Post
Topic
Board Development & Technical Discussion
Topic OP
Delayed multisig wallet - feasible?
by
dnydublin12
on 06/01/2015, 23:27:37 UTC
Would it be possible to have a new type of wallet, that was a type of multisig wallet. Delayed transaction multisig wallet.

Use case: People and companies like Bitstamp who want to have monies in hot wallet and are happy to forgo instant transactions in some of their wallets, in the interest of extra security and a chance to undo transactions within a certain timeframe. Like a half way house in terms of security between an offline wallet and a hot wallet.

Transactions initiated with this type of wallet would not be executed immediately, but would always be marked for processing, in X blocks (36 for 6 hour delay, 72 for 12, 144 for a day). The ability to "post date" transactions is already built into bitcoin, so would just be a matter of having a special case of multisig to throw transactions out of the pending pool if they were counter signed, as opposed to validating them if they were countersigned.

If the owner of the wallet noticed that an undesired transaction had being placed, they would have time to use a separate signature to mark the transaction as invalid.

Background ----
Bitstamp seem to have being doing everything quite well, keeping most of the funds in offline wallets. The money that was stolen was from a hot wallet. Petty cash, if you like, which they would understandably need to have easily accessible and in a hot wallet for operational reasons. Its a pain to have to transfer funds from cold storage frequently, but insecure to keep too much in a hot wallet.

Is it possible?