TotalSig makes managing Tron 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 Tron MultiSig
Tron MultiSig Fees
Operation costs
TotalSig
FREE 100%!
Other multisigs
33.73 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 Tron network are more cost-effective than standard multisigs as they necessitate only one signature per transaction and avoid transforming a single-user wallet into a multisig, which incurs a 100 TRX 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 TRX, the native coin of the Tron network. Transactions, whether transferring TRX, USD stablecoins, or executing smart contracts, require TRX to cover the fees.
Token Support
Our multisig wallet offers support for the TRC10 and TRC20 standards, which are the predominant token formats within the Tron 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 Tron NFTs.
Best fee calculator
TotalSig offers a top-tier fees calculator, ensuring you pay the minimum, whereas other wallets may prioritize fee optimization secondarily, potentially leading to overpayments by two or three times.
What is Tron?
What is Tron?
A TRX (TRON) wallet and other crypto wallets are an application or devices designed to store users' TRX private keys securely. These private keys are essential for signing transactions, enabling the transfer of crypto assets between wallets or platforms. Various types of TRON wallets exist, each offering its advantages and drawbacks. Before delving into specific wallet details, let's explore the TRON blockchain and understand its fundamental aspects.
TRON ecosystem
Background
The project was founded by Justin Sun, the creator of the Peiwo app - a Chinese alternative to Snapchat that already has more than 10 million users. Justin Sun works with Feng Li (advisor of Ripple) and is listed in the Forbes Asia Top-30 list. TRON ecosystem is run by experienced blockchain enthusiasts previously involved in Alibaba, Tencent, and Baidu and claimed to be dedicated to establishing a truly decentralized infrastructure.
TRON blockchain already has several significant partnerships with Bitmain - a leading producer and designer of ASIC chips for Bitcoin mining.
Purpose
The main concept behind TRON is creating a decentralized data distribution platform for digital entertainment using blockchain technology. It's made possible because the network can store smart contracts TRON blockchain is considered a fast, secure, and censorship-free alternative to current digital content platforms such as Youtube or iTunes, which may have too much control over the content creators and developers working for it.
Coins
The Tronix token (TRX) powers the network and encourages content creators within the blockchain. The concept behind TRON is to provide the participants with a fair and reasonable income distribution, which is generated by the platform's content. TRX can handle 2000 transactions per second (just compare it to Bitcoin's 7 or Ethereum's 15). The unique concept behind TRON makes it a powerful competitor of Ethereum, EOS, and NEO. The amount of Energy needed for simple operations is often zero, allowing for almost free transactions. However, smart contracts and TRON dApps need a bit of energy, similar to Gas in Ethereum. TRON currently has a market cap of $5,000,394,721.
Types of TRON wallets
Finding the best TRON wallet for you should be easy enough. There is a great variety of crypto wallets catering to different groups of users, some focusing on security, some - on convenience, and some - on both.
Hardware wallet
Hardware wallets are physical devices that keep your digital assets' private keys offline, separate from the gadget that is constantly online. To sign the transaction and send your crypto tokens to someone from a hardware TRON wallet, you must connect it to your PC (or a mobile phone). Since your private keys are stored offline, it is very difficult to hack. It is also additionally protected by a pin code or a password.
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 as a browser extension or via a separate website. A web wallet is easy to use since it doesn't require downloading anything on your PC or mobile. Simply setting up an account and a pin code is enough. These wallets work best for quick, regular transactions.
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 type of software wallet that you download and install on your computer. Your sensitive data, especially private keys, are stored directly on your device instead of on a server. So if your computer is not connected to the Internet, it becomes a hardware wallet!
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.
Still, if your desktop remains offline and you only plug it in from time to time to send out your TRX coins, it can be extremely safe. Guarda wallet and Atomic Wallet are good examples of such solutions.
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.