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author'Rama Gan' via Bitcoin Development Mailing List <bitcoindev@googlegroups.com>2024-05-12 18:04:09 +0000
committerbitcoindev <bitcoindev@googlegroups.com>2024-05-12 11:08:08 -0700
commitb82aec462acefc891b7ce584e3958d832c2fef85 (patch)
tree0f551d8747d84eb339567dce9bd65f271b01297f /39
parent79d6b21926c67edec958d68f9703c7f7a8027a44 (diff)
downloadpi-bitcoindev-b82aec462acefc891b7ce584e3958d832c2fef85.tar.gz
pi-bitcoindev-b82aec462acefc891b7ce584e3958d832c2fef85.zip
[bitcoindev] Penlock, a paper-computer for secret-splitting BIP39 seed phrases
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+Date: Sun, 12 May 2024 18:04:09 +0000
+To: "bitcoindev@googlegroups.com" <bitcoindev@googlegroups.com>
+From: "'Rama Gan' via Bitcoin Development Mailing List" <bitcoindev@googlegroups.com>
+Subject: [bitcoindev] Penlock, a paper-computer for secret-splitting BIP39
+ seed phrases
+Message-ID: <9bt6npqSdpuYOcaDySZDvBOwXVq_v70FBnIseMT6AXNZ4V9HylyubEaGU0S8K5TMckXTcUqQIv-FN-QLIZjj8hJbzfB9ja9S8gxKTaQ2FfM=@proton.me>
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+Reply-To: Rama Gan <ganrama@proton.me>
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+
+I am excited to introduce Penlock, a printable paper-computer that guides users
+through secret-splitting their BIP39 seed phrase without an electronic device. A
+beta release is now available for peer-reviewing and early testing:
+https://beta.penlock.io.
+
+There are a growing number of people storing a significant portion of their
+savings on the blockchain. Most people use a BIP39 seed phrase to back up their
+wallet, but this method has disadvantages. If the seed phrase is lost or stolen,
+then the funds are at risk of being irremediably lost. Additionally, planning
+for inheritance would require entrusting the phrase to a third party, something
+that is not advisable.
+
+Secret splitting is a straightforward cryptographic concept that solves these
+issues. A 2-of-3 split produces 3 "shares"; Any 2 of these shares can be used to
+recover the seed phrase. Each share can be stored in a separate location and no
+single share can be used to reveal information about the seed phrase.
+Trust-minized inheritance is then possible, as one share can be given directly
+to an heir, and another left in the will.
+
+Unfortunately, despite commendable efforts with SLIP39, we still lack a
+wallet-agnostic secret splitting standard. Moreover, users who already produced
+their BIP39 seed phrase might be legitimately reluctant to enter it into an
+electronic device for the purpose of secret splitting.
+
+This is were Penlock enters the scene! Secret-splitting BIP39 seed phrases
+guarantees compatibility with all existing wallets. Using the analog
+implementation, one can run the algorithm without exposing the seed phrase to an
+additional electronic device. You only need a printer, a craft knife, some
+scissors, a pencil and paper, and a few hours of free time.
+
+Penlock was inspired by Codex32, a similar project from A. Poelstra and R.
+O'Connor. From there, I tried to map the design space by exploring different
+trade-offs, producing prototypes, benchmarking their execution speed, their ease
+of use, etc. While there is always room for improvement, I believe that the
+design of Penlock is now close enough to optimal and deserves to be released.
+
+Penlock is an open-source project that will always remain free to use.
+Cryptographers, developers and enthusiasts are very welcome to test and
+peer-review Penlock until its public release date, which is currently planned
+for Q3 2024. Please share any feedback or comments you may have! :)
+
+
+Rama Gan
+
+--
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+