README: add a plain-language 'what is an HSM' explainer
Co-Authored-By: Claude Opus 4.8 (1M context) <noreply@anthropic.com>
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**An automated treasury tier that signs its own cold→hot refills under on-device policy — with no human
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**An automated treasury tier that signs its own cold→hot refills under on-device policy — with no human
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in the loop, and no single machine able to move a satoshi.**
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in the loop, and no single machine able to move a satoshi.**
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> **New to the term "HSM"?** A *Hardware Security Module* is a dedicated, tamper-resistant device that holds a
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> private key and signs with it **on the device** — the key is generated inside the chip and can never be
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> extracted, even by the computer it's attached to. Banks and certificate authorities have relied on HSMs for
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> decades to keep signing keys out of reach of a compromised server. Here, each of the three signers is a
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> **Coldcard running in HSM mode**, and a spend needs two of them to independently approve it under policy.
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Three hardware signers (Coldcards in HSM mode), each on a separate host — ideally a separate site. A
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Three hardware signers (Coldcards in HSM mode), each on a separate host — ideally a separate site. A
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**keyless** coordinator builds the refill transaction and fans it to any two of the three. Each device checks
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**keyless** coordinator builds the refill transaction and fans it to any two of the three. Each device checks
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the transaction against **its own on-device spending policy** (per-transaction cap, velocity limit, address
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the transaction against **its own on-device spending policy** (per-transaction cap, velocity limit, address
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