Why Are Multisig Wallets Becoming the Standard for Crypto Security?

Table of Contents

I.Introduction

In the dynamic world of cryptocurrency, securing digital assets has become a paramount concern due to the escalating threats of cybercrime and the growing value of cryptocurrencies. In light of these challenges, the emergence of multisig wallets has garnered attention as a potential solution. While it is true that multisig wallets may not have an extensive range of providers, they are gaining recognition as a standard for crypto security.In this article, we will delve into the reasons behind the increasing prominence of multisig wallets and explore how they can effectively safeguard your investments. Additionally, we will examine Orochi as an example of a provider offering multisig solutions to retail users.

II. What is a multisig wallet?

Multisig wallets are a type of cryptocurrency wallet that require multiple signatures or approvals before transactions can be executed. This means that any transaction must be approved by multiple parties before it can be completed. Multisig wallets are designed to provide an added layer of security for your digital assets by reducing the risk of theft or loss due to hacking or other security breaches.

According to a recent report by Coin.Space, multisig wallets are becoming increasingly popular among businesses, organizations, and individuals looking to secure significant amounts of digital assets. BitPay also notes that multisig wallets can help protect your crypto assets by safeguarding your private keys. In fact, multisig wallets are considered one of the best ways to protect your crypto.

III. Why are multisig wallets becoming the standard for crypto security?

Multisig wallets are becoming increasingly popular in the world of cryptocurrency due to their added layer of security that traditional wallets simply cannot match.

Some reasons why we should think that multisig wallet as a better choice for Crypto wallet standard:

1. Increased security: Multisig wallets require multiple signatures to authorize transactions, making it much more difficult for hackers to steal funds. This is because the private keys needed to sign transactions are distributed among multiple parties, so no single person has complete control over the wallet.

2. Reduced risk: With multisig wallets, there is less risk of losing funds due to human error or negligence. If one of the signers loses their private key or is unavailable when a transaction needs to be signed, the other signers can still authorize the transaction.

3. Greater transparency: Multisig wallets allow for greater transparency in transactions because all parties involved in a transaction must sign off on it. This makes it easier to track and audit transactions.

4. Flexibility: Multisig wallets can be customized to fit the needs of different organizations and use cases. According to a BitPay blog post, multisig wallets can be created with different numbers of required signatures depending on the needs of the organization or individual. For example, some multisig wallets require only two signatures while others require three or more. This flexibility allows users to tailor their security measures to their specific needs and preferences. It also makes multisig wallets more versatile than other types of wallets that have a fixed number of required signatures.

IV. How to use a multisig wallet with Orosign

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

Using a multisig wallet is not as complicated as it may seem. In fact, it’s quite easy to set up and use. The process for creating a multisig wallet will vary depending on the provider you choose. However, you can quickly create a multisig wallet by following these steps:

Appendix: How to use Orosign

Create a wallet

Create a MultSig wallet. Select the network that you want for your multisig wallet (e.g, Binance Smart Chain, Ethereum), create a wallet name and add members to co-manage the wallet. Choose the number of signers required to authorize transactions.

Invite other signers by sharing the wallet address.

Once you’ve created your Orosign multisig wallet, you can start using it right away by Receive/Awaiting for vote to proceed a transaction.

Presently, there exists a wide range of products relating to multisig wallet technology. You may find additional information on this subject by referring to the recommended resources. Moreover, Orochi Network is a reputable service provider that offers multisig wallet solutions through Orosign.

V. Conclusion

Multisig wallets are an excellent way to keep your digital assets safe from hackers. They provide an extra layer of security by requiring multiple signatures to authorize transactions. This means that even if one of your private keys is compromised, your funds will still be safe.

To summarize the key points of this article:

Multisig wallets require multiple signatures to authorize transactions.
They are ideal for businesses that want to store their bitcoin as a reserve asset.
They provide an extra layer of security by requiring multiple signatures to authorize transactions.

In conclusion, if you want to keep your digital assets safe, you should definitely consider using a multisig wallet. They are easy to set up and use, and they provide an extra layer of security that can give you peace of mind.

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.