Multisignature is a scheme performed to protect an account from being compromised by a malicious user by allowing a group of trusted parties to sign a single document, mostly by producing a joint signature. Multisignatures are widely used in the cryptocurrency and fintech industries. Multisignature wallets are more protected from attacks than regular ones, due to the necessity of collecting the private data of several entities in order to hack them. Multisignature in Bitcoin, however, is technically not a multisignature, but just a protection with a number of additional distinct users’ signatures. There are a lot of multisignature Bitcoin and Ethereum wallets produced by third parties to provide supplementary protection for cryptocurrency users. Multisignature is often performed for corporate purposes to ensure a transaction is approved by management before initializing it.
A Gnosis safe now contains the third-largest concentration of Ether, according to Etherscan, holding 2.2% of the coin supply — worth $2.9 billion.
Gnosis receives $2.3B Ether in a day, now 3rd largest ETH holder with 2.2% of supply
Almost one-third of the entire Bitcoin supply is secured with a feature that gained adoption after the Mt. Gox heist.
6M Bitcoin Are Secured by Shared Custody
The organizer of a Bitcoin programming boot camp has published a proof-of-concept for a user interface for multisig protection for Bitcoin hardware wallets and ...
Bitcoin Dev Reveals Multisig UI Teaser for Hardware Wallets, Full Nodes
Blockstream’s MuSig schemes hopes to develop efficient, secure multisignature transaction capability for Bitcoin in the future.
Unpacking Schnorr Signatures: Blockstream’s MuSig to Improve Bitcoin Transactions?
Swiss bank Gazprombank has partnered with fintech and crypto startups Avaloq and Metaco to develop crypto asset services.
Gazprombank Switzerland to Launch Crypto Services Next Year
Though Bitcoin wallet experts opt for multisig for better security, statistics show low usage of the option.
Multisig Best for Bitcoin Wallet Security But Only 11 Percent Use It
Multisig, or multi-signature, wallets are on the rise, providing roughly 13% of the Bitcoin world with added wallet security.
Multisig Wallet Security on the Rise, Protecting 13% of Bitcoin Today