Multi-signature wallets are digital asset wallets that require more than one private key to authorize a transaction. This security feature means that multiple individuals or devices must approve a transaction before it can be executed, providing enhanced security against single points of failure. For example, a “2 of 3” multi-sig wallet requires two out of three designated keys to sign off on a transaction. These wallets are commonly used by organizations, for joint accounts, or by individuals seeking additional security layers for their digital holdings.
Context
Multi-signature wallets are a critical security tool in the digital asset space, frequently highlighted in discussions about institutional custody and decentralized autonomous organizations. The ongoing development focuses on improving user experience and integrating multi-sig capabilities more seamlessly into various blockchain platforms. Their adoption is growing as security concerns for large digital asset holdings increase.
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