Multisig Wallet
A wallet that requires several independent keys to approve a transaction before it executes.
✦ Key Insight
It removes the single point of failure inherent in one seed phrase, at the cost of more complex setup and recovery.
✕ Common Misconceptions
Storing multiple keys in the same place, which recreates the single point of failure. Also failing to document and test the recovery process before it is needed.
Detailed Explanation
In Practice
Dig Deeper
Wallet
Software or hardware that stores your private keys and lets you sign transactions.
Token
An asset created by a smart contract on an existing blockchain rather than being that blockchain's native currency.
Blockchain
A shared, append-only record of transactions maintained by many independent computers at once.
Transaction
A blockchain transaction is a signed or authorized instruction that changes blockchain state or transfers value when accepted by the network.