Introducing Orosign Multisignature Wallet - A Self-Managing Mobile App For Digital Assets

Table of Contents

Introducing Orosign Multisig Wallet A Self Managing Mobile App For Digital Assets

Introduction

Orosign is a Self-Managing Mobile App For Digital Assets that serves as an interface of Orochi Ecosystem, which can integrate multiple games and native decentralized applications. Orosign allows users to interact with all applications on Orochi Computation Layer and empowers customers to organize and manage their digital assets.

Orosign is designed for ease of use, even for non-crypto users. You can send, receive or store various cryptocurrencies and digital assets safely and securely with Orosign mobile app.

Currently, Orosign allows customers to create their own multisignature wallet with minimal cost as well as customize smart contracts to meet their own expectations. Off-chain signing and verification are used to secure the signing process. All proofs are verified independently with secp256k1, which is the most widely used elliptic curve in the blockchain space, thanks to its 256 bits security level. Thus, the fund is safe as long as the majority of private keys are safe.

How does Orosign Multisig work?

Orosign multisignature wallet is a feature that needs multiple private keys to sign a transaction in order to transfer money out of it. In simple explanation, you can think of a treasure that has two locks and two keys. One key is held by you and the other is held by your friend. The only way you can unlock the box is by simultaneously using both of the keys. Therefore, neither you nor your friend can do it alone. In essence, only 2 or more signatures are required to access the assets held on Orosign multisignature wallets. Consequently, using Orosign multisig wallet enables you to increase the security of your funds.

Features of Orosign

Orosign is providing:

Multisig:
- The Orosign multisignature wallet (multisig wallet) allows users to store their funds securely as it can only be accessed by using 2 or more signatures. The use of a multisig wallet enables users to add another layer of protection to their assets.
Friendly UI/UX:
- The UI/UX is user-friendly and easy to use.
Onchain Custodian:
- Orosign allows customers to create their own multisig wallet with minimal cost. Orosign also improves the users' experience in terms of asset management.
Affordable fee:
- Orosign is mainly targeted at semi-retail customers. They can make use of the multisignature feature at an affordable price.
Self-managed:
- Orosign allows customers to customize the smart contracts according to their needs.
Security:
- The signing process is secured by utilizing off-chain signing and verification. As mentioned above, the proofs are verified independently with secp256k1, which safeguards the funds as long as the majority of private keys are kept secure.

Why use Orosign Multisig?

Increasing security

Users are able to avoid the issues brought on by the loss or theft of a private key by using Orosign multisig wallet. The money is therefore secured even if one of the keys is stolen. Consider a scenario where you generate a 2-out-of-3 multisig address and save each private key on a different device or location (e.g. mobile phone, laptop, and tablet). In case your laptop is stolen, the thief won’t be able to access your money with just one of the three keys. In a similar scenario, if the hacker conducts malware infections or phishing attacks to your wallet, it is less likely to be successful because he would most likely only have access to one device and key.

Despite malicious attempts, you can still access your money if you misplace one of your private keys by utilizing the other two.

Two-factor authentication

You can construct a two-factor authentication system to access your funds by creating a Orosign multisig wallet that needs two keys. You might, for instance, maintain one private key on your laptop and the other on your phone. This would guarantee that a transaction could only be completed by someone who has access to both keys. But be aware that utilizing multisig as a two-factor authentication method can be risky, especially if it is configured as a 2-out-of-2 multisig address. You won't have access to your money if one of the keys is stolen. Hence, using a 2-out-of-3 multisig address setup would be safer.

Escrow transactions

Having a 2-out-of-3 multisig wallet can facilitate an escrow transaction between two parties (you and your friend, for example) that includes a third party serving as a mutually trusted arbiter in case something happens unexpectedly.

In this case, you would deposit the money first, and it would be secured (neither user being able to access them on their own). Then you and your friend can both use their keys to sign and conclude the deal if your friend delivers the products or services as agreed upon.

The only case that the third party (the arbiter) would have to intervene is if there is a dispute, at which point he could use his key to generate a signature and give it to either you or your friend, depending on the arbiter’s judgment.

Decision making

A multisig wallet may be used by the board of directors to regulate who has access to a company's fund. No single board member can misuse the cash, for instance, by establishing a 4-out-of-6 wallet where each member has a key. As a result, only judgments supported by the majority can be put into action.

Single signature vs Multisignature wallets

A transaction is made and signed whenever you want to transfer money from your wallet. You are digitally stating: "I am the owner of the funds, I have the key to control them, and I approve this transaction" by signing the transaction.

For a transaction to be signed in a single signature (also known as "basic") wallets, only one signature is required. Multisig is the abbreviation for multisignature, and as the name suggests, a transaction must be signed by one or more users of this type of wallet.

A digital wallet known as a multisig is one that is shared by two or more copayers. The number of signatures needed to sign a transaction will either be less than or equal to the wallet's copayers, depending on the type.

An illustration of a multisig wallet that requires three signatures to sign a transaction is a 3-3 wallet, which is shared by three users. A 2-3 wallet is a three-person multisig wallet that needs two signatures to complete a transaction.

Recovery phrases and multisig wallets

Recovery phrases and private keys are not kept by Orosign or any other wallet service provider, as is the case with all self-custody wallets. All multisig recovery phrases must be backed up, preferably outside of the digital environment to reduce the danger of information theft by hackers.

In a multisig wallet, each copayer or device has its unique recovery phrase. To recover the funds, you will need the recovery phrases of all copayers on wallets where the required number of signatures and the number of copayers are the same (e.g., 2-2, 3-3).

For instance:

One signature is required for a 1-2 wallet. Therefore, moving its money only requires one recovery phrase.
Two signatures are needed to sign a transaction in a 2-2 wallet. Therefore, in order to move the money out of the wallet, each of the two recovery phrases is needed.

A multisig wallet can be recovered by using as many recovery phrases as the wallet needs signatures for. The number of copayers is actually decreased if recovery phrases are lost. For instance, if one of the copayers in a 2-5 wallet forgets their recovery phrase, the wallet essentially becomes a 2-4 wallet. Unless the copayers transfer the funds to another wallet, the wallet continues to be a 2-5 wallet. We advise making a new shared wallet and transferring the funds to it in the case that a copayer misplaces their wallet.

Multisig wallets are not dependent on the device they were built on or are currently running on. You can migrate your wallet to new devices to carry out transactions and manage your money indefinitely as long as you have your recovery phrases. Import each of the recovery phrases on a different device to restore a multisig wallet.

We advise keeping your recovery phrases separate if using a multisig wallet with a single user with many devices. Ideas for storage include:

Written on a piece that is kept in a secure, fire-resistant safe.
Save in a safety deposit box
Stamped onto a fireproof metal wallet
Use a mnemonic device or memorize your sentence
Split, break up phrases into 4 or 6 word sections and store separately

About Orochi Network

Orochi Network is a cutting-edge zkOS (An operating system based on zero-knowledge proof) designed to tackle the challenges of computation limitation, data correctness, and data availability in the Web3 industry. With the well-rounded solutions for Web3 Applications, Orochi Network omits the current performance-related barriers and makes ways for more comprehensive dApps hence, becoming the backbone of Web3's infrastructure landscape.

Blog