Misthos is a decentralised app for collaborative management of finances. Individuals collaborating on a project can use Misthos to manage and distribute their bitcoin income as a team.
Users can create Ventures and dynamically add and remove Partners that share and control a multisig Bitcoin wallet. Ventures can receive Bitcoin, and payouts can be proposed that require endorsement from the other Partners before they are submitted to the Bitcoin network.
In the future Misthos will evolve beyond being a shared wallet to a complete solution for collaboratively managing your cash flow with bitcoin!
Misthos is for any team that need a simple way to transact from a shared multisig Bitcoin wallet.
The Misthos multisig wallet is optimised for collaborating individuals who need a simple way to collectively share and distribute Bitcoin.
Yes, you need to have a Blockstack ID to sign in to Misthos and create or join a Venture. If you don't have one you will be redirected to the blockstack setup page when signing in.
The first step is to set up a Blockstack ID. The Blockstack ID is unique to an individual or a Partner. If you already have a Blockstack ID, then you can directly go to step # 4
Any project is designated as a Venture within Misthos.
Once you are signed in to Misthos, you will see the main screen with all the Ventures that you are a part of. To create a new Venture, click on \"Create a Venture\" button.
You only need to enter a name to create a new Venture. Once created, you will be taken to the main Venture view?. In this view you can see the BTC amount that is held by the wallet of the Venture, the list of Partners, the transaction history and the buttons to receive BTC and create payouts.
In order to join an existing Venture, a partner within the Venture needs to propose that you be added and share an invitation link. Once all the existing partners within the Venture have endorsed the proposal you will gain access via the link that was shared with you.
If the endorsement process is not yet complete i.e if all existing partners have not yet endorsed a proposed partner, then you will see the following error:
Misthos works on a set of proposals and endorsements.
Each of these proposals require endorsements from the remaining partners to become accepted.
A Partner is an individual collaborator within a Venture and is a unique co-signer of the multisig wallet.
In order to remove a Partner a remove Partner proposal needs to be submitted. This step requires enough existing Partners to endorse the proposal. See also the question on removing a Partner below.
Any Partner can propose a payout within a Venture. As soon as there is more than one Partner, the funds are collectively controlled and all Partners need to unanimously agree to the payout.
The first two steps involving the proposal and endorsement are intrinsic to Misthos. The third step is extrinsic to Misthos and behaves the same as any transaction submitted to the Bitcoin network.
Any proposed payout is added to list of payouts in the main Venture view and is visible to all Partners. When a Partner clicks on a proposed payout, they can see the overall endorsement status and an option to endorse or reject an outstanding payout.
Current policy requires unanimous or N-of-N endorsements. E.g if a Venture has three Partners then all three partners need to endorse a payout for it to go to the submission stage.
If any partner chooses to reject a payout, then the payout is cancelled and will not be submitted.
Once all existing partners endorse the payout, it will be automatically submitted to the Bitcoin network.
Once all endorsements are received then the payout will be submitted to the Bitcoin network and will be shown as an âunconfirmed payoutâ in the transactions history on the main Venture page.
Once submitted, a payout behaves the same way as any other transaction that is submitted to the Bitcoin network. For a payout to move from unconfirmed status to a confirmed status, the transaction needs to be added to the Bitcoin blockchain by a miner. Once a payout is confirmed on the Bitcoin network, the status will be updated and the funds will be transferred.
Multisig, short for Multisignature is a form of technology used to add additional security for cryptocurrency transactions. Multisig refers to requiring more than one key to authorize a Bitcoin transaction. You can read more about Multisig here.
Within Misthos, each Venture has a multisig wallet at its core and each Partner has custody of their unique private key. An endorsement by a Partner is equivalent to signing with their private key. A proposal is successful when enough Partners endorse it i.e sign with their private key.
A custodian of the multisig wallet is a Partner within a Venture. Every Partner has custody of their unique private key.
All existing Partners within a Venture can see the transactions and make proposals. Any Partner who has left the Venture has read-only access and can see the state at time of leaving.
The Network fee is the transaction fee that is collected by the miners on the Bitcoin network for processing and confirming transactions.
A policy specifies the governance rules for how decisions are made within Misthos.
There are three default policies specified within Misthos. These are hard-coded in the software and users do not have the option to change them.
Any Partner within a Venture can propose a payout. For a payout to be successfully submitted, it requires N-of-N endorsements i.e all Partners within a Venture need to unanimously endorse every payout.
Any Partner within a Venture can propose the addition of a new Partner. For the proposal to be successful, it requires N-of-N endorsements i.e all Partners within a Venture need to unanimously endorse the proposal.
Any Partner within a Venture can propose the removal of another Partner. For the removal to be successful, this proposal requires N-1-of-N endorsements. E.g If a Venture has four Partners, then three Partners have to endorse the proposed removal.
Within Misthos, the payout process only takes the time for all Partners to endorse the payout. Once all endorsements are received, then the payout is submitted as a transaction to the Bitcoin network. This is shown as an unconfirmed payout in the transactions history.
Under normal network conditions, transactions submitted to the Bitcoin network by Misthos should be confirmed within the next 60 minutes. Due to variance in the time it takes for a block to be mined on the Bitcoin blockchain can vary.
The current endorsement policy requires all Partners to unanimously endorse every payout for it to be submitted. If any Partner rejects a payout, then the payout is cancelled and will not be submitted.
If an existing Partner leaves and there are pending payouts within the system, then the remaining Partners have to remove the leaving partner. Otherwise the pending payouts will be stuck and will never be submitted.
Yes. Once a payout is proposed by a Partner, any of the remaining Partners can chose to reject the payout to cancel it.
Once all the Partners are received, then the payout is automatically submitted to the Bitcoin network and cannot be cancelled or reversed.
In order to remove a Partner, then one of the remaining Partners have to submit a Partner removal proposal and this proposal needs to be endorsed by enough Partners.
The Partner removal policy requires N-1 of N endorsements. E.g if a Venture has four Partners, then in order to remove a Partner, then one of remaining three Partners have to propose the removal of the fourth Partner and this proposal needs to be endorsed by the other three Partners.
To leave a Venture, either you or another Partner needs to propose your removal. This proposal then needs to be endorsed by the remaining Partners for the removal to be successful.
Once a Partner leaves a Venture, they will only have read-only access to the state it was when the Partner left. The read-only access will be available via the Venture link.
Yes, Any of the active Partners can propose and invite you back into the Venture.
No. When you create a Venture within Misthos you connect it to your Blockstack ID. By using a Blockstack ID you own the private key and control all the data within your Venture. This private key never leaves your device and is meant to stay on your laptop/phone. As long as no one gets access to your private key, no one has access to your Ventures and your wallet account. When you use Blockstack, by design, your private keys are never sent to any remote servers.
Using the Blockstack ID, you control where your data is stored (you could run your own server or use your own cloud storage (Dropbox, Amazon S3) and keep backups across all). You then use those places as locations pointed to by the URLs in your Blockstack ID's zone file.