What is a multi-signature wallet?Since time immemorial, security has been everyone\u2019s concern. From keeping one\u2019s life safe to safeguarding property ownership to wealth protection, security is tops against threats of loss or theft for one\u2019s peace of mind.In today\u2019s age of digital technology, the conversion of assets from physical to virtual value is increasing with almost anything from paper to real estate being represented via tokenization, beginning with the conversion of fiat money to cryptocurrency.That said, matters of concern now rest with securing these digital assets, whether personally in a crypto wallet or a custody service. Since digital value transfer traverses the Internet space, securing it from malicious interception is a must.Enter multi-signature as a solution.Multisignature in a NutshellMultisignature, otherwise known as multisig, is a digital signature codification that requires the use of multiple keys to verify a transaction. Responsibility is distributed among signatories, thereby eliminating a single key as a single point of failure. The wallet is kept even if a single key is lost, and the address is not easily compromised. The standard option is the use of a 2-of-3 key combination wherein two signatures out of three keys are required to sign a transaction. Thus, one signature alone cannot execute a transaction. So, even if a thief steals one key, the stored funds cannot be carted away. Some other multiple key combinations are: 1-of-2 which can be used by a couple\u2019s petty cash joint account. 2-of-3 is for the parents\u2019 account intended for their child. A 2-of-3 combination can also apply to businesses with a hot wallet. Other multiple key combinations exist according to need with some with as many as 8 addresses for a quorum or based on weight. Ethereum applies smart contracts to proxy multisig transactions.Multisig ApplicationFor an address to be authorized on the blockchain,\u2026<\/p>","protected":false},"excerpt":{"rendered":"
What is a multi-signature wallet?Since time immemorial, security has been everyone\u2019s concern. From keeping one\u2019s life safe to safeguarding property ownership to wealth protection, security is [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts\/4247"}],"collection":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/comments?post=4247"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts\/4247\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/media?parent=4247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/categories?post=4247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/tags?post=4247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}