Bitcoin 101 – Multi-Signature Addresses pt2 – Spending, Protocol & Coding

Part One – Generating a Multisignature Address
Part Two – Spending From the Multisignature Address

This part two of a two part series on muti-signature addresses and wallets. This is important technology for massively improving bitcoin security. In part one we generated a multisig address/wallet. In this part, we’lll walk you through all the steps necessary to spend the funds, going line by line through some simple python code and generating a payment in bitcoind.

In many ways, multisig addresses are the answer to most of bitcoin’s concerns and fears of theft. And now its time to scale up massive implementation for them. Originally introduced into the bitcoin client a few years ago, multisignature addresses massively more secure than regular ones. Their adoption by all wallet manufacturers is coming. But, for you techies and voyeurs, we’ll jump inside the ideas of multi-sig and even program the stuff. Hope you enjoy.

James’ code can be found here:
https://github.com/wobine/blackboard101
you’ll see multisigs part one and two

Jeff Garzik’s Bitcoin python library is here
https://github.com/jgarzik/python-bitcoinrpc
remember to replace his connection.py file with ours for multisigs

And a little bit about bitcoind is here
https://en.bitcoin.it/wiki/Bitcoind
but remember that it really is the most bare-bones bitcoin wallet software, but the one which allows the most programming. we love it.

And finally, here’s our lovely multisig address
http://live.bitcore.io/address/35Z3xG92YkW5Xo4ngQw6w5b3Ce6MDw94A8
So cool to see it live and in action.

Welcome to WBN’s Bitcoin 101 Blackboard Series — a full beginner to expert course in bitcoin.

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Joe is a thought-provoking author and serial entrepreneur leveraging over 12 years of experience publishing and editing today’s leading news. In joining the Tudor Times team of professional visionaries, Joe specializes in authoring articles and is also the managing editor at Scryptify.