Bitcoin Multisig Security Options Expanding
The below is a direct excerpt of Marty’s Bent Issue #1114: “Multisig option are expanding.” Sign up for the newsletter here.
Here’s some exciting news from Hugo Nguyen, the announcement of Nunchuck 2.0 which aims to “take bitcoin self-custody to the next level via the power of multi-user multisig”. Nunchuk is a desktop and mobile app that allows individuals to easily set up multisignature quorums with trusted friends, family members, business partners, and groups of people in a very user friendly and secure way. You freaks know your Uncle Marty is a big fan of optionality. Well, Nunchuk is here to offer bitcoiners more optionality when it comes to multisig set ups.
A really cool feature of Nunchuk 2.0 is the fact that you can chat in an end-to-end-encrypted fashion within the application, which is incredible for preserving privacy while coordinating the creation of a multisig wallet and receiving and sending funds from the application. On top of this, it seems like the Nunchuk team has a very solid philosophical base and approach to the build out of their product. They believe Bitcoin has the potential to create a truly distributed and robust financial system, but work needs to be done, tools need to be built and, more importantly, those tools need to be adopted.
As Hugo mentions above, if one wants to build a financial system that is truly decentralized they will need to ensure that individuals participating in that system hold their own keys. If they do not Bitcoin is destined to turn into the centralized system we are attempting to break free from. I am very much looking forward to watching Nunchuk progress, build new features, and spread the gospel of personal responsibility and sovereign key management.