The status quo of multi-signature

Content

Today, more than 65 million bitcoin transactions have used multi-signature technology, most of which use P2SH. This shows that P2SH has played a vital role in the process of multi-signature acceptance.

Today, more than 10% of Bitcoins use P2SH addresses (most of them use multi-signatures). It is no exaggeration to say that in the past two years, multi-signatures have occupied a significant share in the Bitcoin ecosystem. Important location.

In the use cases of multi-signature, there are two most popular ways of use:

·2-3 multi-signature, 46.9 million bitcoin transactions of about 1.1 million addresses used this method.
·2-2 Multi-signature, 13.3 million bitcoin transactions of about 261,000 addresses used this method.
Interestingly, among the 10 busiest P2SH addresses (that is, the addresses that receive and send the most bitcoins), the first 4 use 2-2 multi-signature, and their transaction volume accounts for all the 2-2 multi-signature transactions. 80% of it. At the same time, this also means that 2-3 multi-signature is the most commonly used multi-signature setting.

2-3 A common usage of multi-signature is that a user generates two keys: one is stored as a backup, the other is stored in the wallet; the remaining one is generated and stored by the wallet service provider. When paying in Bitcoin, the user and the wallet service provider jointly sign the transaction. If the user or wallet service provider loses the secret key, the backed-up secret key can be used to transfer funds. However, wallet service providers cannot use users' funds privately.