Dash insurance, backup wallet and split wallet

Technologov

Member
Mar 5, 2017
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Israel
Hello,

What happens if I get run over by the bus? What happens if I die?
I have a bunch of Masternodes that are worth a fortune. I don't want to give private keys to anyone, not even my family. But I want to give them a way to recover a private key, in case something happens to me.

One good solution is Shamir Secret Sharing. (SSS)
For Bitcoin, we have Bitaddress.org "Split wallet" feature. But Dash?
Paper.dash.org has same feature, *BUT* it doesn't support Masternodes feature.

Very few people in the Bitcoin world have such an insurance strategy in place, in case they die. I'm one of the few, who does.

SSS is really a split wallet, where people can do 4 of 6 or 5 of 8 wallets and spread key-parts across family members.
SSS is in some ways similar to Multisig, in that it divides responsibility across several people, but unlike Multisig, people will need to come together to use it, and no Multisig script is needed. So it's implementation is simpler.

I feel we should integrate this functionality into Dash Core wallet directly. Insurance strategy should become common-place rather than one-in-a-million users knowing about it.

SSS Example:
https://sourceforge.net/projects/secretsharp/

-Technologov,
08.04.2017

P.S for anyone wondering what is my backup strategy, I'm using a combination of SSS paper wallets and a bunch M-Discs from Millenniata, stored off-site, a 1000 year optical disc: -- the most reliable digital storage medium in history.

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What do you think of it? What is your Dash backup and insurance strategy?
 

Fount4inhead

Member
Mar 21, 2017
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What would be use is a timedelay of say 30 days when a split address is used. As you say some people are not even content with giving family members access with seperate parts of a key unless they run off with it. But if there was like a 3rd key that had to sign off within a time frame or if that time frame gets exceeded then the 3rd key is not required and transaction is made. You could always then be in control. Family members will simply have to wait the timeframe after your death.
 

Technologov

Member
Mar 5, 2017
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Israel
I'm not sure how to do a conditional time delay on the Dash network. Even if you could somehow Time-lock a Masternode transaction, it will lock both you, the owner, as well as family members with SSS key-parts.