Definition ∞ Multi-Party Approvals require authorization from multiple distinct entities or individuals before a transaction or action can proceed. This security mechanism is commonly implemented using multi-signature (multisig) wallets or smart contracts, demanding a threshold number of signers to validate an operation. It mitigates single points of failure and enhances the security of digital asset transfers. This strengthens governance and control. It is a critical security safeguard.
Context ∞ Multi-party approvals are a standard security practice for institutional digital asset management, treasury operations in DAOs, and secure smart contract interactions. News often reports on breaches where the absence of sufficient multi-party controls was a contributing factor. The ongoing discussion centers on balancing security requirements with operational efficiency and usability for diverse stakeholders. Implementing these controls is vital for asset protection.
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