Re: [Bitcoin-development] Request For Discussion / BIP number - Multi-Currency Hierarchy For Use In Multisignature Deterministic Wallets

[William Swanson <swansontec@gmail.com>]

It's not really clear why this is better than BIP 44 as it already
stands. You have the same fields, but they are just in a different
order. Couldn't you just use the existing BIP 44 hierarchy, but add
the convention that "wallet/account N" is the same wallet in each
supported currency?

For example, if I have a wallet called "business expenses", which
happens to be wallet m / 44' / 0' / 5', for Bitcoin, then the same
wallet would be m / 44' / 3' / 5' for Dogecoin, and m / 44' / 2' / 5'
for Litecoin.

I am trying to think of examples where your proposal is better than
BIP 44, but I can't think of any. Even backup recovery works fine. I
assume that your idea is to continue iterating over the different
wallet indices as long as you are finding funds in *any* currency.
Well, you can still do that with BIP 44. The fields are in a different
order, but that doesn't affect the algorithm in any way.

Maybe you have some deeper insight I'm not seeing, but if so, you need
to clearly explain that in your motivation section. The current
explanation, "This limits the possible implementations of
multi-currency, multisignature wallets," is pretty vauge. Also, there
is nothing in this spec that addresses the multisignature use-case.
The BIP 45 spec does a lot of extra work to make multisignature work
smoothly.

I'm not trying to criticize your proposal. I'm just trying to
understand what it's trying to accomplish.

-William Swanson


On Wed, Apr 8, 2015 at 12:05 AM, Kefkius <kefkius@maza.club> wrote:
> I have a potential BIP, "Multi-Currency Hierarchy For Use In
> Multisignature Deterministic Wallets." I'm requesting discussion on it,
> and possibly assignment of a BIP number.
>
> It's located in this github gist:
> https://gist.github.com/Kefkius/1aa02945e532f8739023
>
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