Bitcoin 101 - Multi-Signature Addresses pt1 - Coding This Major Security Improvement

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Just like the Wright brothers, on those first flights at Kitty Hawk, didn't concern themselves that much with landing. And improvements like anti-lock brakes and seat belts help protect passengers in cars. Bitcoin is now in that 'second phase' where security is becoming massively important. Fortunately, because the currency is programmable, anything is really possible. Originally introduced into the bitcoin client a few years ago, multisignature addresses massively more secure than regular ones. Their adoption by all wallet manufacturers is coming. But, for you techies and voyeurs, we'll jump inside the ideas of multi-sig and even program the stuff. Hope you enjoy.

All the public and private keys are at the bottom of this description

James' code can be found here:
https://github.com/wobine/blackboard101
there, you'll see the code for part one and two of this video

Jeff Garzik's Bitcoin python library is here
https://github.com/jgarzik/python-bitcoinrpc
remember to replace his connection.py file with ours for multisigs

And a little bit about bitcoind is here
https://en.bitcoin.it/wiki/Bitcoind
but remember that it really is the most bare-bones bitcoin wallet software, but the one which allows the most programming. we love it.

A multisig wallet is already in production: Check it out
https://www.bitgo.com/
We're still waiting to see how they use multisig to see if it really works for the end user.

And finally, here's our lovely multisig address
http://live.bitcore.io/address/35Z3xG92YkW5Xo4ngQw6w5b3Ce6MDw94A8
So cool to see it live and in action.

Welcome to WBN's Bitcoin 101 Blackboard Series -- a full beginner to expert course in bitcoin. We hope you enjoy. And remember the official WBN launch is coming up : June 1st, 2014.

Please like, subscribe, comment or even drop a little jangly in our bitcoin tip jar 1javsf8GNsudLaDue3dXkKzjtGM8NagQe

Thanks, WBN





Brand New Address Pair: Number 1
Compressed Public Address - 34 chars - 1L2hyXoKmtRffKHhQ8XGyWFVBgZHJckkbx
Private Key - 52 chars - L2M1uRgdwgCotoP8prWJYYwz2zwWgsMa9TJwqARG7nFxkpdvBSsm
Less compressed Public Key/Address - 66 chars - 020743d44be989540d27b1b4bbbcfd17721c337cb6bc9af20eb8a32520b393532f

Brand New Address Pair: Number 2
Compressed Public Address - 34 chars - 13XTNTnApsAc4aEPniAncmnDxWJcY6QcPF
Private Key - 52 chars - L1M2ZgjoAtDVu9uemahiZBQPwFA5Tyj4GLd1ECkDryviFrGp6m7k
Less compressed Public Key/Address - 66 chars - 02c0120a1dda9e51a938d39ddd9fe0ebc45ea97e1d27a7cbd671d5431416d3dd87

Brand New Address Pair: Number 3
Compressed Public Address - 34 chars - 1DT8Ki2HKzFYUVnv9hg9Pg1EE5G32kmP3Y
Private Key - 52 chars - L5PkVBzR4SdQimMsfHnRqRegJZDFJ22sGjSbfp3SsPSnVoB8vRFE
Less compressed Public Key/Address - 66 chars - 0213820eb3d5f509d7438c9eeecb4157b2f595105e7cd564b3cdbb9ead3da41eed