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Multisig for escrow & wallet security

  • May 22, 2014 · 7:00 PM
  • HiQ

Martin will serve food and beverages at the event, so no need to eat before. He will be in the lobby to let you all in from around 18:45. If you come after 19:00 you can call him on[masked] and he'll come down!

Multi signature means that you need more than one private key to make a transaction. Multi signature is built into Bitcoin, but is not widely used. Many believe though that 2014 is the year for its breakthrough.

Multi sig can be used for security, so that e.g. two people must sign off before a transaction is made. This can prevent a lot off bitcoin theft.

It can also be used for escrow with a two out of three signature, where:

• Either the buyer and seller signs off on a transaction

• Or a neutral third party teams up with either buyer or seller to decide if funds go through to the seller or are returned to the buyer.

Here is a reasonably good introduction to muti sig addresses:

Part 1 (the link skips the first 10 minutes)

Part 2

Complete example of multi sig transaction:

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