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Can these devices work for multiple wallets? For example, im 1 of 3 on my wifes and my kids wallets. I shouldnt have to have multiple devices right?
Great question. For now you will need multiple devices. This isnβt a fundamental limitation but a design decision taken to simplify things, especially backups.
CD175: FROSTSNAP - FROST MULTISIG is the title of a podcast episode on "Citadel Dispatch," where the founders of Frostsnap were guests. The episode discusses the Frostsnap project, which is a novel hardware and software solution for Bitcoin multisig wallets.
Here's a breakdown of what Frostsnap and FROST Multisig are and how they work:
What it is
Frostsnap is a project that uses the FROST protocol (Flexible Round-Optimized Schnorr Threshold) to create a more user-friendly, secure, and flexible way to manage Bitcoin using multisignature wallets.
How it Works
Traditionally, Bitcoin multisig requires a specific number of private keys to sign a transaction, with each key being an independent part of a signature scheme. This can be complex and has a few drawbacks, such as higher on-chain fees and a lack of flexibility.
FROST, and by extension Frostsnap, improves on this by using a different cryptographic approach. Here's how it works:
Threshold Signature Scheme: FROST is a threshold signature scheme. This means instead of requiring a full set of distinct signatures, a certain number of participants (a "threshold") can cooperate to create a single, valid signature for a transaction.
Consolidated Signature: The key innovation is that the final signature produced by the participants looks like a single-signature transaction on the blockchain. This has two major benefits:
Lower Fees: Since the final signature is smaller and more efficient, it reduces the amount of data stored on the blockchain, which can lower transaction fees.
Improved Privacy: It's more difficult for outside observers to tell that the transaction was created with a multisig wallet.
Enhanced Flexibility: FROST allows for more flexibility than traditional multisig. For example, you can add or remove signers from a wallet without having to create an entirely new one and transfer funds, which is a major pain point with older multisig implementations.
In short, Frostsnap is the practical application of the FROST protocol, aiming to make multisig wallets more accessible, private, and cheaper to use for the average Bitcoin user.
Mallers handled this Bloomberg prick pretty well
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