cryptofolyo on Nostr: This is just an idea like Fedimint How a NOSTR client and social media friends can ...
This is just an idea like Fedimint
How a NOSTR client and social media friends can help u in storing and retrieving the bitcoin even if u lost it.
What is Shamirs Secret Sharing Method used in BitAddress.org?
Using Shamirs Secret Sharing method u can split the bitcoin private key into any number of shares and u can define the minimum number of shares required to regenerate back the private key. U can see that this method is used in bitaddress.org Split Wallet
How to utilise this in a NOSTR Client?
The idea is to build a NOSTR client ( NOSTRKEY ) which can do the following.
Generate a bitcoin private key
Divide the private key into 3 shares using bitaddress.org - Split wallet method - ( I think Shamir's Secret Sharing method is used here )
Minimum share threshold needed to combine must be 2
This means if two out of the 3 shares of secret is available then the private key can be regenerated from any of the 2 out of 3 shares combined.
Share 1 = Bitcoin owners share
Share 2 = Community share
Share 3 = NOSTRKEY share
Share 1 is generated by NOSTRKEY and send to the Bitcoin Owner and it is encrypted by the Bitcoin owners NOSTRKEY client with the NOSTR Private key of the Bitcoin Owner
The bitcoin owner adds a nominee to his account and also few relatives or friends as his community in NOSTR
Share 2 is generated by NOSTRKEY and send to the nominee and the friends and encrypted by the respective NOSTRKEY clients using these individual friends NOSTR private key
Share 3 is encrypted with the NOSTRKEY main account private key ( There will be a NOSTRKEY account in NOSTR ) and then send as a DM to the bitcoin owners address
The bitcoin owner can retrieve his private key from his own account at any time interacting with the NOSTRKEY client and combining share 1 and share 2
Suppose if the bitcoin owner lose his keys for any reason - Then he can request NOSTRKEY and any one of his friends/relatives to combine SHARE 2 and SHARE 3 to regenerate the Bitcoin Private Key
Suppose in the event of death of the owner one of the Friends or relative who is made the nominee can be transfered the bitcoin if the nominee makes a claim. In which case the SHARE 2 and SHARE 3 is combined to regenerate the private key. The nominees claim will have to be verified by 50% of the other friends and relatives added who are not nominees So if there is one nominee and 2 friends added. then the nominee and one other friend should be making the claim
All the retrieval requests made by the friends or nominee is send to the the owner address and the regeneration event happens only after a delay of 7 days for the owner to cancel the retrieval request
The owner can retrieve the bitcoin instantly with SHARE 1 and SHARE 2
SHARE 3 can be used only with a 7 days delay on retrieval
write
How a NOSTR client and social media friends can help u in storing and retrieving the bitcoin even if u lost it.
What is Shamirs Secret Sharing Method used in BitAddress.org?
Using Shamirs Secret Sharing method u can split the bitcoin private key into any number of shares and u can define the minimum number of shares required to regenerate back the private key. U can see that this method is used in bitaddress.org Split Wallet
How to utilise this in a NOSTR Client?
The idea is to build a NOSTR client ( NOSTRKEY ) which can do the following.
Generate a bitcoin private key
Divide the private key into 3 shares using bitaddress.org - Split wallet method - ( I think Shamir's Secret Sharing method is used here )
Minimum share threshold needed to combine must be 2
This means if two out of the 3 shares of secret is available then the private key can be regenerated from any of the 2 out of 3 shares combined.
Share 1 = Bitcoin owners share
Share 2 = Community share
Share 3 = NOSTRKEY share
Share 1 is generated by NOSTRKEY and send to the Bitcoin Owner and it is encrypted by the Bitcoin owners NOSTRKEY client with the NOSTR Private key of the Bitcoin Owner
The bitcoin owner adds a nominee to his account and also few relatives or friends as his community in NOSTR
Share 2 is generated by NOSTRKEY and send to the nominee and the friends and encrypted by the respective NOSTRKEY clients using these individual friends NOSTR private key
Share 3 is encrypted with the NOSTRKEY main account private key ( There will be a NOSTRKEY account in NOSTR ) and then send as a DM to the bitcoin owners address
The bitcoin owner can retrieve his private key from his own account at any time interacting with the NOSTRKEY client and combining share 1 and share 2
Suppose if the bitcoin owner lose his keys for any reason - Then he can request NOSTRKEY and any one of his friends/relatives to combine SHARE 2 and SHARE 3 to regenerate the Bitcoin Private Key
Suppose in the event of death of the owner one of the Friends or relative who is made the nominee can be transfered the bitcoin if the nominee makes a claim. In which case the SHARE 2 and SHARE 3 is combined to regenerate the private key. The nominees claim will have to be verified by 50% of the other friends and relatives added who are not nominees So if there is one nominee and 2 friends added. then the nominee and one other friend should be making the claim
All the retrieval requests made by the friends or nominee is send to the the owner address and the regeneration event happens only after a delay of 7 days for the owner to cancel the retrieval request
The owner can retrieve the bitcoin instantly with SHARE 1 and SHARE 2
SHARE 3 can be used only with a 7 days delay on retrieval
write