Hello,
I am working on a draft BIP for a signature and script independent hierarchy
for deterministic wallets.
I believe with the implementation of descriptor wallets, the typical use case
of of a BIP43 `purpose’` level per script type is redundant. The
differentiation of separate BIPs for multisignature derivation paths, with
BIP45 and “BIP” 48, is also redundant – with path levels such as
`cosigner_index` and `script_type`. Descriptors can set the order of the public
keys with `multi` or have them sorted lexicographically with `sortedmulti`.
I don’t believe we should be mixing keys and scripts in the same layer. The
wallet should create extended private/public keys independent of the script or
signature type, whereas the descriptor language tells wallets to watch (single
or multi-sig) outputs with the specified public keys.
The BIP defines the following 5 levels in the BIP32 path:
m / purpose' / coin_type' / account' / change / address_index
It is crucial that the `account’` level is increased for each new wallet joined
or private/public keys created; for both privacy and cryptographic purposes.
For example, in multisignature wallets, before sending a new key record to a
coordinator, the wallet must increment the `account’` level. Before creating
it's own single signature wallet, the `account’` level must again be
incremented. This prevents key reuse - across single signature and
multisignature wallets, across ECDSA and Schnorr signatures, and inbetween the
same wallet types.
For full details, please see the BIP here:
https://github.com/Rspigler/bips-1/blob/Sane_Mulitisg_deriv/Modern%20Derivation%20Standard.mediawiki
Please see the PR here: https://github.com/Rspigler/bips-1/pull/1
Looking forward to comments.
Thank you,
Robert Spigler
Personal Fingerprint: BF0D 3C08 A439 5AC6 11C1 5395 B70B 4A77 F850 548F
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