What is a Multisign Wallet?
Multisign, short for multi-signature, is a digital signature technique that requires the involvement of two or more signatures to authorize transactions performed using a wallet.
How Multisign Wallet works?
Imagine a safe-deposit box equipped with a unique lock that can only be opened by simultaneously using two keys.
Now, let’s suppose that these two keys are owned by two different parties, namely A and B. In this scenario, A alone is unable to unlock the safe, and similarly, B cannot open the lock on their own.
However, when A and B join forces and use their keys simultaneously, they can unlock the safe at any time they wish.
A similar concept applies to Multisign, where the keys represent digital signatures, and the safe-deposit box corresponds to a Bitcoin Wallet. In the case of Multisign, Bitcoin can only be transferred when both parties, A and B, sign the transaction using their respective keys or digital signatures.
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