Mastering Blockchain Programming with Solidity

Precautions when using multisig wallets

Multisig wallets increase the safety of funds/access rights. However, there are some precautions we should keep in mind while deploying multisig.

When you deploy and initialize a new multisig wallet, you have to provide the number of required signatures to execute a transaction. For example, if you have four key stakeholders, you might require at least three to sign the transaction and execute it. This is a nice way to manage multisig access because even if an owner loses their private key, it is possible for the other three existing owners to replace the owner who lost the private key with a new owner address. However, if you've configured four owners and require all four to sign the transactions, ...