Multi-signature (multisig) wallets

These are useful if your organisation needs multiple people to approve moving funds from your wallet.

A Cardano multisig wallet, also called a multi-signature wallet, is a type of cryptocurrency wallet that needs more than one signature or approval from multiple users before a transaction can be made.

In a multisig Cardano wallet, multiple individuals hold private keys, and a certain number of them are required to sign off on a transaction before it can be processed. This added security layer helps prevent unauthorised or accidental spending of funds and is often used by organisations or groups managing collective funds.

You will also be given a private key, which is your secret code that you will use to sign transactions and access your wallet. It is important to keep your private key safe and secure, as anyone with access to your private key can spend the funds in your wallet.

Set up your Multisig wallet

1. Setup: The first step is to set up the multisig wallet by determining the number of signatures required to authorize a transaction, and distributing private keys among the designated users.

2. Fund the wallet: The next step is to deposit funds into the multisig wallet. This can be done by sending cryptocurrency to the wallet's public address.

3. Initiate a transaction: When a user wants to initiate a transaction, they create a transaction proposal and broadcast it to the network.

4. Approval process: The transaction requires the specified number of signatures from designated users before it can be executed. Each user signs the transaction with their private key.

5. Validation: Once the required number of signatures is reached, the transaction is broadcast to the network for validation.

6. The network verifies the signatures and executes the transaction if it is valid. It is important to note that the specific steps and details for using a multisig wallet can vary depending on the wallet provider and the underlying blockchain platform. Users should carefully review the instructions provided by their wallet provider and make sure they understand the process before using a multisig wallet.

Multisig wallets on Cardano

Here are links to the wallets and tutorials of Cardano Multi-sig wallets

• ADAO’s Roundtable wallet

https://roundtable.adaodapp.xroundtable.adaodapp.x

• Milkomeda Gnosis Safe

Bringing Multisig Wallets to Cardano Through Milkomeda C1 (Catalyst Proposal Completed!)Medium

Getting Started: Docs

Creating a Wallet: Guide

Creating a Wallet: Best Practices

Gnosis Safe