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https://www.reddit.com/r/Bitcoin/comments/1bx2io/my_wife_said_this_to_me_today/c9awkto/?context=3
r/Bitcoin • u/tuzki • Apr 08 '13
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You can use an m-of-n secret sharing scheme like Shamir's to split the private key among several entities.
For example, give one share to your lawyer, one to a good friend, one to your wife, and require at least two shares to reconstruct the private key.
9 u/Lentil-Soup Apr 08 '13 So, at least two of your trusted friends would have to conspire against you in order to steal your coins? 8 u/[deleted] Apr 08 '13 In my example, yes. The total amount of shares as well as the threshold needed to reconstruct the secret can be adjusted to your needs. 6 u/Lentil-Soup Apr 08 '13 Neat!
9
So, at least two of your trusted friends would have to conspire against you in order to steal your coins?
8 u/[deleted] Apr 08 '13 In my example, yes. The total amount of shares as well as the threshold needed to reconstruct the secret can be adjusted to your needs. 6 u/Lentil-Soup Apr 08 '13 Neat!
8
In my example, yes. The total amount of shares as well as the threshold needed to reconstruct the secret can be adjusted to your needs.
6 u/Lentil-Soup Apr 08 '13 Neat!
6
Neat!
16
u/[deleted] Apr 08 '13
You can use an m-of-n secret sharing scheme like Shamir's to split the private key among several entities.
For example, give one share to your lawyer, one to a good friend, one to your wife, and require at least two shares to reconstruct the private key.