Ethereum multisig wallet
Compare multisig fees
The approximate cost of Ethereum multi-signature transaction on blockchain.
Ethereum multisig wallet is a type of a wallet that adds an extra layer of security by requiring multiple users keys to authorize transactions.
Launched in 2015, Ethereum is a decentralized platform that enables smart contracts and decentralized applications (DApps) to be built and run without downtime or interference. Its native currency, Ether (ETH), fuels transactions and computational activities within the network, revolutionizing possibilities in the blockchain space.
Supported standards
ERC-20 is a standard protocol on the Ethereum blockchain, used to create fungible tokens. These tokens enable developers to build various applications, including crowdfunding and decentralized exchanges, enhancing Ethereum's ecosystem. ERC-20 tokens have become a foundation for the broader cryptocurrency industry.
Non-Fungible Tokens (ERC721 or NFTs) are unique digital assets built on the Ethereum blockchain. They represent ownership of digital art, collectibles, and more. NFTs have revolutionized digital ownership and provenance, creating new avenues for creators to monetize their work and collectors to acquire one-of-a-kind digital items.
Reasons to 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 and Business Continuity
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.
Why choose Totalsig?
One account to manage it all
With TotalSig, you'll experience the convenience of having a single account that can effortlessly manage all your and other network assets. Say goodbye to the hassle of juggling multiple accounts and passwords.
Cheapest transactions
TotalSig is designed to minimize transaction fees, ensuring that you can send, receive, or trade your coins and tokens without worrying about high costs eating into your holdings.
Compare multisig fees
The approximate cost of Ethereum multi-signature transaction on blockchain.
User friendly multisig
TotalSig's user-friendly multisig feature empowers you to enhance the security of your holdings without the complexity. Our wallet simplifies the process of setting up and managing multisignature accounts.
Frequently Asked Questions
Create a wallet in TotalSig app, and you will be given a public address. You can see and copy you wallet address by clicking on a newly created wallet.
To create Ethereum multisig wallet:
1. Open TotalSig and click 'Add multisig wallet' button.
2. Choose Ethereum network, number of participants and number of required confirmations, for example 2-of-3 (any 2 signatures from 3 participants are required to approve the transaction) and click Create button.
3. Copy session ID, share it with other wallet participants and wait them to join the wallet.
4. Wait few more seconds for wallet to be created, and voila! Your multisig wallet has been created!
Go to your wallet and find your public address. Share this address with the sender. The funds will appear in your wallet after the transaction is confirmed on the blockchain.
Open your wallet and click on the Send button, fill the transaction details and click continue. If it is a multisig wallet, wait until other participants have signed the transaction.
An Ethereum wallet is a digital tool that lets you store, send, and receive Ethereum and tokens built on the Ethereum blockchain. It has a public address for receiving funds and a private key for authorizing transactions.
