Author: Eric Voskuil 2015-02-02 18:05:57
Published on: 2015-02-02T18:05:57+00:00
The concept of using multisig wallets as a protection against malware has been introduced. A wallet can be generated with 3 keys and a transaction requires signatures from any two of these keys. One key is placed in cold storage and the second is sent to a third-party. Transactions are signed on the user's computer and sent to the third-party for the second signature, which allows for out-of-band verification before being sent to the blockchain. This method ensures that if the third-party becomes compromised or disappears, they will not have the ability to complete transactions as they only possess one private key. If such a thing happens, the user can use the key in cold storage to sign transactions and send funds to a new wallet.
Updated on: 2023-06-09T16:08:14.488622+00:00