Cryptos:  20,562Exchanges:  508Market Cap:  $1,179,358,941,503.84124h Vol:  $55,334,266,128.06Dominance:  BTC: 39.9% ETH: 20.6%ETH Gas:  10 Gwei

CoinMarketCap: Read what our contributors have to say. This content is provided by the community. DYOR!

What is multisig used for?

Table of Contents

Feature Explorer

What is multisig used for?

Everscale

By Everscale

Created a month ago, last updated a month ago
3 min read
What is multisig used for?

Table of Contents

At a time when DAOs are becoming more pervasive and cryptocurrencies are being integrated into business processes, the question of jointly managing a created community’s funds is becoming more relevant. In this case, creating a multisig wallet is the right decision.

Applications

A multisig wallet is secured by a form of digital signature which is generated by multiple signers who are part of a certain trusted circle. This allows a group of people to jointly manage funds in the same wallet.

When creating multisig wallets, you can set both the total number of signers and the number of signers required to confirm transactions. This solution allows you to create an Escrow account, which is designed to ensure that the transaction terms are fulfilled.

For example, if Alice wants to buy a car from Bob, she transfers money to a multisig wallet with three signers: seller, buyer, and guarantor. It will be possible to transfer the funds to the seller when two of the three signers confirm it. This ensures that the transaction is honest.

However, multisig can be used not only for joint financial management, but also as a means of protection against cyber attacks.

Alice created a multisig wallet with two keys. She stores one key on her laptop and the other on her home PC. If a third party gets their hands on one of her keys, they still won’t be able to use Alice’s money, because unless a signature is made with both keys, any attempt to perform a transaction is considered false.

Multisig in Everscale

Everscale’s developers have thought of a way to make such wallets available to everyone.

The Broxus team has integrated this feature into EVER wallet. When opening an EVER wallet, the user can select the type of wallet with the features they need. At the same time, it should be kept in mind that different types of wallets have different addresses, even though they have the same seed phrase:
SafeMultisig(Default) — the default wallet.
SafeMultisig24 — standard wallet, required to use validator scripts.
SetcodeMultisigWallet — a wallet that can change a smart contract without the need for a new deployment.
BridgeMultisig is a special contract for Octus Bridge project relays. To become a relay and receive a reward for validating the bridge, you need 100,000 Bridge tokens and to install your node.

To create a multi-signature wallet, select Multi-signature Wallet when deploying it.

Next, specify the number of owners and their public keys.

The EverX development team created a DeBot that can be used to implement multi-signatures in EverSurf.

You can also use EverOS, created by the EverX team, one of the main developers of Everscale.EverOS offers all the necessary features for easy interaction with the blockchain. You can learn more on the official website: Everos.dev

About the Everscale network

Everscale is one of the most technologically advanced blockchain networks, incorporating all of the blockchain innovations and concepts of recent years. Its versatility gives it the potential to become a decentralized hub for lots of blockchains and resource-demanding applications such as GameFi, DeFi, supply chains, etc. Due to its dynamic multithreading and sharding technology, there’s always more room to add new nodes and shards to handle any load — and that’s something that no other blockchain can offer yet.

Everscale has powerful developer tools, such as compilers for Solidity and C++, SDK and API, client libraries ported to more than 20 languages and platforms, and a range of decentralized browsers and wallets.

More About the Everscale network:

10 likes

|
0 shared