Be a crypto hero in the market by logging in

Don't you have an account? Sign in

NEWS

샌드뱅크, 암호화폐로 돈 버는 방법

담당자| 08.05| 519

What is a Multi-Signature Wallet?

When you want to send funds from your wallet, a transaction is created and signed. By signing the transaction, you are digitally saying: “I am the owner of the funds, I have the key to manage them, and I approve this transaction.”

Single signature (also known as “basic”) cryptocurrency wallets need one signature to sign a transaction. Multisig is the shortened name for multi-signature, and, as the name indicates, this kind of wallet requires one or more signatures to sign a transaction.

A multisig wallet is a wallet shared by two or more users called copayers. In our case, there are always two copayers including Sandbank and Hexlant. Whenever there is a withdrawal request, the number of signatures required to sign the transaction will be equal to two, meaning the transaction cannot be granted with only one copayer’s permission.

This significantly adds security to user’s funds by preventing transactions when either one of the copayers is hacked or run off with the stored crypto assets.

Comment 0

delete

Are you sure you want to delete this post?