Hive Keychain Multisig Feature - But What Multisig is?

@stoodkev

Hey folks.

If you would know the new feature of Multisig that is been added to Hive Keychain is something that we are probably seeing for the first time on Hive, kudos to @stoodkev.

For those who don't know what Multisig is and what utility it offers, "Multisig also called Multisignature is the requirement for a transaction to have two or more signatures before it can be executed."

Meaning to say that in Multisig, atleast two signatures are required to approve a transaction. This way no one party can execute a transaction without the consent of the other party.

Mutisig wallets are a kind of crypto wallet requiring two or more private keys to perform certain tasks.

Think of Multisig as a safe having unique keys that must be used together to open it.

But Why Multisig?

Multisig is used for increased security. The purpose of Multisig wallets is to maximize security of funds stored in the wallet by requiring multiple parties to sign off before sending any transactions.

Compared with the other types of wallets, Multisig wallets provide increased transparency.

A multisig can be easily adjusted or upgraded to meet the requirements of an organization or DAO because of its position as a smart wallet.

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