Unlike multisig wallet, the traditional shared wallet solution for bitcoin and other cryptocurrencies turns out to be a single point of failure. Such single point of failure leads to tangible loss of assets and loss of access to funds.
Unlike multisig wallet, in case of the single key shared wallets, if the owners lose the access to the private keys, then they are left with no way to access their funds and assets.
It is important to note that the bitcoin multi signature wallet do not actually contain bitcoins rather they help contain the private keys – one that provide holder the access to their bitcoin.
In technical terms, the private keys contained by the bitcoin multisig wallet is a mathematical signature that help prove the ownership of the crypto-tokens. The owners can spend bitcoin on when the private keys are connected to the multisig wallet.
Specifically in case of the multi signature wallet, numerous private keys are connected to the wallet. The owner has the choice and can decide how many keys should be connected to the multi signature wallet, and exactly how many keys need to be employed to sign and approve transactions.
If you and two of your partners are planning to open a shared multisig wallet for business purposes, then this is what you need to do – as in this case, there are in total three participants involved in the operation and functioning of the multisig wallet.
The owners have the option to decide that 2 of the 3 participants are mandatorily required to sign a transaction for it to be processed further. In other words, the co-signer needs to validated the transaction and broadcast it over the blockchain networks.
In 2-of-3 multi signature wallet, there are in total three private keys generated and allocated to the owners out of which two private keys (no matter the combination) are required to sign and approve the transactions over blockchain.
If you are actively looking for the best digital asset management system in US to trust your funds with, then Yodaplus multisig wallet is the best for you. Yodaplus multi-signaturemulti signature wallet makes management of your holding easy.
The multi signature wallet provided Yodaplus viz. Yplusvault is among the most secure wallets – one that can be trusted with all of your digital transactions. The multisig wallet Yplustvault is designed and build for both individuals and financial institutions.
The multisig wallet is built on top of Xinfin Blockcahin platform with enhanced security feature. With the multisig wallet offered by the US-based organization Yodaplus, investors always have full control and access of their own holdings.