Trust Key ™
HOW IT WORKS
Trust Key is a multisig* wallet bitcoin escrow service we are very excited to being working with. Our previous escrow service as many of you know was slow, because it required manual input from our escrow service to initiate and complete transactions. Our new escrow service is automated because its built on a multisig wallet format. For a detailed explanation please read below.
You place order and send bitcoin to unique address created for that order.
After 1 confirmation you will receive email with unique code.
Log in to account and enter code which is 1 key to wallet, this releases your card and completes the transaction for you.
Enjoy your shopping!
THE MULTISIG WALLET
As a simple analogy, we can imagine a secure deposit box that has two locks and two keys. One key is held by Alice and the other one is held by Bob. The only way they can open the box is by providing their both keys at the same time, so one cannot open the box without the consent of the other.
Basically speaking, the funds stored on a multi-signature address can only be accessed by using 2 or more signatures. Therefore, the use of a multisig wallet enables users to create an additional layer of security to their funds. But before going further, it is important to understand the basics of a standard Bitcoin address, which relies on a single key instead of multiple (single-key address).
Using a 2-of-3 multisig wallet can allow for an escrow transaction between two parties (Alice and Bob) that includes a third party (Charlie) as a mutually trusted arbiter in case anything goes wrong.
In such a scenario, Alice would first deposit the funds, which would be locked up (neither user being able to access them on their own). Then, if Bob provides the goods or services as agreed, they can both use their keys to sign and complete the transaction.