Shamir’s Secret Sharing Step-By-Step

4 years ago qvault.io

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Adi Shamir’s Secret Sharing is an algorithm that allows participants to share ownership of a secret by distributing shares, which can be thought of as parts of a secret key. This Bitcoin wallet contains a single private key that all members of the family co-own. Because there is a single key, any of the family members can use that key to spend all of the Bitcoins.

For example, with five shares and a threshold of three, you only need three of the five shares to calculate the original secret.

Remember that we set our threshold to 3 and that 3 points define a parabola (polynomial of degree 2) perfectly.

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