Decaying multisig is the future.
A lot of motherfuckers donāt even know we have this capability right now.
No forks or upgrades needed.
Discussion
What is it?
3 of 3
Becomes
2 of 3
Becomes
1 of 3
Overtime.
Meaning if you lose two keys in a traditional 2 of 3 multisig youāre fucked, but in a decaying multisig you can still recover if you have 1 key left.
Have you tried this yet?
oh that's very interesting. got to read up on this
Tip of the iceberg.
Having a compromised key sounds quite scary in this situation.
Iām one of the motherfuckers who had no idea we had this capability š thatās cool
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Yep. š
can you game out a use case for me? seems like expanded multisig have more applications
Some examples:
If you have a 2-of-3 setup, but 2 of your wallets are lost, you can still recover with 1 wallet, after time allows.
If you have bitcoin saved for your kid, it could be 3-of-3 until the kid turns 25, then 2-of-3 till he turns 30, then 1-of-3 after that
Board of directors - enforce 5-of-7 but after some time drops to 4-of-7, to prevent one disagreebal person from locking up the funds
I don't think it means that you need to move funds every 5 years?
Would just remain 1-of-5 until you move it.
Bullish.
What is Decaying multisig? Where do we learn about it?
Very powerful option. Would like to see more wallets offer this as a suggested option.
nostr:npub1jg552aulj07skd6e7y2hu0vl5g8nl5jvfw8jhn6jpjk0vjd0waksvl6n8n Green wallet (software companion to their Jade hardware wallet) offers a one year ātime lockā
GM š«”
Decaying Multisig is so cool.
I like that it allows us to implement a time-based release of the funds and can also gradually reduce the security requirements for acceding the funds.
Well said Fren and GM to you
Thereās gonna be so many random unneeded seed words floating around down the road
I had no idea either. How does this stack up next to just regular multi sig with an institution holding 1 of 5?
So basically just stay single sig then and you skip the decay š
For real it sounds so pointless?
Why go thought setting up multi sig for no benefit if you only need 1 key in the long run?
I donāt need it but love the fact we have it
Having to roll over utxos to reset time locks is a big tradeoff.
Personally I donāt see it as a huge trade off, why do you consider it to be a large trade off?
Because I donāt want those keys to be on devices permanently and I donāt want to access the seed plates regularly either. Only applies to longterm cold storage, of course.
My comments apply only to longterm solo custody. I agree that decaying multisig would be good for collaborative multisig. Combined with insurance like AnchorWatch, it is awesome.
Yeah it seems like a nice set of tradeoffs
Multisig can be scarier than single sig in a lot of ways and this seems to capture some of the benefits of both
Could be done using multisig and without timelock: 1) Generate priv keys using entropy that on avg requires X months of work (very similar to block difficulty). 2) Derive pub keys. 3) Destroy priv key. 4) To spend you now need to re-generate priv key(s for multi) which will on avg take X months. Bonus feature: never need to re-new spends etc., because countdown to spend starts when you start grinding.
Indeed. Superpower for sure. GM to you too
Literally just learning about this now. Thank you.
Further thought required tho.
What is this??
Never heard of it. I'll have to look into it.
I just asked my newest tool, perplexity.ai (which I am starting to really like). I do remember hearing about this before. I like decaying multisig. I want to do inheritance planning, but don't want to use a third party, so this looks like it will fit the bill. I was wondering if it would require a fork, but it sounds like it doesn't. That sounds great!! Go bitcoin!!
So say you have a 3 of 3 and after 90 days it turns into a 2 of 3 What happens after the 90 days if you want to keep it a 3 of 3? Might be a stupid question just trying to understand it
Yes? But you can set the thresholds and numbers of signers and timing. So also could be a 2 or 2 that after 13 months, a 2 of 3 option opens, then even a 1 of 1 in 15 months as an extra backup.
Check out Liana wallet