Sunday 12 November 2023

Shamir's Secret Sharing Question


So I recrntly came across this: https://bit.ly/40C7KfA and I think it's a great idea. Basically a clever way to split your keyphrase (or password) into X parts and require Y of the parts to come together to get back your phrase.My usage would be to take the wallet phrase I have currently offline in a secure location and turn it into 4 parts that require any 3 to get together to get the wallet back in the event of a disaster like house burns down and your wallet backup is lost. One would replace my current full phrase in secure store, another would be hidden somewhere else I know, another in a locked store in my office, and another in my relatives safe. If any one of these is compromised or lost I start over and repeat. The main purpose of this is to protect my hardware wallet and seed phrase from combined failure, which can happen since I keep them in the same place at the moment!But my question is how do you secure being able to access the decryption. There are various options online to do a Shamir, but they don't seem to work with each other. So if I encrypt a simple phrase with one site, I can't take it to a different one and decrypt it. Am I being dumb? This feels like a point of failure -- ok disaster strikes and I get my phrases together to save my wallet... but oh sorry the method you used to encrypt it no longer exists... Don't worry you downloaded the source code, right? Well what if the computer it's on also no longer exists (same fire?) I suppose keep a backup of the source code in the cloud but maybe in ten years it no longer even runs because the software has moved on or your cloud server is no more??How do we get around this? Am I over-worrying? :D via /r/Bitcoin https://bit.ly/3SCuSZe

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