BlockCypher Introduces Multisig API
With the release of BlockCypher’s Multisig API a bitcoin (and litecoin) app can now implement multisig in less than an hour.
BlockCypher announced at the beginning of this week that it had created a multisig (“mulitple signature) API that could be easily integrated into cryptocoin wallets, payment services, exchanges and other applications.
“Using BlockCypher’s multisig API, all you need are the public keys, the amount transferred, and later on, the signatures. That’s it. We build the transactions, validate them and broadcast them over the network.”
BlockCypher was founded in California to provide a platform on which cryptocurrency apps could be easily developed and scaled. A key part of that is a library of low-latency APIs and other tools to make implementation of block chain infrastructure easier.
Typically, the company said, multisig is complicated and hard to implement.
Multisig works like this: For a transaction to go through, a certain number of people have to sign off on it. You know in spy movies where three people have to turn a key simultaneously to, say, activate a nuclear warhead? The concept is the same here, with the multiple signatures serving as those nuke keys.
Here is how that works at the nuts-and-bolts level with Bi