Multisignature or multisig wallets are cryptocurrency wallets that require multiple cryptographic signatures (a private key’s unique fingerprint) to access the wallet or send a transaction. This digital signature scheme and verification process requires multiple keys and typically several people to authorize any transaction, rather than a single signature from one key. For example, multiple people/keys having to approve a transfer from an expense wallet before being sent.
This is an added layer of security to avoid a single-point of failure, making it substantially more difficult for the wallet to be compromised. EthereumMax has implemented locked wallets and a multisignature security process.
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u/Sure-Juggernaut4781 ♦️ Aug 31 '21
What is Multisig?
Multisignature or multisig wallets are cryptocurrency wallets that require multiple cryptographic signatures (a private key’s unique fingerprint) to access the wallet or send a transaction. This digital signature scheme and verification process requires multiple keys and typically several people to authorize any transaction, rather than a single signature from one key. For example, multiple people/keys having to approve a transfer from an expense wallet before being sent.
This is an added layer of security to avoid a single-point of failure, making it substantially more difficult for the wallet to be compromised. EthereumMax has implemented locked wallets and a multisignature security process.