M

Multisig

Multisignature (multisig) wallets are cryptocurrency wallets that require two or more private keys to sign and send a transaction.

Multisignature (multi-signature) is a digital signature scheme which allows a group of users to sign a single document. Usually, a multisignature algorithm produces a joint signature that is more compact than a collection of distinct signatures from all users.

Multisignature adds additional security for cryptocurrency transactions. Multisig crypto wallets require all parties involved in the creation of this type of wallet to agree before any transaction can occur.

Standard transactions on the Bitcoin network could be called “single-signature transactions” because transfers require only one signature — from the owner of the private key associated with the Bitcoin address. However, the Bitcoin network supports much more complicated transactions that require the signatures of multiple people before the funds can be transferred. These are often referred to as m-of-n transactions.

These parties can be people, institutions or programmed scripts.

 

One person's "paranoia" is another person's "engineering redundancy."

Marcus J. RanumComputer and network security researcher

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