would it be safe to say this is similar to keycast, but with multi-sig? or something different?
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Yes, very similar to keycast, but instead of OAuth it's headless, and uses multisig to secure keys instead of trusting a backend
Is there a working instance of keycast I can play with? I tried with divine, but signups are turned off. One other difference is that my understanding of KMS is that it doesn't allow users to take custody of their keys, I'm not sure if that's correct though.