Our code works. The transaction was made. The problem is that it handle only a theoretical use case when both private keys owners use the same machine to sign the transaction. We need to handle a real life situation when they use different machines. They have to be able to sign the transaction and send signatures to each other.
Welcome again. In this episode, we will code a bitcoin multi-sig transaction based on the bitcore library.
A multi-sig transaction means that an output has to be signed by more than one private key. This kind of transactions has a lot of practical use cases. Let’s say we have a company founded by three people. They decided that any outcome has to be confirmed by at least two of them. They create a special bitcoin address where companies bitcoins are stored. The address will require at least two signatures to make any outgoing transaction valid.
This post begins a series about the blockchain technology wherein I will try to answer the common questions like what it is, how it works and where blockchains are used. However, I will not go into technical details, I will only focus on a general overview.