Improved Security: WaykiChain Releases Multisig Wallet
Digital-wallet security is one of the top concerns for mass cryptocurrency holders. Local wallets may suffer from Trojans and viruses, while online wallets may suffer from hacker attacks or embezzlement. All the above causes loss of user assets.
With its brand-new multisig (multisignature) wallet, WaykiChain can effectively resolve the security risks of digital wallets and improve their security greatly.
Unlike normal wallets, asset transfer in a multisig wallet requires authorization of multiple key holders, which makes user assets more secure. Taking a safe for example, there is a total of n keys to it and at least m of them are needed to open it.
In a normal wallet, when you want to transfer assets to Alice, you only need your own signature (generated using your private key).
In a multisig wallet, when you want to transfer assets to Alice and a multisignature was set up (for 3 users, namely, you, Bob, and Charlie, with at least 2 signatures required for a transfer), signatures of two of you, Bob, or Charlie are needed.
WaykiChain multisig wallet supports the underlying tokens issued on WaykiChain. It adopts the m/n model. The multisig wallet is managed by n users; and m signatures are required for asset transfers. This model offers more secure allocation of asset disposal rights.
How to use WaykiChain multisig wallet
Create a multisig wallet
- Open WaykiTimes and tap “Discover” at the bottom.
2. Tap “Multisig wallet”. Next, create a unique multisig ID.
3. Customize the m/n mode and select the asset. The signature mode is m/n, where n users manage an asset together and the approval (signature) of at least m users is required to spend the asset. m must be less or equal to n. Here, we use 2/3 as an example of m/n.
4. Invite multisig parties. Enter the WaykiTimes wallet RegID of the party that wants to join multisig wallet management.
5. Complete the multisig wallet creation.
Asset transfer to a multisig wallet
To deposit assets to a multisig wallet, tap “Deposit”, enter the Multisig ID, select the asset, and enter the amount. Confirm to transfer assets.
Asset transfer out of a multisig wallet
- To transfer assets out of a multisig wallet, tap “Withdraw”, enter the recipient WaykiTimes wallet RegID, select the asset, enter the amount, and tap “Initiate” to start a transaction.
2. After the transaction is initiated, a tx hash (identifier of this transaction proposal) is generated. Copy it and send to other multisig parties.
3. All multisig parties need to tap “Query” on the multisig home page, enter the tx hash, and review the transaction proposal. When the number of approvals reaches the set m/n value, the transfer triggers. In this example, approval by only 2 users is needed to trigger a transaction.
Note: The proposal initiator also needs to perform the above step 3 to review the transaction proposal.