48 lines
2.4 KiB
Markdown
48 lines
2.4 KiB
Markdown
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Summary:
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- We move over to Nunchuk multisig, which is safe and way more convenient.
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- We start with fresh keys and signers.
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- We formalize commitments that signers need to abide by.
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# New design
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- TLDR: we use nunchuk and its collaborative multisig wallet functionalities.
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- For a quick demo of how signing TXs will be like, see this video between 43:52-47:20: https://www.youtube.com/watch?v=K4KrcYWr9G0
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- For full details:
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- You can watch the full video on Nunchuk by BTCSessions: https://www.youtube.com/watch?v=K4KrcYWr9G0
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- You can Nunchuk docs: https://resources.nunchuk.io/
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- Multisig details (x-of-y) will be defined depending on willingness of admins to be signers.
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- A TXs simulation gets done every month with a few signers to "grease the groove" and force signers to prove they are ready-to-sign.
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- It is proposed to define a max amount of 0.25 BTC (~7K€) to be held in this musig. If more money appears, I suggest we explore having an even more safe musig besides this one. The details don't need to be agreed upon now, but the max amount should.
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# Signer commitments
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- I will make my best effort to respond to signing requests in less than 3 days.
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- I will keep offline backups of my keys.
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- I will keep a backup of the multisig config.
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- If I ever lose my backups, I'll let the signer team know immediately.
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- If I ever suspect my keys or my devices have been compromised, I'll let the signer team know immediately.
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If a signer fails at these commitments, he should either drop his role himself or the signers group should decide if he should be forced to do so.
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# Migration plan
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- All signer candidates must follow the instructions below, steps 1 to 5 before November 15th.
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- Accounting dep creates the Musig V2 wallet.
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- Signer candidates fulfill steps 6 and 7.
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- Once our quorum is ready, we make a TX to move from Musig V1 to Musig V2. Old signer team signs it and broadcasts it.
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- Musig V1 can be discarded.
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# Instructions for signers
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1. Install nunchuk
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2. Make a nunchuk account with an anon email and save credentials for both the nunchuk and email account.
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3. Add "signeroflastresort@protonmail.com" to your agenda.
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4. Create a new key of type "software key". Back it up offline.
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5. Wait for accounting dep to prepare the multisig.
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6. Once accounting dep prepares the multisig request, add your key.
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7. Once the multisig is created, you create a backup of the multisig configuration in BSMS format (not to confuse with your keys.)
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8. Done. Multisig is ready.
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