Electrum multisig wallet

mrearthbound

Member
Feb 18, 2017
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Hey guys,

I just downloaded the Electrum wallet on my PC and successfully created a 2/2 multisig wallet. The wallet created a master public key and asked for the cosigner's master public key. My partner created in Electrum a "Standard Wallet", and sent me the public key, in order to successfully create the multisig wallet. I moved some Dash into the multisig wallet to test it out.

Afterwards, I wanted to move the funds out of the multisig wallet, so I sent a transfer proposal, got the screen that 1/2 signatures where there, and copied the text and sent it to my peer. He signed it in his Standard Wallet and we were able to move the funds.

In that scenario, it was me (and only me) who can initiate the transfer of the funds. But what happens if you have 3/5 signatures required in a multisig wallet, and only one person holds the actual wallet, and that wallet is lost / deleted? Then the funds are forever locked.

If I backup my wallet and send my wallet to my peer, then he has my private key (because it was me who created the wallet in the first place), and he doesn't need my consent to move the funds

My question is: What's the best way of letting anyone of the authorized parties initiate a transaction on a multisig wallet?

One thing I thought of, is for me to create another standard wallet and add 3 public master keys: the shared wallet's keypair, my master public key and my peer's master public key. It's a bit counter-intuitive, but it should work. That way, I can just distribute the wallet among all the parties and anyone can initiate a transaction without them holding my private key.

I really don't like that solution, and wish there was a way to "join a shared wallet" like what Copay does for Bitcoin.

Suggestions?
 

UdjinM6

Official Dash Dev
Dash Core Team
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May 20, 2014
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> My partner created in Electrum a "Standard Wallet"

You are doing it wrong :)
Your partner should also create a multisig wallet using your master public key as a pubkey of a cosigner.
Same for 3/5 multisig - everyone should create multisig wallet using their public/private keys and (4) public keys of every other person. This way all 5 people will eventually create the same wallet independently so everyone can initiate/sign transfer when it's need.
 
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mrearthbound

Member
Feb 18, 2017
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> My partner created in Electrum a "Standard Wallet"

You are doing it wrong :)
Your partner should also create a multisig wallet using your master public key as a pubkey of a cosigner.
Same for 3/5 multisig - everyone should create multisig wallet using their public/private keys and (4) public keys of every other person. This way all 5 people will eventually create the same wallet independently so everyone can initiate/sign transfer when it's need.
That's what I've been missing! Thanks. The only con I see there is that we need to have the program opened waiting for everyone to get to the step that everyone needs to have the master public key, but that only need to happen once.

Thanks!