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0 sats \ 0 replies \ @josh OP 22 Nov \ parent \ on: ShowSN: multisigbackup.com - Recover your 2-of-3 multisig with only 2 seeds bitcoin
Thanks for the support. I see this first and foremost as a solution to a UX problem. A whole ecosystem already exists guiding users through the process of creating and backing up seeds, either on paper or on metal. Asking an already cautious user to back up additional data offline doesn't make for the best user experience and adds additional risk, where none needs to exist. Why go through the hassle when your descriptor can be inscribed once and forgotten about? A third party provider could even do this behind the scenes during setup, making for a more seamless user experience.
People are rightfully weary of applications that involve inscribing data on Bitcoin, either because they congest the network or because they get priced out when fee rates go up. In this case, the data is directly related to the security of user's funds, and the actual amount of data is small. The cost of inscribing is the same as making ~4 taproot transactions, so if you can afford a multisig, you can probably afford to inscribe your descriptor.
I should clarify that the data is inscribed in a taproot witness, not in a OP_RETURN output. The difference is minor, since I create the reveal transaction with a single OP_RETURN output, which avoids bloating the UTXO set. Meanwhile, we benefit from the witness discount and avoid the 80 byte OP_RETURN limit.