Application of multi-signature technology in blockchain development how to realize digital currency

Blockchain Enthusiast (qq:53016353)

Background: The recent rise in currency prices, the entire circle has also seen a long absence of active atmosphere. In view of the MtGox Mentougou collapse caused many people to suffer losses, here again to call on the time to withdraw the currency from the exchange to put in their own control of the address. At the same time, it is recommended that the Bitcoin friends who have just contacted Bitcoin will actively learn about Bitcoin technology so as to avoid losing coins due to personal mistakes. This article will introduce the principle and usage of bitcoin multi-signature technology, hoping readers can use multi-signature in real life.

The advent of bitcoin multi-signature technology is a milestone in the development of Bitcoin. Simply put, bitcoin multi-signature makes it necessary to use multiple private keys to sign verification before being accepted by the Bitcoin network, which not only increases the security of Bitcoin (hackers need to get enough private keys to transfer bitcoins to their addresses), but also enables many new business models to be implemented.


Although from the latest Bitcoin rich address list, we can see that many active addresses have been used multi-signature technology, such as the market than the wallet and other clients also provide the corresponding functions, but from the actual use of the situation, most users do not use multiple signatures. This article will introduce a simple and feasible multi-signature address generation management method, hoping to give you a more profound understanding of multi-signature technology.


Practical goals


By reading this article, readers will be able to have a certain understanding of the basic principles of multi-signature technology, and can master a set of multi-signature private key management and Bitcoin transceiver method.


Prepare knowledge


Before you perform multi-signature practice, readers should understand the following concepts:


1. Concepts such as Bitcoin private key (private key), public key, address, and related correspondence.
2, Brain purse. The private key of Bitcoin is generated by a string of characters in memory to obtain the corresponding Bitcoin public key and address.
3, the transaction signature broadcast. The transaction must be signed with the corresponding private key before it can be broadcast and accepted by the Bitcoin network.


Address generation


If you want to use multi-signature technology, you first generate a multi-signature address. Multi-signature address is generated by ordinary Bitcoin public key, the most basic form is "n select M", meaning that this address has a total of n private key, and to transfer from this address, you need to use a minimum of M private key to sign.


Create a brain purse








Passphrase:multisig test1
Private key:5jwjgsqoc5mryeb1vmdsej6jtqmvndufaqjwmp1hvxxdjnqyq9p
Address:12dfp6nsw1zcjwjiqjeyhvxwfoz2y2mkmv
Public Key: 04a2449b9a115bea654b0672f9120e2aabf34a4ca3993966ef7a8e672a7e851bd05814dccd2e2cd3471768762bcab499e74f2e12583d28faadd07a1df Bba01cae1


Passphrase:multisig test2
Private key:5kjygzgkspmbm8oz36r46ctfjytm6tnhxwafgfw5evqswmhby6v
Address:1ntmmgv4gha1xxvdajonc5ijd5kj4gn2wa
Public Key: 04ae06813d9d19a6b29c873cad44d67099119ce5e7c9e36005870d1da4a76e7e87b0e36a0d581b73dd2238660e7c71466979bc8f85008331ca4377e73 64cb9515d




Passphrase:multisig test3
Private Key:5kudk8sa2pumwgbpucirciwfe2dowaescgqi4y4hulmd6c1qkaw
Address:1pvtmrcacuziihmfhb4hgvrnre4buodgeg
Public Key: 04434b519b4a1bf38a50c8456dca1fdd7c30d271e191d94a3e85bd72e77927b47d6844e45bf4ac7b1bea08a4bc1194e8722679fb4887d210bc1f07e49 4a584ba00


Generate multi-signature addresses


It is believed that most users are more familiar with Bitcoin's private key and address than a long string of characters from the public key above. However, for multi-signature address generation, there is no need to directly understand the specific private key, only need to have public key information.






address:32ytdrmek9qhbr1um2f2vm7xrqsexukm5x


Congratulations, a new multi-signature address is generated. It is recommended that users refresh the browser, try again and make sure that the same multi-signature address is generated.


Bitcoin multi-signature addresses start with the number 3 compared to ordinary Bitcoin addresses, and in addition (for users) there is no difference in receiving bitcoins. Users can use their usual way to send small bitcoins to the address for testing.


The bitcoin transaction information that I send to this address is as follows:




Send a transaction


Multi-Signature Redemption scripts


When sending a multi-signature transaction, the operation process first needs to provide a redemption script called Redeem script (which is generated together when generating the multi-signature address), which generates the transaction information and is signed with sufficient private key to be accepted by the Bitcoin network.


The redemption script for the above address is as follows:


Redeem Script: 524104434b519b4a1bf38a50c8456dca1fdd7c30d271e191d94a3e85bd72e77927b47d6844e45bf4ac7b1bea08a4bc1194e8722679fb4887d210bc1f0 7e494a584ba004104a2449b9a115bea654b0672f9120e2aabf34a4ca3993966ef7a8e672a7e851bd05814dccd2e2cd3471768762bcab499e74f2e1258 3d28faadd07a1dfbba01cae14104ae06813d9d19a6b29c873cad44d67099119ce5e7c9e36005870d1da4a76e7e87b0e36a0d581b73dd2238660e7c714 66979bc8f85008331ca4377e7364cb9515d53ae
address:32ytdrmek9qhbr1um2f2vm7xrqsexukm5x


Generate Trading Information


Click on the "Spend" page to enter the construction page of the multi-signature transaction. First fill in the Redeem script above, the webpage will prompt to update the transaction information on the address, click Confirm, the address of the multi-signature redemption script and the above balance will be displayed in the "Source address." Current address 32ytdrmek9qhbr1um2f2vm7xrqsexukm5x with 0.001BTC inside


The next step is to fill in the received address and the amount of the transaction (pay attention to calculate the amount and transaction fee), in the "Destination address" project, write 1mzzigba7tnnzmwvjmpejafm1wrcvsgzu5, Send the amount to 0.0009BTC, the final handling fee "Fee" project is 0.0001BTC.


Since this is a 2-3 multi-signature address, choose two randomly from three private keys in the "private key" They were filled with 5jwjgsqoc5mryeb1vmdsej6jtqmvndufaqjwmp1hvxxdjnqyq9p and 5kjygzgkspmbm8oz36r46ctfjytm6tnhxwafgfw5evqswmhby6v, Click the bottom "Resign" button to generate a "Raw Transaction" as follows:


010000000172a0747b9a190973345e98fa6f6e1151a03b41ccedf055affa94cc2b5f1cb6ce00000000fd5e0100483045022100e5089537d9cd5cd8f30 4ccc61dfa2e34f55dfa0136cf811a9225ee752472e8a60220065c4a66c57800c8d59fcccccf6f74f4d1d59f8689c1c55de8479e0bf0c58b1b01483045 0221009d3795f9e58a4de419808e7ffc534cf86859ac0603eaaa10c2a32f37615d7618022022f6604a7a539f543f84e913c4e825112204955c42a0af1 f27911888c2e634cb014cc9524104434b519b4a1bf38a50c8456dca1fdd7c30d271e191d94a3e85bd72e77927b47d6844e45bf4ac7b1bea08a4bc1194 e8722679fb4887d210bc1f07e494a584ba004104a2449b9a115bea654b0672f9120e2aabf34a4ca3993966ef7a8e672a7e851bd05814dccd2e2cd3471 768762bcab499e74f2e12583d28faadd07a1dfbba01cae14104ae06813d9d19a6b29c873cad44d67099119ce5e7c9e36005870d1da4a76e7e87b0e36a 0d581b73dd2238660e7c71466979bc8f85008331ca4377e7364cb9515d53aeffffffff01905f0100000000001976a914e65a668adb55e50f31750d368 68476d1a5d70a4f88ac00000000




At this point, users should be able to generate their own Bitcoin multi-signature address and send and receive transactions. Please repeat the above steps to ensure that the generation of information consistent with the small bitcoin to send and receive attempts, habits and then consider this as one of their own storage methods.


Summarize


This paper introduces the basic principle of Bitcoin multi-signature technology and a set of multi-signature private key management and Bitcoin transceiver method. Users can generate multi-signature addresses and sign transactions by themselves with their own Bitcoin private key after knowing how they operate.




Add:
It is strongly recommended that the operation should be carried out in practice, and after successful mastering this method, consider depositing large amounts.
The two sites mentioned in this article are available for download offline environments.
This article is more about providing a way of thinking, as long as you have a private key you can master, you can generate your own multi-signature address and send and receive Bitcoins.