Better security using multi-sig
Problem
Storing crypto without any single point of failure by Multi-sig. Aimed for advance users where security is a priority (or institutions).
Solution
Integration to Cobo Vault, an QR code air-gapped hardware wallet with a big touch screen that provides more security and better UX.
Total to date
This is the total amount allocated to Better security using multi-sig.
About this idea
Additional information for "Relevant Experience"
- Cobo Vault is considered as part of the most robust multi-sig setup for bitcoin now - https://twitter.com/stephanlivera/status/1310563271154397185
- We are also helping Ethereum community addressing the issue of blind signing - https://twitter.com/CoboVault/status/1354384602572361729
- We have successfully applied and delivered Polkadot Grant Program for the integration of Cobo Vault and Polkadot.js - https://medium.com/web3foundation/web3-foundation-grants-wave-7-recipients-15043dbc9198
- We have integrated with other 3rd party wallets like BlueWallet (Bitcoin), Specter (Bitcoin), XRP Toolkit (XRP), MetaMask (We forked a PoC version of Metamask). Demo of BlueWallet - https://youtu.be/JnRjvZKulrA?t=1326 Demo of MetaMask - https://twitter.com/CoboVault/status/1354384600915537924
- We are part of the Air-gapped Wallet Community contributing to set up the QR code standard for Air-gapped Wallet Standard in Bitcoin community - https://github.com/BlockchainCommons/Airgapped-Wallet-Community
- We are also co-authoring a new BIP for bitcoin multi-sig - https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2021-February/018385.html
Detailed plan
"Multisig security is a difference in kind and not in degree. It affords you the ability to avoid loss while making 1 (or more) catastrophic failures in securing your bitcoin. By using a security system that is fault-tolerant, you can move much faster (with less caution) through each step and still attain far higher levels of security vs any single-key system." From: https://btcguide.github.io
The plan is to give the ecosystem a third hardware wallet integration with the goal of implementing a "10x security" solution, where Yoroi will allow to create a wallet using a 2 out of 3 multisig using different hardware wallet. We have already discussed with Emurgo and they are onboard to add a multisig of hardware wallets to their roadmap.
More information about multisig: https://btcguide.github.io/why-multisig
125000Team
I am the Head of Hardware at Cobo. Already participated in the integration with multiple cryptocurrencies.
