Multy, an open-source mobile wallet for Bitcoin and Ethereum, announced enabling multi-signature scheme for wallets with more than one owner. This feature makes it easy to control company and family budgets by several owners of one wallet.
Vadim Makovsky, Co-founder and CEO of Multy stated, “In Multy, we believe that using cryptocurrencies should be secure, easy and fast. One of the best ways to manage crypto assets on Ethereum blockchain is by having a multisignature wallet based on a smart contract which allows sending a transaction only after a signature verification of the wallet’s multiple owners.”
When setting up a Multy wallet, its owner can add other members and set the sign parameters, e.g.: 5 members and 3 signatures required to send a transaction. Using a multisignature wallet is proved to be convenient for:
- Managing funds of DAO or other crypto organizations;
- Holding assets in the most secure way by diversifying points of attack;
- Controlling family or group budget.
Multy used GNOSIS to implement the multisignature scheme. Users who previously had a GNOSIS multisignature wallet can import the data from it to their Multy wallet. All private keys are stored strongly encrypted on the phone of the owner and never leave it. Transactions are signed on the owner’s device and no personal information is shared/sent to the company’s servers.