0Chain Corp. (20240249275). GROUP SIGNATURES FOR A SMART WALLET ON A BLOCKCHAIN PLATFORM simplified abstract
Contents
GROUP SIGNATURES FOR A SMART WALLET ON A BLOCKCHAIN PLATFORM
Organization Name
Inventor(s)
Saswata Basu of Cupertino CA (US)
Siva Dirisala of Cupertino CA (US)
GROUP SIGNATURES FOR A SMART WALLET ON A BLOCKCHAIN PLATFORM - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240249275 titled 'GROUP SIGNATURES FOR A SMART WALLET ON A BLOCKCHAIN PLATFORM
The abstract describes a method for securing a multi-signature smart wallet by requiring a threshold number of signatures before any changes or executions can be made.
- Creation of k out of n public-private key pairs for the multi-signature smart wallet, where k is the required threshold number of pairs to process the smart contract.
- Registration of the multi-signature smart wallet with the k out of n key pairs in a Merkle Patricia Tree on the blockchain platform.
- Sending the n key pairs to n approvers for approval.
- Requiring at least k signatures from voters before allowing funds from the smart wallet to be utilized.
Potential Applications: - Secure transactions in blockchain platforms - Enhanced security for multi-signature wallets - Preventing unauthorized access to funds
Problems Solved: - Mitigating the risk of unauthorized transactions - Ensuring consensus among key holders before executing transactions
Benefits: - Increased security for multi-signature wallets - Protection against unauthorized access to funds - Enhanced trust and transparency in transactions
Commercial Applications: Title: Secure Multi-Signature Wallet Technology for Blockchain Platforms Description: This technology can be utilized by financial institutions, cryptocurrency exchanges, and other organizations to enhance the security of multi-signature wallets and prevent unauthorized transactions.
Questions about the Technology: 1. How does this technology improve the security of multi-signature wallets? 2. What are the potential implications of requiring multiple signatures for transactions in blockchain platforms?
Frequently Updated Research: Stay updated on the latest advancements in blockchain security protocols and multi-signature wallet technologies to ensure the continued effectiveness of this method.
Original Abstract Submitted
an approach is disclosed for preventing changing and executing of a multi-signature smart wallet until a group key is signed with a threshold number of signatures. creating, by a client, k out of n public-private key pairs for a multi-signature smart wallet where k is a required threshold number of public-private key pairs to process the multi-signature smart contract and n is the total number of public-private key pairs. the multi-signature smart wallet is registered with the k out of n public-private key pairs in a merkle patricia tree (mpt) to record a state of the multi-sig smart wallet in blockchain platform. the n public-private key pairs are sent by the client to n approvers. a signed approval of the proposal from at least k voters must be received by the multi-signature smart wallet before allowing funds from the multi-signature smart wallet to be utilized for the proposal.
