BIP-46 proposal: Multi Signature and Multi Coin HD Wallet in One BIP32 Derivation Path

A new bitcoin improvement protocol was proposed on the bitcoin-dev mailing list.

I have written a new BIP describing a BIP32 derivation path that supports a single or multi-signature and multi-coin wallet from a single master seed. It combines BIP44 and BIP45 and adds in a self-describing structure in the derivation path for multiple multi-sig combinations within the single wallet along with an extended public key export file format for public key distribution between parties. I can particularly see this being useful for multiple Lightning Network 2of2 accounts for different payment channels.

BIP 46 proposes a derivation path that aims to improve wallet portability, it defines a way to derive multiple coin types, single and multiple signatories from a single master seed. The proposal only works with SegWit addresses, other address formats will need a different proposal. BIP46 wallets combine the best of BIB 44 and BIP 45 wallets. There is a catch though when importing the master seed: the discovery process is a little slower as it walks different derivation paths, and for multi-signature wallets it requires extended public keys of the cosigners.

Altcoins supported by BIP 46 are the same list supported by BIP44.

Support us and the authors of this article by donating to the following address:


Comments powered by Talkyard.