Decentralized autonomous organizations are paving the way toward community governance for any kind of company. We’re seeing new creative use cases for DAOs, such as GameFi comic books laying the foundation for collectible card game development and support from key players like Ethereum co-founder Vitalik Buterin — who has claimed there is value in shared decision-making to eliminate acts of collusion. But on the other end of the spectrum, there are DAOs dissolving or running out of Ether (ETH) to pay back lenders, and there is also declining optimism. The number of critics is increasing along with their concern over …

Protecting user data and private keys is crucial as Web3 advances. Yet, the number of hacks that have occurred within the Web3 space in 2022 alone has been monumental, proving that additional security measures, along with greater forms of decentralization, are still required. As this becomes obvious, a number of organizations have started leveraging multiparty computation, or MPC, to ensure privacy and confidentiality for Web3 platforms. MPC is a cryptographic protocol that utilizes an algorithm across multiple parties. Andrew Masanto, co-founder of Nillion – a Web3 startup specializing in decentralized computation – told Cointelegraph that MPC is unique because no …

The recent exploit on Harmony’s Horizon Bridge revealed the inherent flaws with multisignature admin keys that leave projects and their users “one small slipup” from deep trouble. Two crypto project leads expressed their concern that the expansion of the multichain ecosystem could be hampered by the use of multisig contracts due to the dangers they pose with bridges keeping crypto funds safe. Multisig refers to the requirement of multiple individuals to approve a transaction. The multichain ecosystem is the conglomeration of hundreds of blockchains with varying consensus algorithms that often interact through token bridges. Founder of the Moonbeam blockchain Derek …

The research unit of Bitcoin (BTC)-focused blockchain tech firm Blockstream has published a proposal for a new type of multisignature standard called Robust Asynchronous Schnorr Threshold Signatures (ROAST). It hopes to avoid the problem of transaction failures due to absent or even malicious signers and can work at scale. The term multisig, or multisignature, refers to a method of transaction in which two or more signatures are required to sign off before it can be executed. The standard is widely adopted in crypto. According to a Wednesday blog post from Blockstream research, the basic idea of ROAST is to make …

Decentralized finance platform Gnosis is now the third-largest holder of the Ether (ETH) coin supply. Gnosis’ multisignature storage solution, Gnosis Safe, received a deposit of 1,500,000 ETH on Thursday — worth over $1.7 billion at the time of the transaction. While a little over a month old, the vast majority of the ETH in the Gnosis safe appeared in the past 24 hours. Up until a few days prior, the address contained just 250,001 ETH. But a 600,000 ETH ($677 million) transaction on Wednesday, followed by Thursday’s, sent Gnosis from 32nd to third among Ethereum’s largest custodians. These two deposits …

Almost 6 million Bitcoin (BTC) is stored in multisignature wallets — nearly one-third of the total supply. Prevents "exit scams" Bitcoin is generally secured with a combination of a public and private key. In order to transact on the Bitcoin network, a user needs to sign each transaction with their private key. This works fine in most use cases, but there are situations where this setup is not ideal. For example, let’s say the founder of a crypto exchange secures all of the firm’s assets with their private key. This may lead to several problematic situations: What happens if a …

The organizer of a Bitcoin (BTC) programming boot camp has published a multisignature (multisig) user interface (UI) proof-of-concept for both hardware wallets and full nodes. Justin Moon published a quick guide to using the prototype UI on Twitter on Aug. 28, together with the full software code on GitHub. Lowering entry barriers for Bitcoin Wallets that are protected by multisig technology require more than one private key to access the wallet and are thus thought to be much less vulnerable to security breaches, given that no single party possesses all the information necessary to decrypt them. Moon’s step-by-step guide to …

Following the launch of working code last month, blockchain technology firm Blockstream hopes to successfully develop a new multisignature standard for Bitcoin transactions in the future. Alongside this, Blockstream also released its latest version of its Bitcoin scaling software c-lightning at the beginning of March, marking a busy period for the highly regarded development house. Upgrades to the Bitcoin protocol Historically, potential upgrades to the Bitcoin protocol (BTC) have been a big point of contention since its inception back in 2009. Satoshi Nakamoto’s original Bitcoin white paper is treated as something of a sacred text, and any changes to the …

Recent innovative ideas and projects, such as micropayment channels and the lightning network, are creating trustless channels between people so they can transact with each other without touching the blockchain. This could not only save time and memory resources, but it could also help solve the block size problem. The blockchain requires massive memory, which will increase exponentially in the future and cause scalability issues. Developers have had many discussions and debates about increasing the block size from 1 MB to 20 MB. On the one hand, in order for bitcoin to go global, it needs a much bigger block …