TotalSig makes managing Solana 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. Ethereum multisigs are finally here, enhancing your team's business operations with security and convenience.
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How to Use Solana MultiSig
Solana MultiSig Fees
Operation costs
TotalSig
> 0.01 USD 100%!
Other multisigs
8.99 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 depend on the traditional multisig mechanism known for its complexity and high costs TotalSig utilizes MPC multisigs. This newer standard, adopted by leading institutional players, significantly lowers multisig expenses and streamlines the user experience.
MPC multisigs on the Ethereum 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 network fee of around $20.
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 SOL, the native coin of the Solana network. Transactions, whether transferring SOL, USD stablecoins, or executing smart contracts, require SOL to cover the fees.
Token Support
Our multisig wallet offers support for the SPL standard, which is the predominant token formats within the Solana 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 Solana NFTs.
Best fee calculator
TotalSig features an advanced transaction fee calculator that automatically adjusts fees to ensure your transactions are included in the block. In contrast, other wallets might set lower fees by default, increasing the risk that your transactions could be left behind during network congestion times.
What is Solana?
What is Solana?
Solana is a high-performance blockchain platform known for its speed and efficiency, designed to support decentralized applications and cryptocurrencies. It uses a unique consensus mechanism combining Proof of History (PoH) with Proof of Stake (PoS) to enable rapid, secure, and scalable transactions.
Solana ecosystem
Background
Solana was founded by Anatoly Yakovenko, whose expertise in distributed systems was honed during his tenure at Qualcomm. He is joined by a team of professionals with backgrounds in top tech companies such as Google, Apple, and Microsoft, united by a commitment to creating a highly efficient, decentralized infrastructure.
Solana boasts several key partnerships, including collaborations with major firms in the blockchain space, enhancing its technology and reach.
Purpose
The primary goal of Solana is to provide a high-performance blockchain solution capable of hosting decentralized, scalable applications. This is achieved through its innovative consensus mechanism, Proof of History (PoH), combined with the underlying Proof of Stake (PoS) structure. Solana's network is designed to support thousands of transactions per second, offering a fast, secure, and censorship-resistant platform. This makes it an attractive alternative to traditional digital platforms, which often exert significant control over content and its creators.
Coins
Solana's native token, SOL, facilitates network operations including transaction fees and staking. Its architecture supports a high throughput of 65,000 transactions per second, significantly surpassing Bitcoin's and Ethereum's capabilities. Solana's design promotes an equitable distribution of rewards, generated from the platform's activities, to content creators and developers.
Types of Solana wallets
Choosing the best Solana wallet should be straightforward with the variety available, catering to different preferences for security, convenience, or both.
Hardware wallet
Hardware wallets are physical devices that store your digital assets' private keys offline, isolated from regularly online gadgets. To execute a transaction, the device must be connected to your computer or mobile phone. This method of storing private keys offline makes hardware wallets highly secure, often further protected by a pin code or password. However, they may not be the most convenient for daily transactions and can be relatively expensive.
The downside is that it may not be the most convenient solution for everyday usage since you need to connect it whenever the digital assets should be sent. Besides, if you are careful about your security, you can securely store your funds without the advanced security features of a hardware wallet. Finally, the devices are not cheap and may set their users back anywhere between $50 and $400.
Web wallet
Web wallets are accessible through a browser extension or a dedicated website, offering ease of use for frequent transactions. These wallets are less secure than hardware wallets since they store information online and are more susceptible to hacks. Some web wallets are also custodial, meaning the service retains control of the private keys.
A web wallet is considerably easier to hack since all your information is kept on the website or browser. A crypto wallet that stores your information on a server is known as a hot wallet (as opposed to cold wallets, which store your information locally, on your smartphone or computer). Remember that some web wallets are custodial wallets, meaning users don't even get direct access to their private keys.
Desktop wallets
A desktop wallet is a software application installed on your computer, storing your private keys directly on your device. If your computer is offline, it essentially functions as a hardware wallet. However, most users keep their computers online, which necessitates robust security measures to prevent potential cyber threats.
Of course, that's not how most of us use a desktop computer. Since your computer is constantly connected to the Internet (and a software wallet needs that connection to work), there is a risk of a virus or a targeted attack on your computer that may steal the data and, by extension, your funds.
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.