WaykiChain will apply multi-signature technology in transactions in the latest updated version. Previously, the transfer transaction can only be unilaterally signed by the initiator, so it is impossible to introduce the third party guarantee platform such as eBay in transactions. WaykiChain multi-signature technology opens the door for more upper-level applications in blockchain transaction scenarios.
What is Multi-Signature?
Multi-Signature refers to the crypto transaction authorized by multiple keys, which is typically used to define the ownership of crypto assets. In the traditional crypto account, each of your crypto assets addresses has a corresponding private key, which can be called “single-signature transaction”. But for multi-signature address, you will have multiple associated private keys, and you need more than one of them to complete a transfer transaction.
For M-N multi-signature model (1 ≤ M ≤ N), N individuals respectively hold N private keys, and to complete the transaction at least M individuals’ signatures are needed. In fact, you can set M-N to 1–3, 5–5, 6–11, but the most common used one is 2–3 model, that is, with at least 2 of 3 people’s signatures the assets in this “multi-signature address” can be used.
Advantages of Multi-Signature
Strengthen Asset Security
Though the current cryptography can guarantee that a single private key won’t be decoded, it is still not safe enough. Your private key may be hacked by Trojan or exposed accidentally, then the your assets are also exposed. But if the public key is generated by multi-signature, even if one of the private keys is stolen, the hacker cannot transfer your digital assets either.
Extensional Use Scenarios
Fund Supervision: With multi-signature, multiple parties’ authorization are needed to protect the safety of funds. For example, a fund account owned by three partners will require at least two signatures of them to use the funds, effectively preventing anyone from illegally diverting funds.
E-commerce: Under multi-signature model, besides the buyer and seller, an “intermediary” playing the arbitration role can be introduced into the transaction. For example, under 2–3 multi-signature model, when the buyer and seller are caught into a dispute, the arbitrator will ensure that the funds are fairly divided according to the actual situation.
How WaykiChain’s Multi-Signature Works?
WaykiChain is a third-generation public chain that supports Turing-complete smart contracts. Therefore, multi-signature is naturally supported by smart contracts. On the other hand, WaykiChain implements multi-signature transactions as a basic transaction type, with the following features:
1. All-round RPC Support: Generate multi-signature address; View multi-signature address scripts; Create multi-signal transactions; Sign multi-signal transactions, etc. Further lower the thresholds to use multi-signature technology.
2. Simplified Signature Data: With WaykiChain’s unique RegID, the length of the public key can be simplified into 6 bytes, much shorter than 33 bytes in Bitcoin’s multi-signature script.
WaykiChain’s multi-signature is easy and efficient for users and developers to use in transactions.
Example：2–3 Multi-Signature Model
- Generate multi-signature address and script
Parse multi-signature address via decodemulsigscript
2. Transfer 1,000,000 to multi-signature address
Check balance later
3. Create a new address (ordinary address)
4. Transfer 100,000 from 2–3 multi-signature account wPUEMcjoyNvuwcXmuZLhZn4GMmD3CYkB4j to address waGfQtRkcM6XoPG1jVSHGGp3DuZCLZeiep
5. Use 0–3, 0–5 model to sign the transaction
Check the transaction by decodetxraw
6. Submit the transaction
7. View the transaction
8. Confirm the balance of multi-signature account and receiver account