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Multisignature

Multisignature (multisig) is a security feature that requires multiple private keys to authorize a transaction, enhancing security by distributing control over digital assets. It operates on an "M-of-N" scheme, where "M" represents the minimum number of approvals needed from a total of "N" participants.

Key Applications

  • Corporate Governance: Ensures significant transactions need multiple executive approvals.
  • Escrow Services: Facilitates trustless escrow with a third party holding one key for dispute resolution.
  • Joint Accounts: Allows families or groups to manage assets collectively, requiring consensus for transactions.
  • Backup and Recovery: Offers a method for securing assets against loss or theft by distributing keys.
  • DAOs: Employs multisig for decentralized treasury management, demanding multiple member consents for financial decisions.
What is multisignature

Implementation

Cryptocurrencies like Bitcoin and Ethereum support multisig, each with specific methods for setting up and managing multisig wallets—Bitcoin uses transaction scripts, while Ethereum utilizes smart contracts. This feature is crucial for anyone seeking to secure their digital assets with an added layer of protection and for groups needing to manage joint funds with transparency and accountability.

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