Monero, the blockchain behind XMR, is a privacy-centred cryptocurrency, fairly known for a network of innovations. Recently the Multisig tests have been started, this is a digital signature programme that allows multiple users to sign documents together as a group.
This Multisig feature allows joint ownerships which imply that each user has full rights to the entire amount. Therefore every transaction must be authorized by a certain share of members set out when the wallet is created. The Multisig allows for ownership of XMRs which are being stored in a specific wallet.
How does Multisig de Monero work?
The sum total of owners and the approval threshold interpret the scheme of the wallet. Take for example;
- shared account: Both husband and wife individually have access to their funds.
- consensus account: Both partners must agree to spend their funds.
- secure account: A single owner controls all the 3 keys but has to secure them through different means to diversify risks.
In a situation where the users are considering the “secure account” scheme, there are usually 3 participants and each of them is given 2 private keys in a way that pairs will not repeat between participants. This enables any 2 participants together to have all 3 private keys needed to create the private spend key.
After the Multisig wallet setup every user ends up knowing the public address and the private key. This enables the users to identify and understand any transactions they are supposed to co-sign.
The Monero community innovates more amazing features day in day out. Wownero, The recent friendly fork for Monero, seeks to be a proving ground for technologies that could later slip their way into Monero. Users can test the Monero Multisig and impact its development by giving feedback. This can be achieved by getting the most recent Cool Cage Point Release 2 for Wownero.
The Multisig feature can only be accessed through a command wallet. The CLI Wallet to be precise. Interested users can find detailed instructions on how to open, prepare and finalize the Multisig transactions in their CLI wallet here. With the CLI wallet users can address, refresh, and show transfers on every transaction done.
This new encryption system is appraised for its very high cryptography strength, fast performance and its exceptionally small key size as compared to many of its competitors. Addresses built by Multisig set up are like any other addresses. Users can generate integrated addresses and sub-addresses based on it. All participants in a Multisig feature can see incoming funds as they share the private view key.