It is a fascinating, simple and effective smart contract technology, with an ironclad security. In order to execute a single Tx, all it requires is a single signature from one key. With multisig, it requires multiple keys to authorize a Tx. It divides up responsibility for the possession of bitcoins among multiple parties. In the case of Satori Coin Chi, we are employing 2-of-2 multisig. Our website allows you to securely create your key in an offline environment and we independently create our own key (that gets embedded in the token). Upon the token’s arrival in your hands, you then have the necessary 2 keys to execute the redeeming process (you will need to manually disassemble the token). While Multi-signature is not yet widely used today, it has many other remarkable applications and it will have a strong social and economic impact in the future, so we highly recommend that you dig into it !
Here are the benefits of using multisig toward Satori Coin Gi.
Firstly, the architecture of our service offers a 0.01 BTC embedded physical token, while minimizing the risk of you getting Goxed ! During the ordering process, if you perform your key generation offline, we nor anyone will have access to your sensitive information. Your 0.01 BTC deposit is always destined to arrive at the address that belongs to the SC that you had purchased. Of course, we can be nefarious and simply not ship you the product. But we have no incentive to do so, since not having access to your key means that we cannot steal your deposit. Some may say that we can just run off with the amount you paid for the physical token fee, and that is indeed technically possible. But in reality, our team is based on a business foundation of close to 30 years, in successfully selling various consumer products to clients all over the world. Our business model has always been to manufacture decent, reliable products and sell to consumers and make them happy so that we can sustain our business. We are determined to continue this cycle.
Secondly, it is about clearing regulations. In the past, the Japanese financial service agency implied to us that any Tx resulting in an exchange of BTC private keys, even if that is a buy and sell of equal value, would require a notoriously expensive crypto currency exchange license. This is the reason we had to shut down the original Satori Coin operations in 2017. Anyway, in the previous case of the original Satori Coin with 0.001 BTC embedded, we accepted BTC as the only payment and no fiat money. However, from the standpoint of KYC (Know Your Customer), not implementing strict customer screening meant an infringement of money laundering regulation.
Thirdly, import customs must be addressed. In the past, except for a single piece, every original Satori Coin that we sold safely passed through customs of numerous countries around the globe. But it is no brainer that shipping across borders, a private key worth today’s BTC value, is no longer a good idea. The good news is that the token embedded with our private key, is of no value without the key that you are in possession of. So, the invoice needed to submit the customs clearing process, the amount only needs to reflect on the cost of the physical token.
At the worst case scenario, where the token is confiscated or lost, we can provide you the key (not in a token format, but printed out on a piece of paper).
Import confiscation:
Import lost:
DHL lost:
Import lost:
DHL lost:
We do not take this lightly. We will