CSE1006 Study Guide - Final Guide: Secret Sharing, Largest Known Prime Number, Quadratic Function

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Up to now we"ve looked at different ways of storing and managing the secret keys that control bitcoins, but we"ve always put the key in one place whether locked in a safe, or in software, or on paper. This leaves us with a single point of failure. If something goes wrong with that single storage place, then we"re in trouble. We could create and store backups of the key material, but although this decreases the risk of the key getting lost or corrupted (availability), it increases the risk of theft (security). Remarkably, the answer is yes, and it is once again a trick that uses cryptography, called secret sharing. Until now we have talked about different ways of storing the private keys in a single place. This will give us only one point of failure. Now we will se how it is possible to split and share keys to have more security.

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