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The guys at Wizardsardine and Liana Wallet have been working on a standard for encrypting wallet data (not keys, but descriptors, labels, state) so it can be stored in more easily accessible places.
Bitcoin encrypted backup* (BEB), enables users to outsource long‑term storage to untrusted media or cloud services without revealing which addresses, scripts, or number of cosigners are involved. Encryption keys are derived from the lexicographically‑sorted public keys inside the descriptor or policy, so any party who already holds one of those keys can later decrypt the backup without extra secrets or round‑trips.
This is really cool! You could have a multisig where any one of the keys can decrypt your encrypted backup of descriptors and other waller data, so that you only have to keep one piece of data super safe (your keys). Great work!
We’ve needed this feature for ages. I never used labels because I wasn’t sure if anyone could actually see that info. But now with this feature, I’m definitely gonna start using them.
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Labels have no connection to the chain and in most wallets are saved locally. But being able to encrypt your descriptor with your key is a pretty cool trick (and it can include all the other stuff too).
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Haven't fully parsed the specifics but conceptually i'm surprised this isn't already a thing, in Lightning your static channel backups are similar where you need more than just your key to fully recover... Zeus and Lightning.Pub use a seed based hash to identify and decrypt a cloud copy. Seems obvious in hindsight to do the same thing for descriptors.
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