Offline Signing
Offline signing is the process of authorizing a transaction on a device that is not directly connected to the network used to broadcast it.
✦ Key Insight
It is a core cold-storage technique for reducing remote key-compromise risk.
✕ Common Misconceptions
Offline signing does not protect against signing a malicious transaction if verification is poor.
Detailed Explanation
In Practice
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Private Key
The secret number that authorises spending from a crypto address.
Cold Storage
Cold storage keeps cryptocurrency private keys offline to reduce exposure to internet-based attacks.
Air-gapped
An air-gapped device is intentionally isolated from normal network connections to reduce direct exposure to remote attacks.
Partially Signed Bitcoin Transaction (PSBT)
A Partially Signed Bitcoin Transaction is a standardized Bitcoin format for passing an incomplete transaction between wallets or signers until enough signatures and metadata are collected.
Transaction Signing
Transaction signing is the cryptographic process of authorizing a blockchain transaction with the required private-key or account-signing credentials.