BTC is the only digital asset that should be used in the insurance backing of HBD, since it is the only one that has no VC, no seed round, no ICO, no company and no CEO behind it.
This speaks to so many different levels of the industry and screams about the opportunity that is being presented here.
It is one of the reasons when I formulate my thoughts, I try to envision some of what you guys are building (along with DLUX). Starting with that mindset from the ground up is vital.
Certain things have to be in a single wallet or within the control of a few but we should strive to spread things out as much as possible.
One aspect of what I am toying with will require a bit of application centralization but can be negated by the software being open source and other "front ends" being opened.
Things like that can have people playing whack-a-mole when tied to a decentralized back end.
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Here's my quick idea tapped out on my phone but needing more work.
This is indicative of my thinking on how to decentralise what I'm doing with @v4vapp.
Bitcoin multi sig contracts are very limited. They form the basis of the entire lightning network so I've come to understand them.
I agree with comments elsewhere that trying to use 20 witnesses to one wallet would be a nightmare and as they go in and out of consensus you can't change their keys.
I rather see a growing collection of wallets with a manageable numbet of custodians.
This spreads risk and means we can have multiple custodians.
A lightning node is basically a Bitcoin account with shared ownership of multiple multisig wallets. But there's no way to run a lightning node without 100% power over it.
The only thing I can say about that is we are dealing way above my knowledge level. I have not the slightest idea of how to make it secure if this path is chosen. Fortunately there are those around here who grasp this stuff fully.
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