Block’s new Bitkey is a 2-of-3 multi signature pockets (https://bitkey.world/en-US)
I have been studying their white paper, which is an effective abstract of their intentions, however does not actually go into technical particulars.
Principally, you want 2 of three (telephone app “cellular key”, exhausting pockets “{hardware} key”, their net service “server key”) as a way to approve a bitcoin transaction. As I perceive it, n-of-m multisignature transactions is natively (and initially) supported by the BTC blockchain.
Nevertheless, Bitkey additionally says that you just can’t authorize transactions over a private set spending restrict with out the exhausting pockets. (That’s, though “cellular key”+”server key” can be 2-of-3, the transaction nonetheless would not be approved if it was over my set spending restrict).
Is that this performance that’s natively supported by the blockchain? (comparable to by Core) If not (and is only a coverage set of Block/Bitkey), in what methods may it fail or be exploited by a malicious actor? Might somebody hack/manipulate Block/Bitkey’s servers in order that you could possibly nonetheless ship BTC over the transaction restrict with out the exhausting key?
(PS Sorry for the beginner query. I am a dev however by no means labored with blockchains earlier than. I am studying. If there may be extra technical tutorial/information on how I may implement multisig wallets with transaction limits in python, I’d take pleasure in studying about that as effectively).
Thanks.
