What is Multisig and why does it matter?
MultiSig transactions, short for
multi-signature, give several users access to a single wallet.
Cryptocurrency wallets have a public key, which is shared, and a private key, which is kept secret. Transactions must be signed with a users private key in order to verify ownership, and validate a transaction.
MULTIPLE KEYS
Multi-sig wallets have a public key with more than one private key.
M of N TRANSACTIONS
Requires multiple parties to be in agreement to complete a transaction.
ADVANCED SECURITY
Provides extra security, making coins safer from theft.
Multisig was first introduced in 2012, but did not become wide-spread until 2014.
A multisig wallet may only require a certain number of its multiple users to validate a transaction.
In 2014, less than 0.02% of BTC transactions were secured by
multisig. That number is now 10%.
Public addresses begin with the number 1,
Multisig addresses begin with the number 3.
Cryptocurrency wallets have a public key, which is shared, and a private key, which is kept secret. Transactions must be signed with a users private key in order to verify ownership, and validate a transaction.
MULTIPLE KEYS
Multi-sig wallets have a public key with more than one private key.
M of N TRANSACTIONS
Requires multiple parties to be in agreement to complete a transaction.
ADVANCED SECURITY
Provides extra security, making coins safer from theft.
Multisig was first introduced in 2012, but did not become wide-spread until 2014.
A multisig wallet may only require a certain number of its multiple users to validate a transaction.
In 2014, less than 0.02% of BTC transactions were secured by
multisig. That number is now 10%.
Public addresses begin with the number 1,
Multisig addresses begin with the number 3.