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Source: Finextra Research Wallets are integral part of cryptocurrency. And what could be more satisfying than having a good, easy-to-use cryptocurrency wallet with maximum security and full user control?. Choosing a perfect wallet has never been a simple decision as there are wide varieties of them with a wide range of properties or features to put into consideration; some of these, mutually exclusive. It is either choosing one with great user interface and ease of use or one that provides almost impossible to break security system. However, putting security above (of course, because it should be prioritized first of all features, at least to every sane crypto owner), non-custodial wallets are the best category of crypto wallet. Unlike in custodial, users are allowed to have the private keys of their wallets to themselves with which without, there will be no access to funds present in such wallet. In other words, "If it isn't your private keys, then it is not your crypto". All these being said, let's get down to the real deal 😉. Introduction Now, entrusting a large amount of cryptocurrency to a non-custodial wallet controlled by a single private key might be too much power and centralization. What if the private key wasn't backed up properly, got lost/stolen, or kept in the wrong hands?. It technical means almost total loss of control of the crypto assets present in such wallet as of course that is shifted to anyone with the keys. To solve this setback in the most secured category of wallet to a realistic extent, an unpopular, yet a crucial security approach was introduced in Multi-sig Wallets. What's a Multi-sig wallet (Multiple Signature Wallet)?. Source: Iconfinder Just as having a duo or multiple signatories to a joint bank account or having different multiple keys to a single vault or lock which without each and every corresponding signature or key, funds or valuable items can't be accessed; a multi-signatory approach in a wallet is one that set up an unbreakable rule that ensures at least two private keys is required to have complete access. Literally, it means in a multi-sig wallet, a single private key lost, revealed, or kept in the custody of a third party isn't enough to have access inside the wallet. Isn't this more satisfying? The first of this kind of idea was dated back to 2013 in BitGo after main cryptocurrency exchanges at that time suffer major security setbacks. Anatomy of Multi-sig wallets To put it in simplest terms and as simple as possible; The anatomy of Multi-sig wallets are represented by M-of-N: the minimum number of private keys required (M) to access a multi-sig wallet of total number of private keys (N). A multi-sig wallet with M-of-N configuration cannot be accessed with available number of keys less than N. From 2-of-2, 2-of-3 (which is the most common), 3-of-3, 3-of-4, 3-of-5 to a number of others are possible with different wallets. In a 3-of-4 wallet, minimum number of 3 private keys is required to access the wallet from a total of 4, anything less than that isn't allowed. Quick Take ❗: It is essential to note that just like it is different sending from multi-sig wallet compared to a single one, it is also the same with recieving. Wallet address is gotten through the multiple public keys accessed by each private keys. For instance, in a 2-of-3 multi-sig, two public address from possible three is required to receive funds. In the most complex way, address (mostly preceded by 3, followed by 32/33 alphanumeric characters) can be gotten through RPC command lines. Applications Personal use or Joint ownership : In case of personal, 2-of-3 is mostly recommend configuration. One can be kept close to reach and the other kept with a multi-sig provider which can be gotten anytime through two factor authentication. Exchanges and crypto companies. Escrow protocol services Pros Massive security boosts for large crypto owners/holders. Encourages decentralisation (especially in financial power and decision making process). Cons Requires full understanding and technical knowledge thus not for newbies and regulars in crypto sphere Multi-sig wallets has been in existence for more than half a decade but it can't be said to be very perfect. Very sensitive, a few mistake can jeopardize transaction and funds. Types of wallet that exhibits multi-sig function Recommendations: Electrum wallet. BitPay wallet. BitGo wallet. Other types: Armory wallet. Coinbase wallet Thank y'all for reading. Links used in topic: https://en.m.wikipedia.org/wiki/Escrow Update (24/10/2020): A full tutorial was made about multi-sig wallets. Feel free to check it out.
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What escrow service providers exist in crypto talk? Have you used any escrow service here successfully? Please let us use this post to list existing escrow service providers, along with a small review of how their service fared. Am also wondering, is there a way to utilise Yobit exchange as a means of proving ability to pay or acting as an escrow service provider? Has anyone tried to follow that thread with Yobit admins? Escrow is important in low trust environments since it opens up new business to service providers and thus we need to develop, grow and publicise reputable escrow services.