During the recent Summit, in order to circumvent high Ethereum fees for small payouts, we have decided to move our community funds out of WBTC, back to native Bitcoin (and then log bitcoin TXIDs for payments).
Required for MVP
Decide on wallet software to use
Decide on signature requirements to use for now (3 out of 6?)
Gather public keys of core team members
Move funds out of WBTC
Add function logPayoutProof() (or similar name) to Reimbursement contract -> adds bitcoin txid
Add bitcoin address to user profiles (could be an “account” in the IPFS contributor profile)
Regarding the wallet software, we discussed looking into Specter.
@bumi Did you have a chance to look into that already? Let me know if/when I could help with testing.
Edit: I just had a quick go at Specter, and it requires a Bitcoin Core node to connect to via RPC. Default is a local full node (which most of us don’t have on their laptops). I guess we could/should allow RPC access to the Kosmos node? Not sure how that would work in terms of permissions for RPC calls. Haven’t looked into that for a long time…
I am not sure what the best practice is for that. As the readme says it is probably easiest to run specter on the same machine as bitcoind.
Who of the potential signers does not have a bitcoin core running?
Do we also put some of it in a lightning channels?
Maybe we go with Electrum? Which is proven and easy to use for everybody?
Yeah, I just meant that most of us don’t have a mainnet-synced bitcoin full node on our laptop, or have access to a remote one via RPC. So we could either share the Kosmos remote bitcoind somehow, or use a different solution. Setting up a shared Electrum server in our bitcoin VM seems to me like it could make more sense.
Yep, let’s use electrum. 3-out-of-6 sounds also good.
What do you think about having an additional “hot wallet” for smaller payments -potentially a lightning wallet.
for some smaller payments we probably don’t need 3 signatures? and we could fund the “hot wallet” from time to time.
We have now moved all funds to a new multi-sig wallet, after having successfully tested receiving and sending money from it. It is a 3-out-of-5-signatures contract between the currently regularly-active core contributors.
Anyone can verify the co-operatives budget by using the following master public keys:
We will also show the balance and transactions on the upcoming budget dashboard of the Kredits Web UI soon. And if someone wants to earn some kredits by explaining how people could set up a watch-only wallet to verify transactions themselves, that would be most welcome!
The current wallet balance is 1.17028756 BTC.
We have also kept a small amount of ETH in the Gnosis Safe, for future testing, gas fees for deployment, etc…