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  • L-PACO [99]

    Alpaca Multisig Transactions Are Now 2-3

    Good morning vendors and buyers of the Alpaca community.

    As of today, 8 Sep 2014, all new escrow transactions will be 2-3 multisig transactions and not 3-4 as used previously.

    If you primarily use seamless multisig, you can disregard this announcement. Seamless multisig is as easy as ever.

    If you sign your transactions manually, there are a couple of changes to keep in mind:

    Before, transactions required 3 of 4 signatures from the buyer, the vendor, the marketplace and a mediator.
    The marketplace signature was intended as a security feature to prevent users from being tricked into signing fraudulent transactions. The script would ensure that all transaction had correct outputs before signing.

    From today onwards, transactions will require 2 of 3 signatures from the buyer, the vendor and the mediator. While this means that users will have to take extra precautions when signing transactions, it also provides a number of advantages:

    • You can now use Electrum to sign ALL transactions - no plugins are required. Just import your private keys, copy-paste the Electrum command from the Alpaca prompt into Electrum console, hit enter and voilá - Electrum will output a correctly signed raw transaction for you to paste back into the Alpaca prompt.
    • It will be easier to recover multisig funds in the event that Alpaca becomes unavailable for an extended period of time.

    Ongoing transactions are unaffected by this change.

    L-PACO

    “I hold it to be the inalienable right of anybody to go to hell in his own way.” ― Robert Frost