{"id":6676,"date":"2020-01-18T09:19:00","date_gmt":"2020-01-18T09:19:00","guid":{"rendered":"https:\/\/qa-front.dev.techhub.cloud\/blog\/?page_id=2918"},"modified":"2024-04-17T12:37:19","modified_gmt":"2024-04-17T12:37:19","slug":"what-is-multisig","status":"publish","type":"glossary","link":"https:\/\/paybis.com\/blog\/glossary\/what-is-multisig\/","title":{"rendered":"Multisig"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">This short section will explain what is multisig, its purpose, and some of the best practices to increase your security.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is multisig in the context of cryptocurrency?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Multisig stands for <\/span><i><span style=\"font-weight: 400;\">multi-signature<\/span><\/i><span style=\"font-weight: 400;\">. This means that multiple approvals (signatures) are needed before a transaction is confirmed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although already present in other industries, the concept was first applied to Bitcoin addresses in 2012, which led to the creation of <\/span><i><span style=\"font-weight: 400;\">multisig wallets<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/bitcoinelectrum.com\/creating-a-multisig-wallet\/\" target=\"_blank\" rel=\"noopener noreferrer\">These wallets<\/a> function by adding one or more private keys to the wallet. This way, the transactions can only be confirmed by providing the 2 or more private keys.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Why are multisig wallets useful?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here\u2019s why multisig wallets make a good option:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Increase Security<\/b><span style=\"font-weight: 400;\"> &#8211; Hackers need all the participating keys to confirm a transaction.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Company Transactions<\/b><span style=\"font-weight: 400;\"> &#8211; for cryptocurrency businesses that work with multiple stakeholders, multisig wallets are optimal.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Escrow Transactions<\/b><span style=\"font-weight: 400;\"> &#8211; in this case, a multisig wallet can be used to lock the funds of a transaction between 2 parties until a 3rd trusted party (e.g. lawyer) signs it with their private key.\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Multisig wallets best practices<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As with all wallets, you should always back up your keys and write your mnemonic phrase on a piece of paper.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When working with multiple keys, it\u2019s best to keep these keys in different locations and\/or devices so they can be protected independently.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Keep in mind that when sharing a multisig wallet, all private key holders will have to take extra care of their <\/span><a href=\"https:\/\/paybis.com\/blog\/what-is-a-private-key\/\"><span style=\"font-weight: 400;\">private key<\/span><\/a><span style=\"font-weight: 400;\">. If the requirements for signing the transaction can\u2019t be met, funds will become inaccessible to everyone.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Multisig stands for multi-signature. This means that multiple approvals (signatures) are needed before a transaction is confirmed.<\/p>\n","protected":false},"featured_media":0,"template":"","glossary_letter":[275],"glossary_term":[277,281],"class_list":["post-6676","glossary","type-glossary","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Multisig - Blockchain Acronyms Explained - Paybis Blog<\/title>\n<meta name=\"description\" content=\"Ever heard of the term multisig? Not many people know what the acronym stands for. 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