TotalSig makes managing Optimism multisigs simple and easy. There's no need to spend hours searching for new solutions and grappling with complex processes when you can achieve it with just one click. Optimism multisigs are finally here, enhancing your team's business operations with security and convenience.
Download Wallet
How to Use Optimism MultiSig
Optimism MultiSig Fees
Operation costs
TotalSig
> 0.01 USD
Other multisigs
> 0.01 USD
Totalsig reduces operational costs by eliminating the need for smart contract deployment. Previously available only to large institutional players, Totalsig now makes MPC technology accessible to everyone.
Why There is Price Difference?
Unlike other solutions that rely on smart contracts, known for their complexity and high costs, TotalSig employs MPC multisigs. This newer standard, embraced by leading institutional players, significantly reduces multisig expenses and enhances the user experience.
MPC multisigs on the Optimism network are more cost-effective compared to traditional smart contract multisigs. This is because they require only one signature per transaction, bypassing the expensive deployment of a smart contract which typically incurs a large network fee.
Why Use MultiSig Wallet
Increased Security
Traditional wallets rely on a single access point, which, if breached, leaves funds vulnerable. Multisig wallets elevate security, necessitating multiple private keys for transactions. A fortified barrier, it substantially reduces the chances of unauthorized access and fund theft.
Risk Mitigation
In traditional single-key systems, if a key holder is unavailable, it can disrupt operations. Multisig addresses this risk. With multiple key holders, transactions proceed without delay, ensuring smooth business operation.
Shared Ownership
In instances where assets need collective decision-making, multisig wallets shine. By distributing control among several parties, it mandates consensus for transactions, ensuring that no single entity holds unilateral power, fostering collaboration and mutual trust.
Decentralized Organizations
Embracing the ethos of decentralization, multisig wallets cater perfectly to decentralized autonomous organizations (DAOs). With no central authority, these wallets empower collective management, ensuring that decisions and transactions echo the shared values and visions of its members.
Wallet Features
Free multisig wallets
TotalSig supports ETH, the native cryptocurrency of the Optimism network. Transactions, whether transferring ETH, OP tokens, USD stablecoins, or executing smart contracts, require ETH to cover the transaction fees.
Token Support
Our multisig wallet offers support for the ERC20 and ERC721 standards, which are the predominant token formats within the Optimism network. This ensures that any tokens adhering to these standards, whether received as part of a transaction or a smart contract execution, will seamlessly appear in your wallet.
NFT Support
TotalSig supports NFT applications, allowing you to create a treasury with your friends or business partners to easily store your Optimism NFTs.
Best fee calculator
TotalSig provides a premium fee calculator designed to ensure you pay the least possible fees. Unlike other wallets that might place a lower priority on fee optimization, leading to possible overpayments by two to three times, TotalSig prioritizes cost efficiency, especially beneficial for Optimism transactions.
About Optimism
What is Optimism?
Optimism is a layer 2 scaling solution designed to enhance the capabilities of Ethereum, the decentralized blockchain platform with smart contract functionalities. While Ethereum itself was launched in 2015 and is well-known for being the second most valuable cryptocurrency platform after Bitcoin, Optimism operates on top of Ethereum to provide faster and cheaper transactions. This is achieved through the use of Optimistic Rollups, which significantly reduce fees and improve transaction throughput without compromising the security of the Ethereum network.
Optimism ecosystem
Background
Optimism originated from research and development efforts focused on improving Ethereum's scalability. It was developed by Optimism PBC, a public benefit corporation that includes veterans from the Ethereum community. The project builds on the groundwork laid by earlier research into scaling solutions, particularly Optimistic Rollups.
Purpose
Optimism's mission is to scale Ethereum effectively while preserving its decentralized ethos. The primary aim is to make Ethereum transactions faster and more affordable for everyone, thereby facilitating broader adoption and usability of decentralized applications (DApps). This is achieved through the implementation of Optimistic Rollups, which are designed to drastically reduce gas fees and enhance transaction throughput without sacrificing the security features inherent to the Ethereum blockchain.
Coins
Optimism also does not utilize a separate native cryptocurrency but leverages Ether (ETH), the native currency of the Ethereum network, for transaction processing and network operations. Like Arbitrum, Optimism operates as a Layer 2 scaling solution by handling transactions off the Ethereum mainnet to enhance throughput and reduce costs.
Types of Optimism wallets
Choosing the perfect wallet for managing assets on Optimisminvolves exploring a range of options that cater to various user preferences across security, convenience, or a mix of both. Each type of wallet has distinct advantages tailored to different user needs and comes equipped with unique features.
Hardware wallet
Hardware wallets are widely regarded as the most secure option for storing cryptocurrency assets. These physical devices keep your private keys—the essential credentials for accessing your Optimism tokens—completely offline, thereby shielding them from online threats. To perform transactions, these devices must be physically connected to a computer or smartphone, offering a secure yet user-friendly experience, often protected by pins or passwords.
Although offering strong security, hardware wallets may be less convenient for users who frequently access their digital assets. Additionally, the cost of these devices might be prohibitive for some users.
Web wallet
Web wallets provide the highest level of convenience within the Optimism wallet ecosystem. They are accessible through browser extensions or dedicated websites and simplify the setup process to merely creating an account and setting a pin, eliminating the need for complex installations or downloads.
These wallets are ideal for users who prioritize easy access and regular transactions. However, because they are online, web wallets are more vulnerable to cyber-attacks. The centralized storage of information also makes them attractive targets for hackers. Users should be particularly cautious with custodial web wallets, where losing control over private keys could compromise security.
Desktop wallets
Desktop wallets strike a balance between accessibility and security, operating as software installed on the user's computer. They store private keys on the user's device, offering a secure means of asset storage when the device is offline—akin to hardware wallets. Nevertheless, the need for a persistent internet connection does introduce certain risks, such as susceptibility to viruses or targeted cyber-attacks.
When managed carefully—keeping the computer offline except for necessary transactions—desktop wallets provide a secure way to manage your Optimism assets. Examples like the Guarda wallet and Atomic Wallet demonstrate the potential of desktop wallets to merge security with ease of use.
Frequently Asked Questions
A multi signature wallet is a cryptocurrency wallet that requires multiple private keys to authorize transactions. Unlike traditional wallets that need only one signature, multisig wallets distribute control among multiple parties, significantly enhancing security and reducing single points of failure.
There are many ways Multisig wallets can be used, for example:
1. Additional layer of security - more than one key is required to approve any transaction.
2. Business continuity - ensure that either any one of the owners can approve a transaction.
3. Group control - a certain number of co-owners is required to approve any spending, for
example project stakeholders need to agree on certain spending.
4. Backup and inheritance - store additional keys that can be passed to your relatives if
something happens.
5. Escrow - can be used to create trust-minimized escrow solutions, where a neutral third
party can facilitate a transaction between two parties.
There are many multisig wallets available, each offering different features and supporting various use cases.
Most multisig wallets are limited to a single protocol, which can restrict flexibility.
TotalSig stands out as the only widely available option that supports a broad range of protocols. To see how different
wallets compare, check out the full article.
Download the TotalSig extension from the Chrome Web Store and follow our simple 3-step setup:
1. Create your secure account
2. Set up your multisig wallet with your preferred approval rules (like 2-of-3 signatures)
3. Invite co-signers to join your wallet
The whole process takes under 5 minutes, and you'll have enterprise-grade security for your crypto assets.
Our built-in guide walks you through each step.
MPC multisig wallets utilize cryptographic protocols to enable multiple parties to collaboratively create and manage private keys without ever sharing the complete key. This allows for secure transaction signing without exposing sensitive information.
TotalSig employs bank-grade security with MPC technology, 256-bit encryption, and multi-signature protection, making it
one of the most secure multisig wallets available. As a non-custodial multisig wallet, you always maintain full control.
We never have access to your private keys or funds. Your assets remain protected even if one device is compromised, since transactions
require multiple approvals from independent signers. Our codebase is fully audited, and we've securely managed millions in assets
without a single breach.
We support multiple blockchains including: Bitcoin, Ethereum, Tron, Solana, Litecoin, BNB Smart Chain, Tether, Dai token, NFT, Polygon, Arbitrum, Avalanche, Bitcoin Cash, Dogecoin, Optimism. See full list of supported coins and tokens.
The escrows operate using multi-signature wallets on different blockchains, enabling secure, trustless transactions between parties.
When a transaction is initiated, the funds are locked in a multisig wallet controlled by both the involved parties and the platform. If both
parties agree, the transfer is completed smoothly. However, if something goes wrong, such as a dispute or timeout, the platform can roll back
the transaction, automatically returning the funds to the original addresses.
The platform coordinates the process to ensure that funds remain secure and can only be released with the required approvals. This mechanism
functions similarly to atomic swaps,
providing a secure, decentralized way to manage escrows across multiple chains.