One of the best ways of managing crypto assets on Ethereum blockchain is using multi-signature wallet. Smart-contract based, it allows sending transaction only after signature verification by multiple owners.
During the wallet setup, an initiator can add other members and set the sign parameters. For example, there are 5 members. The parameters set can be that only 3 signatures are required for a transaction. This is very convenient, isn’t it? Although this sounds not complicated, in reality an enormous amount of work had to be done to make it happen.
MultiSig wallets can be used in such cases as:
- Managing funds of DAO or other crypto organization
- Holding assets in the most secure way by diversifying points of attack
- Controlling family or group budget
We strongly believe that using crypto should be easy. This is why we made it possible to set up an Ethereum MultiSig wallet in just a few taps. See for yourself, just
* create your first Ethereum wallet
* create MultiSig wallet
* invite other Multy users and deploy the resulting MultiSig wallet
The problems of setting up and customizing desktop application, adding owners, parameterizing MultiSig smart-contract factory, securing keys – all these problems are gone with Multy.
You may think that we made it that simple by sacrificing security? Nope, let me explain why:
- We use battle-proven base for our MultiSig smart contact implementation: GNOSIS
- All private keys are stored strongly encrypted on your phone and will never leave it
- All transactions are signed only on your device
- The only information being sent to our servers is public anyway
- You may not trust the words, but you can check the source code, as it is open
Finally, it takes only 2 minutes to setup a shared budget wallet to use it with your partner, mom or kids.
The bottom line is that Multy is the first mobile wallet that allows you to manage GNOSIS multiSig wallet from your phone in the most secure way.