How to set up a multi-sig wallet on Solana in less than 5 minutes using Mean Protocol
Setting up a multisig wallet is quick, fast, easy, and no coding experience required!
The concept of multisig is nothing new to the web3 space. Investors, VC’s, startups, founders, co-founders, DAOs and even reliable NFT and Metaverse teams utilize multisig wallets as a core part of operations, safety and to mitigate risks that arise from either internal or external players with a bad intention towards a particular person or a project as a whole.
What does Multi-signature wallet stand for?
A multi-signature wallet (“multisig” for short) is a cryptocurrency wallet that requires two or more private keys to sign and send a transaction. This type of digital signature makes it possible for two or more users to sign documents as a group. Co-owners and signatories to a shared multisig wallet are known as “copayers.”
The number of signatures required to sign a transaction is dependent on the kind of wallet. It may be lower or equal to the number of copayers of the wallet.
Multisig wallets operate similarly to traditional bank vaults. The technical components behind a bank vault makes it so that more than one key is required to open it. As a result, multisig wallets are often called vaults.
How to setup a Multsig wallet on the Mean dApp in less than 5 mins?
Step 1- Log in to the Mean dApp
Step 2- Click Multisig tab on top of the page
Step 3 - Name your Multisig account and add in the number of signatories — 4 recommended with at least 2 signatories required for approvals
Step 4 - Multisig is setup! Deposit funds into your Multisig Treasury — voila! You now have a Super Safe!
Step 5 - Proceed with business and daily operations with peace of mind!
Here’s an easy-to-follow, step-by-step tutorial video on How to set upa Multisig wallet on Mean dApp
Multi-Signature Wallets Use Cases
Multisig addresses can be used for different circumstances, but most concern security.
1. Enhanced Security
The use of a multisig wallet enables users to create an additional layer of security for their funds. If one of the keys is compromised, the user can be assured that their funds are still safe.
Multisig technology also deters malware infections and phishing attacks due to the hacker likely only having access to a single key or device.
2. Decision Making
Imagine a business partnership between several individuals. A multisig wallet can be used to control access to their joint company funds.
They may choose to set up a 4-of-6 wallet where each individual holds one key, and none of them can misuse the funds or gain access. This means only decisions that are unanimously agreed upon by the majority will be made.
3. Escrow Transactions
A 2-of-3 multisig wallet can allow escrow transactions between two parties (A and B). The transaction also includes a third party © as a mutually trusted arbiter if anything goes wrong.
4. Single-Key vs. Multisig
Normally, cryptocurrencies are stored in a standard, single-key address, meaning that whoever possesses the correct private key is granted access to the funds. This means that only one key is needed to sign transactions and transfer the coins at will, without further authorization.
Although using a single-key address is faster and easier than a multisig one, it presents several issues, particularly regarding security. For example, with a single key, the funds are only protected by a single point of failure.
Cybercriminals are constantly developing new phishing techniques to steal the funds of cryptocurrency users.
Read more about out Multisig and Super Safe white paper here —
Get Involved!
Want to pay your team in crypto? Token vesting? Treasury Management?
Then you have come to the right place!
Reach out to us today at contact@supermean.com or moe.iman@supermean.com and let us help you find a solution — which we are good at ;) on how to go about paying team members in crypto, or if it’s managing Treasuries — another one of our products or maybe it is to set up recurring buy of your favorite tokens! All of this is possible only on the MeanFi app — www.meanfi.com
We are the Mean DAO, a Decentralized Autonomous Organization working to bring financial freedom to people and businesses worldwide. We do this through the Mean Protocol and MeanFi.com, a self-custody, permissionless & trustless bank bringing crypto and DeFi to everyday banking workflows.
Stay in touch with our progress every week, and join the DeFi revolution by checking our website, joining the Mean DAO Discord, or our official Telegram, and following @MeanFinance on Twitter.
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