Hi all!
TL;DR: Would you pay $10-20 for a simpler hardware wallet designed specifically as a multisig signer or 2FA device for ethereum wallets?
A few months ago I discussed on the daily thread a multisig setup for personal use combining daily convenience, security, and recoverability while being fully self-custodial (check summary at the end of the post).
Such a setup requires a second signer for non-daily operations, and for that I bought a Trezor. However I found its price quite steep ($60-200), and considering that it is overkill for my threat model (stealing it is not enough to access the funds in the multisig) I would have been happy with a cheaper device. However I could not find ANY alternative.
Thus I wonder: would there be interest in a cheaper ($10-20) device for similar multisig setups? As an embedded engineer, I'm confident it can be done and I'm putting together a prototype with PIN protection, contents encryption, and BLE connectivity (similar to Ledger Nano X).
Before going further I'd like to gauge interest from the community:
- Would this interest you at the $10-20 price point?
- What features would be must-haves vs. nice-to-haves?
- Any concerns or suggestions about this approach?
Thanks for any input!
Summary of personal multisig
2/2 Safe multisig with delayed recoverer:
- 1st signer: Daily phone. This signature alone can execute small daily transactions.
- 2nd signer: Trezor device. Required for larger transactions and multisig configuration changes.
- Recovery key: Either a trusted 3rd party or a safely stored seed/token.
This setup provides daily convenience similarly to existing banking apps:
- I can do daily spending with my phone, same as Google Pay
- If my phone is stolen, the thief must bypass fingerprint/PIN authentication to access funds
Additionally, it protects against:
- Coercion attacks: If forced to unlock your phone, the attacker still needs your hardware device for significant transactions
- Device loss: Lose your phone or Trezor? Use the recovery key to enroll a new signer with a cancelable delay. Lose your recovery key? Use both phone + Trezor to change it.
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