A team of bitcoin developers and enthusiasts has launched an approach dubbed “Frostsnap,” which aims to provide multi-signature wallets with a range of new features, transforming them from static tools into flexible, adaptive systems.
With this new development, Bitcoin multisig wallets, known for their security, are getting a major upgrade.Multi-signature or multi-signature wallets have always been the first choice for securing funds on the web .Their modus operandi requires multiple signers to authorize any transaction, which increases . But one of the limitations of traditional multisigs is that they cannot add signers without creating a new wallet, which would require transferring funds.
The newly introduced Frostsnap method offers a solution to this inconvenience.It allows replacing hardware wallets such as , , ColdCards, or other similar permutations without additional on-chain transactions. It is also capable of adding new signers to keys after the initial private key generation event and makes stolen hardware wallets incompatible with all other devices that multi-sign. The project’s hardware lead, Adam Mashrique, affirmed the team’s ambition to create an open standard that vendors can implement, enabling different devices to be part of FROST’s multi-signature wallet.
Reshaping the multi-signature landscape
It has been compared to the “Bitcoin multisig centipede” due to its flexibility and adaptability. Like Centipede, Frostsnap-compatible devices can be replaced, modifying the number of devices required to confirm a transaction if the device is compromised, and effectively facilitating data transmission to Bitcoin nodes with Taproot signatures. The name Frostsnap is a nod to the acronym Flexible Round-Optimized Schnorr Threshold Signatures (FROST).
What is remarkable about this system is that it is fully consistent with today’s Bitcoin network, requiring no forks or proprietary node software. Despite plans to introduce a Bitcoin Improvement Proposal (BIP) to support on-chain FROST, FROST-enabled devices can now manage on-chain Frostsnap wallets. The development of Frostnap itself is FOSS (Free and Open Source Software).
Each person is a unique combination of things they know, items they own, places they can visit, and people they trust.
How individuals can protect their #bitcoin Should reflect this.
— Frostsnap ❄ (@FrostsnapTech) July 20, 2023
Security and Flexibility
In addition to increased flexibility and security, Frostsnap offers several benefits. Users can back up information to new devices, making future device replacements easier. It also allows multi-signers to eliminate any stolen devices through a threshold number of signatures, further deterring thieves.
Frostsnap provides enhanced privacy in the following ways , which effectively hides the existence or properties of the Frostsnap wallet. With Taproot, Frostsnap can also consolidate signature-related data, reducing on-chain fees. Additionally, it can mask whether the wallet involves Nostr, Mint, Bitcoin Script smart contracts, or Lightning channels.
The Frostsnap method provides bitcoin users with a way to sign documents, verify identities, maintain privacy, and protect an organization’s bitcoins from the risk of rogue employees or lost signing devices.
Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.