Catalyst Onboarded Companies Playbook
  • Introduction
  • Contents
  • Part 1: Terms and conditions of your funding
    • Where your funding comes from
    • How much you got funded and how it gets distributed
    • Phase 1: Onboarding, Proof of Life and Test Transaction
      • Proof of Life (PoL)
    • Phase 2: Project Delivery and Regular Reporting
    • Phase 3: Close-out Report and Video
    • Expected return (or why you got funding)
  • Part 2: Using the funding
    • Before you start
    • Open a wallet
      • What you need to know about wallets
      • Keeping your seed phrases safe
      • Multi-signature (multisig) wallets
      • Hardware Wallets
      • Risk list: Why not to store your ADA on an exchange
      • Video links about wallets
      • The case for lace.io
    • Converting from ADA to your currency
    • Converting from ADA to a stablecoin
      • Djed stable coin
      • Converting your ADA to stablecoin on a Cardano DEX
      • List of DEXs
  • Part 3: Accounting and Reporting
    • First steps to tracking funds
    • Keeping track of your funds
    • Accounting for funds recieved
    • Tools to help with taxes
    • Plan ahead to mitigate loss due to volatility
    • Reporting
  • Part 4: Community Support
    • Technical support
    • Telegram groups
    • Challenge Teams
    • Coordinator meetings
    • Project Catalyst Team – how they can help
    • Project Catalyst Team contacts
    • Get help from the Treasury Guild
  • Part 5: Cardano Business Technologies
    • Overview
    • Understanding Cardano Blockchain Technology
    • Programming on Cardano
  • About Cardano Smarthubs
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  1. Part 2: Using the funding
  2. Open a wallet

Multi-signature (multisig) wallets

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

PreviousKeeping your seed phrases safeNextHardware Wallets

Last updated 2 years ago

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

• Milkomeda Gnosis Safe

Getting Started:

Creating a Wallet:

Creating a Wallet:

Docs
Guide
Best Practices
Bringing Multisig Wallets to Cardano Through Milkomeda C1 (Catalyst Proposal Completed!)Medium
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https://roundtable.adaodapp.xroundtable.adaodapp.x
Gnosis Safe
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