I tried to create a multisig address on testnet.counterwallet.io but I got this error below.
"Can't find the public key for this address. Please make a transaction with it and try again."
What I did:
1. Click "Create New Address" and selected "Create multisig address"
2. Enter address "2_mfyPfVVLVzZ413ruxsBzhrhmK7CFrC9VDJ_n2MxM8syUWd7qtN9CsN3DcPZWt4T946Dho_2" then I got the error.
The two addresses have sufficient BTC(over 0.04BTC) and transactions. And the addresses were generated on testnet.counterwallet.io.
Do I need to do something else?
Try to send a small amount from each address to another (so that each has “send” record).
Thank you so much! I could create an address. I didn't know that "send" record was needed.
P.S According to Coindesk, 2014 became the year of multisig. So I wanted to experience multisig within this year :)
Glad it worked!
Anyway, just for info. Creating an outgoing transaction with each address (or “send record” as its called in this thread) publishes the public key necessary for the address to be created. The public key being published is also the reason why a (single sig) Bitcoin address with no outgoing transactions is safer than an address where an outgoing transaction has been made. Because if there is no send record, there is no key of any kind published!
This is why the very security conscious (others may say paranoid…) only use one address for each send transaction, and do not leave any funds on an address where a public key has been published. This is actually recommended as a best practice for Bitcoin… For low amounts that isn’t really necessary though…
But with multi-sig, it’s OK and there’s no need to worry.
P.S. According to me, 2015 will be the year of smart contracts!
Thank you so much! I do not have enough understanding about multisig. I will try to understand more.
Smart contracts. Yes I totally agree with you. I'm look forward to using smart contracts function on counterparty.