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Technical Support / Re: Step by step multi-sig setup
« on: June 20, 2017, 09:26:03 am »
Hypothetical scenario:
A bitshares user wants to create a 2 of 3 multi-signature setup to secure their funds.
They have created 3 accounts.
They have:
(1) Created an Openledger.io account on their laptop, backing it up with a 12 word [brain key 1]
(2) They have created an bitshares.org/wallet account using the web browser on their smartphone, backing it up with [brainkey 2]
(3) They have created another bitshares.org/wallet account on their old unused smartphone, backing it up with a 12 word [brain key 3]
THEY TRUST ALL 3 DEVICES.
The brain keys for these devices are stored in 3 separate locations in order to secure the funds against physical burglary/theft.
They want account (1) on their laptop to be the main account.
They want to be able to propose transactions, short SmartCoins, and vote for their favourite worker proposals and proxies using their laptop (1) account.
They then want account (1) to REQUIRE confirmation from either account (2) or account (3) before allowing any transactions.
As the backup brainkeys for account (2) and account (3) are stored in separate physical locations, it would be a pain to have to go and retrieve them every time a new transaction needs authorization.
So BitShares user decides it's a good idea (?) to have their smartphone account (2) with them at all times, but the backup is not.
So the smartphone account is secured with a very strong password (memorised by the BitShares user).
If the user forgets the password, then they have to perform the inconvenience of physically going to the account (2) brainkey location, restoring the smartphone account (2) while there, creating and memorizing a new password, and then physically returning to the laptop (1) to finish proposing the transaction.
[Brain key 2] should never be in the same physical location as [brain key 1] or [brain key 3]
================================
Creating 3 accounts is "easy", but how does one actually link them into a 2 of 3 multi sig?
Can somebody help by writing some step by step instructions (e.g go to settings > multisig > setup > blah > blah> blah) for example
Having clear instructions posted here on these forums will help current and future BitShares customers and investors feel safe securing their funds with multi-sig
Thanks
@svk ?
A bitshares user wants to create a 2 of 3 multi-signature setup to secure their funds.
They have created 3 accounts.
They have:
(1) Created an Openledger.io account on their laptop, backing it up with a 12 word [brain key 1]
(2) They have created an bitshares.org/wallet account using the web browser on their smartphone, backing it up with [brainkey 2]
(3) They have created another bitshares.org/wallet account on their old unused smartphone, backing it up with a 12 word [brain key 3]
THEY TRUST ALL 3 DEVICES.
The brain keys for these devices are stored in 3 separate locations in order to secure the funds against physical burglary/theft.
They want account (1) on their laptop to be the main account.
They want to be able to propose transactions, short SmartCoins, and vote for their favourite worker proposals and proxies using their laptop (1) account.
They then want account (1) to REQUIRE confirmation from either account (2) or account (3) before allowing any transactions.
As the backup brainkeys for account (2) and account (3) are stored in separate physical locations, it would be a pain to have to go and retrieve them every time a new transaction needs authorization.
So BitShares user decides it's a good idea (?) to have their smartphone account (2) with them at all times, but the backup is not.
So the smartphone account is secured with a very strong password (memorised by the BitShares user).
If the user forgets the password, then they have to perform the inconvenience of physically going to the account (2) brainkey location, restoring the smartphone account (2) while there, creating and memorizing a new password, and then physically returning to the laptop (1) to finish proposing the transaction.
[Brain key 2] should never be in the same physical location as [brain key 1] or [brain key 3]
================================
Creating 3 accounts is "easy", but how does one actually link them into a 2 of 3 multi sig?
Can somebody help by writing some step by step instructions (e.g go to settings > multisig > setup > blah > blah> blah) for example
Having clear instructions posted here on these forums will help current and future BitShares customers and investors feel safe securing their funds with multi-sig
Thanks
@svk ?
