Last updated on December 31st, 2019 at 07:00 am
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Multi-signature Accounts, as the name goes is a multiple signature or approval for one account. This simply means a feature where more than one person’s approval is required to process a transaction.
Multi-signature accounts is beneficial to the Securityof the account and also beneficial to companies managing funds together. In this type of account, no transaction will be valid without the approval of all the account attached to it. This feature helps to secure one’s account in cases of hack. When multi-signature account is hacked. Transaction won’t go out of the account. Reason is because multiple other accounts involved in the single account will have to sign/approve same transaction to be valid on the network . Without this it will be invalid and won’t be processed. It’s beneficial to teams because funds won’t be moved out without everyone’s approval.
In other words multi-signature accounts is the account that requires multiple persons to approve a valid transaction.
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Nsikanabasi Edet