To try to solve these issues and give more comfort to bitcoin owners, while encouraging them to remove their bitcoin from exchanges and custodial solutions, leader player like @Gavin Andresen working on collaborative custody solutions with the goal to improve the user experience and safety of storing bitcoin, by sharing the responsibility of owning private keys between different parties.
#Multi-signature (multisig) solutions allow to split the control over the private key among multiple parties (typically 3), .... therefore leaving a share of the private key to each party. Once somebody needs to initiate a transaction at a #multisig address, it would need 2 out the 3 keys to authorize the moving of funds.This setup allows for enhanced security over your wealth by eliminating a single point of failure on who would otherwise store the single private key. Also, professional custodians can offer security enhancement via multi-factor authentications or specific approval workflows.The most interesting part to me is that collaborative custody helps solve the problem of âwhat happens to my bitcoin if tomorrow I get hit by a busâ? Collaborative custody players support you in the creation of a succession plan over your wealth to facilitate a smooth transition and continuity over your assetsâ ownership, so that in case of unexpected events, the bitcoin is not lost.Collaborative custody is a growing solution among bitcoiners. The next bull run will likely push the wealth of many towards new highs. It would be interesting to see if #hodlers would still feel comfortable managing their private key or if they switch to new options.
