A new tip for protecting your crypto
— Create a MultiSig wallet on TokenPocket.
The latest TokenPocket Android version (1.6.3) has supported the BNB Chain MultiSig wallet! > Details
What is a MultiSig wallet?
Generally, all the on-chain operations need to sign by private key, and the private key signature is equivalent to the process of permission verification. The wallet is divided into single-sig wallet and multi-sig wallet. The single-sig wallet is controlled by a private key. For example, the common wallet we use at present is the single-sig wallet. The multi-sig wallet is jointly controlled by 2 or more private keys. The private key holders of the multi-sig wallets are the managers.
Therefore, when the multi-sig wallet needs to execute the on-chain operation, the managers need to sign according to the weight.
The ETH/ERC20(Including the EVM-based chains like BSC/BEP20, etc.) MultiSig wallet using the smart contract to sign.
1. Manage assets by multiple persons to avoid the misappropriation of assets by individuals;
2. Perform multi-address signature management for assets to enhance asset security.
3. Other security scenarios.
Create a MuitiSig wallet
- Open TokenPocket and click [No accounts] for the first time, and choose [MultiSig Wallet]. You can also click the wallet icon in the upper right corner to create a MultiSig wallet.
2. You need to choose the public chain before you create a MultiSig wallet, please read the reminders carefully during the creation process and then click [Next Step].
*Now TokenPocket supports BNB Chain MultiSig wallet.
3. The steps of creating a multi-signature wallet are the core content.
[Wallet Name] is as same as the wallet name you created before, which can be customized and it won’t be recorded on the chain.
[Owners] is to set the managers of the MultiSig wallet. The owners can manage and control the MultiSigwallet and a maximum of 30 owners can be set, which can be understood as the [Threshold Setting] of the MultiSig wallet. The owners can be set up flexibly, it is suitable for enterprises, DAO, and individuals.
[Required Signatures] it’s also called Weight, the difference between EOS/TRON MultiSig wallets and EVM MultiSig wallets is that EOS/TRON MultiSig wallets’ weights can be set as 1 or greater, while EVM-based MultiSig wallets’ weights can only be set as 1.
[Payment Details] The MultiSig scheme of an EVM-based chain is a smart contract, so creating a MultiSig wallet requires paying Gas (miner’s fee), which TokenPocket does not charge. [Pay with] You can click and select the wallet address imported in the wallet to pay the Gas (miner’s fee) fee.
After everything is set, click [Confirm] to read the reminders for the creation of the MultiSig wallet. You can also read the information on this creation on the blockchain explorer.
4. After the smart contract is deployed successfully, you’ve successfully created a MultiSig wallet. Click the upper-left menu of the wallet, and you can distinguish the difference between the MultiSig wallet and the single-sig wallet in the list, and it will be more convenient for you to switch the wallet.
5. After you’ve successfully created a MultiSig wallet, click [Details] and you can see the [Transaction Queue] and [Manage].
6. [Transaction Queue] will display the generated MultiSig order, you can click and complete the order; You can view information such as [Required signatures], [Latest Nonce on-chain], and [Associated Wallet] in [Manage], the associated wallet is the owners. If there is an address that has not been imported, you can click [Import] and use the private key or secret recovery phrase to import it. Whether the associated wallet is imported will affect the transaction and the use of DApps.
To sum up, the MultiSig wallet on the EVM-based chain is a smart contract. Creating a MultiSig wallet does not require backing up the secret recovery phrase or private key, nor require setting a password, nor require complex code, and is similar to the watch wallet.
The key point of creating a MultiSig wallet is the reasonable setting of [Owners] and [Required signatures]. A reasonable set of the MultiSig wallet can play its maximum security and convenience. The commonly used multiple signatures are 2/3, 3/5, and so on, which need to be selected according to the individual situation.
The advantages of MultiSig wallet.
- More Secure
In the Single-Sig wallet, the private key that determines the ownership and management of cryptocurrencies is only in the hands of individuals. Once the private key is lost or the holder forgets the secret recovery phrase or private key, that means the holder lost the control right of the wallet assets. The existence of Multi-Sig wallets minimizes the risk of asset loss when a single private key is lost. Multi-Sig wallets greatly help users reduce security incidents due to lost or stolen private keys. Since the Multi-Sig wallet is controlled by two or more wallet addresses, even if the private key of one of the wallets is leaked, the wallet assets of the Multi-Sig address cannot be transferred, which greatly reduces the risk of asset loss. Take the “2–3 mode” as an example, among all 3 private keys, as long as 2 of the private keys have completed the signature approval operation, the relevant encrypted wallet address can be transferred. Even if one private key is lost, the transfer of assets can be completed through the remaining two private keys to avoid asset loss.
2. Multiple verifications to avoid the wrong transactions.
Multi-Sig wallets can be used to avoid the wrong transactions by multiple verifications. If you enter the wrong account when you transfer in a bank, the transaction will fail and the assets will return to the original account. But the transaction on the blockchain are irreversible, once the assets are transferred to the incorrect address, the asset will not be returned. Using a Multi-Sig wallet, when a private key owner initiates a wrong transaction, other private key holders can prevent the wrong transaction by rejecting the signature when they find the error. The more people involved in signature verification, the fewer wrong transaction will occur.
TokenPocket is the world’s leading multi-chain self-custodial wallet, which supports mainstream public chains including BTC, ETH, BSC, TRON, Polygon, Solana, HECO, Klaytn, Avalanche, OKC, HSC, Fantom, Polkadot, Kusama, etc. The trinity of TokenPocket mobile wallet, chrome extension wallet, and hardware wallet has been formally formed. The Secret Recovery Phrase and Private Key are stored in the user’s own device and the user can fully control his own crypto assets. TokenPocket has provided reliable services for over 20 million users around the world. The number of monthly active users exceeds 3.5 million and the users are located in more than 200 countries around the world.