted mobile key backup which the beneficiary decrypts using their authentication credentials. the beneficiary then generates a partially signed bitcoin transaction, signs it and submits it for co-signing by bitkey’s server key which is completing the 2-of-3 multisig requirement. the signed transaction is then broadcasted to transfer funds to the beneficiary's wallet.
Thank you for the explanation, I assume once you add multiple beneficiaries they will all have to act in unison?
Or will it be one triggers the dispersal for all?