Today, we’ll be delving deeper into the Caravan project, the foundation of my summer adventure!

Caravan: Your Trusted Guide in the Multisig Maze

Imagine a bustling marketplace, filled with vendors and customers. Transactions are happening left and right, but there’s a catch — these transactions require multiple approvals for security reasons. That’s the essence of multisig wallets, and Caravan is your trusted guide in this complex marketplace.

Caravan acts as a stateless coordinator for your multisig wallets. Think of it as a digital assistant who helps you generate wallets, manage UTXOs (unspent transaction outputs, your Bitcoin “coins”), and sign transactions securely.

Here’s a breakdown of what Caravan offers:

• Multisig Wallet Management: Caravan helps you create new multisig wallets or recover existing ones. It simplifies the process, making it accessible even to those less familiar with the technical aspects of Bitcoin.
• UTXO Visualization: UTXOs (Unspent Transaction Outputs) are the building blocks of your Bitcoin transactions. Caravan helps you easily visualize and manage your UTXOs, ensuring clarity and control over your digital currency.
• Secure Transaction Signing: When it comes to spending your Bitcoin, Caravan facilitates the transaction signing process. It uses a PSBT (Partially Signed Bitcoin Transaction) format, allowing for a secure and collaborative signing workflow amongst multiple parties involved in your multisig wallet.

Getting Started with Caravan

Curious to explore Caravan firsthand? Here’s a quick guide to get you started:

1. Setting Up Your Multisig Wallet:

• Head over to the Caravan website: https://github.com/unchained-capital/caravan
• Click on “Wallet” to begin the setup process.
• You’ll have the option to import an existing wallet configuration (if you’ve used Caravan before) or create a new one.

2. Configuring Your Multisig Settings:

• Under “Quorum,” define how many keys are required to approve a transaction. This is a crucial security feature of multisig wallets. Caravan allows you to choose up to seven keys and set the minimum number of signatures needed (e.g., 2-of-3, 3-of-5).
• Leave the “Address Type,” “Network,” and “Client” options on their default settings unless you have specific requirements.

3. Downloading Key Information:

• Caravan is a stateless tool, meaning it doesn’t store your private keys or wallet information on its servers. This enhances security, but it also means you’ll need to download and securely store the following:
• Extended Public Keys (xppubs) for each participant in the multisig wallet.
• BIP32 Paths, which are identifiers used to derive keys.
• The multisig address you’ll use to receive and send Bitcoin.

Caravan provides a convenient download option for this information.

4. Adding Participants (Optional):

• If you’re creating a multisig wallet with multiple participants, you’ll need to share their respective extended public keys (xppubs) with them. They can then use their own private keys and BIP32 paths in conjunction with Caravan to sign transactions.

5. Funding and Using Your Multisig Wallet:

• Once you have your multisig address, you can send Bitcoin to it from any other wallet.
• To spend the Bitcoin in the multisig wallet, all parties with the required private keys will need to sign the transaction using their BIP32 paths and Caravan.

But there’s always room for improvement!

While Caravan excels at its core function, there’s always space to make things even better. That’s where my role comes in. This summer, I’m focusing on redesigning the user interface (UI) of Caravan’s stateless coordinator application.

Why the makeover?

A user-friendly interface is key to making multisig wallets accessible to a wider audience. My goal is to create a UI that’s not only intuitive and easy to navigate but also visually appealing. Think clear instructions, well- organized layouts, and helpful visuals that make managing your multisig wallet a breeze.

Join the Caravan!

The Caravan project is open-source, meaning anyone can contribute and help shape its future. Whether you’re a seasoned developer, a UI/UX design enthusiast, or simply curious about Bitcoin, there’s a place for you in the Caravan community.

Here’s how you can get involved:

• Head over to the Caravan GitHub repository : https://github.com/unchained-capital/caravan. This is where all the magic happens! The repository holds the source code for Caravan, allowing developers to contribute and build upon the project.
• Running Your Own Node: For the ultimate control freaks (in a good way!), Caravan allows you to run your own node. This means you don’t have to rely on third-party servers, keeping your Bitcoin security entirely in your hands.
• Contributing : Feeling the developer spirit? The beauty of open-source projects like Caravan is the opportunity to contribute! Whether it’s code improvements, bug fixes, or even documentation enhancements, the Caravan project welcomes contributions from the community.

Stay tuned for the next adventure!

As I delve deeper into the design process, I’ll be sharing my experiences, challenges, and triumphs right here on this blog. We’ll explore the design thinking process, the tools I’m using (hint: Figma is my trusty design companion!), and how user feedback plays a crucial role in shaping the final product.

In the meantime, feel free to leave a comment below! Do you have any experience with multisig wallets? What are your thoughts on the Caravan project? Let’s get this conversation rolling!