GoodX Shared Account for Individuals
Making Stellar Multi-Signature Easy
At GoodX we announced version 1.3 for iOS last week, and it is coming soon to Android. One of the highlighted features in this version is multi-signature accounts, and we decided we’ll put forward a story to explain it further!
“A friend of mine Jordan, would often say he would like to adopt a Fintech solution to manage his personal finances that is more efficient and transparent. I could not agree less with him, as I felt like I need to upgrade myself to a better banking alternative, especially something that incorporates cryptocurrencies and makes things easier for me as an expat.
Me and Jordan had a conventional joint bank account that made it easier for us to manage a lot of payments as we also work together on some freelance projects. A lot of my clients asked me if I would accept payment in cryptocurrency, and while I was open to that idea, I could not possibly share cryptocurrency with Jordan in our shared bank account.
The holiday season is coming up and the nature of my work implies that this is when I need my bank account the most. However, this is the time when banks tend to be closed for a few days making every banking process slow and tiresome. So I recently began researching blockchain payment networks with Jordan to get on before the holidays. He mentioned to me that multi-signature wallets are a popular stellar wallet protection mechanism. However, there was no convenient (and understandable) way for me to be able to create and sign multi-signature transactions on the stellar network. This is when I came across a Fintech app called GoodX Network. This app includes a protocol based on the Stellar Network that lets two or more users create and sign multi-signature transactions with ease.
So I created a new stellar wallet on this app and indicated Jordan as an additional signatory, which means me and Jordan would have this as a shared account. Later, when some clients were to make payments to me for some freelance projects, I asked them to send XLMs to my multi-signature wallet, and Jordan did the same.
To check out the app further, I made a payment to my friend Sara’s stellar wallet. I initiated a payment of 100 XLM to Sara from the joint wallet. Jordan immediately received a transaction demand request within his GoodX app, and as he approved it the transaction was completed. At the initial setup of the wallet I chose that the transactions should be approved by all users by entering their private keys, to ensure maximum security. However, there was also a one-tap option of simple confirmations.
Hopefully, this holiday season doing business will be easy for both me and Jordan as we have now a faster and more convenient banking solution with GoodX, that is easy to manage. GoodX bridges the gap between the usual end-users and the stellar blockchain technology by providing features I that would be much complicated to use outside the app.”
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