Scheme for starting a masternode without using the collateral private key

[dashameter]

If there was a way to start a masternode without using the private key of the collateral, a 3rd party service could be used to monitor and restart the masternode without concern over the loss of funds. Also when on the go, one could upgrade and restart a masternode without having to bring the collateral private key along.

Here is a simple scheme using the already existing bip32 xpub:

1. Configure the bip32 xpub public address in the masternode config file.
2. Send collateral to bip32 derived path 1
3. To start the masternode, broadcast to the network: xpub public key and the start command signed with the private key of bip32 derived path 2

Using the xpub public key the network will be able to verify that:

1. The collateral is present in derived path 1
2. The start command issuer controls that collateral since he is in possession of private key of derived path 2

Now one can hand over starting control of the masternode to a 3rd party or bring the private key of derived path 2 along on the road without concern of loosing the collateral.

Please share your thoughts, criticism and implementation considerations with this or similar schemes. Thanks!

 

[U-Zyn Chua]

I also wonder if it is currently possible to pre-signed the masternode start message on an air-gapped computer before broadcasting it.