Home » Multisig Wallets »
Caravan
Caravan, The Open Source Multisig Coordinator Of Unchained
Unveiled by Unchained Capital in late 2019, Caravan is a dynamic, easy-to-use, open-source instrument. Meticulously engineered to promote multisig standards. As a coordinator for multisig wallets, Caravan paves the way for bitcoin enterprises to eliminate compatibility disparities among users, developers and various wallet types involved in multisig offerings.
Its introduction has proven advantageous not only for the broader bitcoin community, but also for Unchained Capital. It empowers the firm to rely more on open source (?), trustworthy software for essential operations. Moreover, Caravan enables seamless access to funds from Unchained vaults without requiring Unchained’s cooperation. Further, it enables any user to establish secure multisig setups.
Which Signing Devices Can be Used With Caravan?
In the realm of Bitcoin and multisignature, hardware wallets present an ideal solution for securing private keys offline, thus providing a robust defense against online threats. The integration of hardware wallets with multisig coordinators like Caravan amplifies this security, offering an additional layer of protection against potential vulnerabilities.
Caravan, renowned for its user-friendly interface and advanced features, seamlessly interfaces with various hardware devices. Because the same software is used for Unchained multisig vaults, the same devices are compatible. The following devices are compatible with the caravan coordinator.
Features Of Caravan
Caravan sets itself apart through a unique blend of features designed for optimal user experience. Boasting a stateless design, the platform is built to forget all wallet details once a browser session concludes, maintaining the integrity of user privacy. The functionality of Caravan extends to multisig coordination, enabling users to construct multisig wallets from xpubs (?) or individual multisig addresses from pubkeys (?). One of the most critical attributes of Caravan’s design is its ephemeral memory. No data is stored beyond your current browser session, making it important for users to ensure the safekeeping of their wallet details, such as xpubs and BIP32 paths (?), as well as their addresses (?).
The platform’s user interface hosts redeem script and address-specific functionality under a dropdown menu. This design choice facilitates increased privacy as it allows multiple users to coordinate Bitcoin price bets by constructing only a single address at a time.Thereby eliminating the need to share more information than necessary. Caravan’s commitment to transparency and improvement is evident in its open source (?) nature. The platform benefits from the collective efforts of a community of developers consistently working to enhance its features. This, along with its adherence to standards, makes Caravan a trustworthy tool for users.
Despite its commitment to anonymity, providing an extra layer of privacy and security, Caravan is highly compatible. It supports numerous hardware wallets, positioning itself as a versatile tool for Bitcoin transactions. However, users must remember that to transact from the wallet or address, the private keys and BIP32 paths are essential.
General Features
| CARAVAN | |
|---|---|
| USABILITY |  |
| TRUST |  |
| SECURITY | |
| PRIVACY | |
| OPEN SOURCE | Fully Open Source (FOSS) |
| BITCOIN ONLY | YES |
| CONSENSUS SOURCE | Full node, Blockstream Blockchain Explorer |
| TOR SUPPORT | YES, Use in TOR browser |
| SELECT UTXO’s | NO |
| FREEZE / UNFREEZE UTXO’s | NO |
| PAYJOIN | NO |
| MIXING COINS | NO |
| PAYNYMS SUPPORT | NO |
| BATCH TRANSACTIONS | NO |
| SET FEES | YES |
Multisig Features
| CARAVAN | |
|---|---|
| COMPATIBILITY | |
| AIR-GAPPED SIGNING | YES (Micro SD) |
| PSBT | YES |
Multisignature With Caravan
Unchained Capital, renowned for its 2-of-3 multisig vaults, has made its coordinating software publicly available and open source. This allows for universal access and usage at no cost, providing two significant benefits: It invites everyone to contribute towards the software’s enhancement and ensures the availability of the software for fund recovery from an Unchained vault in situations where Unchained might be compromised or inaccessible. This assures users the ability to independently dispatch bitcoins from an Unchained vault whenever necessary.
Due to its superior quality, openness and free usage, the multisig software is accessible for anyone looking to establish secure multisignature. In addition, it can serve as a recovery tool for other multisig wallets, provided the user has the required xpubs and derivation paths. With Caravan you can setup stateless multisig, which will disappear when you close the browser and can be recreated with the redeem information.
