WaykiChain (WICC), a public blockchain tailored for decentralized financial applications, announces a meaningful addition to its instruments suite. Now WaykiChain enthusiasts can store and transfer their assets via multi-signature wallets.
WaykiChain's multi-sig wallet is up and running
According to the official announcement by WaykiChain's developers, the platform has released multi-signature wallet functionality. This means that WaykiChain's transactions can now be authorized by multiple users instead of one.
#WaykiChain Releases Multisig Wallet. This new feature will greatly improve the security of digital wallets when it goes live.— WaykiChain (WICC)Official (@wayki_chain) June 21, 2021
?Read More: https://t.co/0oYRpUpLKa#Cryptocurency #Blockchain #DeFi #Bitcoin #ETHEREUM
Security and attack-resistance were the two main rationales behind the idea of WaykiChain's multi-signature wallet release. Team representatives stressed that 'local' wallet can be targeted with viruses and trojans while online cryptocurrency storage ecosystems are prone to sophisticated malefactors' attacks.
A multi-signature wallet increases the security of transactions and reduces the possibility of attacks as well as the business partners partaking in wrongdoing against each other. Unlike typical wallets, multi-signature environments require authorization by the majority of keyholders.
WaykiChain's multi-signature wallet supports the entire set of assets that are live on WaykiChain blockchain. They can be stored, transferred, and swapped between each other.
More signatures for better security
In a nutshell, WaykiChain's multi-signature wallet adopts the m/n model. It means that the multisig wallet is managed by n users while at least m signatures are required for asset transfers. This model offers more secure allocation of asset disposal rights. Also, it prevents the whole wallet from being compromised in case of losing or inactivating of one key.
To set up his/her first multi-sig wallet, WaykiChain users should open WaykiTimes app and tap the “Discover” button. In this menu, user creates a multi-signature wallet with a unique multi-signature Identification number.
As with the m/n model, n users manage an asset together and the approval (signature) of at least m users is required to spend the asset, m should be less or equal to n. M and n should be customized in the 'Create Multisig' menu.
Then, in the 'Invite Multisig Parties' menu, the creator of wallet should enter RegID of the party that wants to join multisig wallet management. Lastly, details of wallets settings should be customized in the 'Multisig Management' menu.
Transferring of assets to a multi-signature wallet is executed in the similar manner to an ordinary wallet. Meanwhile, sending transactions from the wallet takes more authorization - by at least m key holders. Transaction proposal initiator generates the transaction hash that should be verified by other parties.