Nunchuck has launched Byzantine, a collaborative custody platform designed specifically for Bitcoin advisors. The platform allows advisors to collaborate with their clients to create multi-user multisig wallets
How Byzantine Works
Byzantine uses a multi-user multisig wallet, which requires multiple signatures to approve a transaction. This ensures that no single person can control the wallet and that all users have a say in how it is used.
The keys to the wallet are stored in cold storage, which means that they are kept offline and are not connected to the internet. The platform supports a variety of hardware signing devices, which provide an additional layer of security.
The platform requires only an email address from users, no other personal information is required to create an account.
In addition to its security features, Byzantine also offers a number of tools for long-term inheritance planning. This is a major concern for many Bitcoin holders, as the current system for transferring Bitcoin to heirs can be complex and time-consuming.
How the Multi-user Multisig Wallet Works
The multi-user multisig wallet works as follows:
- The wallet is created by an advisor and their client.
- The advisor and client each generate a private key and a public key.
- The public keys are combined to create a multisig address.
- The private keys are stored in cold storage.
- To approve a transaction, the advisor and client must both sign the transaction with their private keys.
This ensures that no single person can control the wallet and that both the advisor and client have a say in how it is used. The cold storage and hardware signing devices further increase the security of the wallet.
Benefits of Byzantine
Byzantine offers a number of benefits for Bitcoin advisors and their clients, including:
- Increased security: The multi-user multisig wallet and cold storage provide a high level of security for Bitcoin holdings.
- Improved privacy: The platform only requires an email address from users, which helps to protect their privacy.
- Ease of use: The platform is easy to use for both advisors and clients.
- Long-term planning: The platform offers a number of tools for long-term inheritance planning.
Conclusion
Byzantine is a promising new development in the Bitcoin custody industry. A new service that can create competition in collaborative custody.
