thecryptodrive
commented
4 years ago Related Literature:
- https://steemit.com/utopian-io/@crokkon/steem-multi-signature-transaction-guide-for-beem-python-1546636997324
- https://steemit.com/steem/@tcpolymath/make-multisig-transactions-with-beem-without-spending-all-day-in-the-transaction-builder
- https://steemit.com/steem/@holger80/multisignature-transaction-guide-for-beempy
- https://steemit.com/utopian-io/@stoodkev/how-to-set-up-and-use-multisignature-accounts-on-steem-blockchain
The idea is to have a multisig setup where certain active and contactable consensus Blurt Producers will have active authority over the regent account's active key, I recommend at least 5 reliable people at the start and later expand to 10 or even the full 20.
Auth threshold can be set at whatever percentage desired that ensures enough signatories are needs so that a small group cannot collude and make significant changes, but loose enough so that if certain people aren't contactable or go MIA enough quorum signatures can still be attained. I suggest a threshold of 66% in a 2 out of 3 signatory scenario, 60% in 3 out of 5 and 70% in a 7 out of 10 signatory requirement scenario etc.
The original owner, active, posting and memo keys should be set to null and destroyed.
So far a test account has been created on Steem called @testblurt to test the feature on a small scale between three users, with the aim of executing an activekey tx with 2/3 signatories.
This feature is important in order to swap out any dead or rogue consensus Blurt Producers that may arise during the two-year reign of the regent account. It also serves to decentralise the keys to prevent any allegations that the chain is controlled by any one person.