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web3glossarymulti signature
Multi-Signature

Summary

A multi-signature (multisig) is a digital signature scheme that requires multiple parties to sign a transaction before it is approved and executed.

Detailed Description

Multi-signature technology enhances the security of cryptocurrency wallets by allowing several keys to control a single wallet. Transactions from this wallet require a predefined number of these keys to authorize, ensuring that an unauthorized transaction cannot happen without the consensus of the required signers. This feature provides a way to manage assets collaboratively and increases protection against theft or loss of individual keys.

Category
Security
Synonyms
Multisig
Threshold signature
Multi-key signature

Impact Details

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Corporate Treasuries

Corporations can use multi-signature wallets to manage their cash reserves, requiring multiple executives to approve any transaction, thereby protecting against fraudulent activities.

Industries:

Finance
Legal

Platforms:

Bitcoin
Ethereum
Investment Groups

Investment partnerships can utilize multi-signature wallets to ensure that no single partner can unilaterally move funds, requiring a majority vote to shift assets.

Industries:

Investment
Venture Capital

Platforms:

Ethereum
Non-Profit Organizations

Charities can utilize multi-signature wallets to ensure that disbursements require approval from multiple board members, increasing transparency and accountability.

Industries:

Non-Profit
Public Sector

Platforms:

Bitcoin
Ethereum

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