Create/Import MultiSig wallet on TokenPocket Browser Extension!

March 6th, 2023

About MultiSig wallet:

Corresponding to the multi-signature wallet is the single-signature wallet. If we want to conduct a transfer operation on the blockchain, we need to generate a signature with the wallet. We sign and send the transaction out. This is the way for a typical single-signature wallet and it is also for our usual wallet.

A multi-signature wallet, as the name suggests, is a wallet that requires multiple people to sign in to perform an operation. Transferring with a multi-signature wallet often requires >= 1 person to sign and send the transaction before the operation can be completed. When using a multi-signature wallet, we can specify the signature mode of M/N, that is, only M signatures among N persons can complete the operation. For example, the 2/3 signature mode means that two of the three people can sign.

The multi-signature of ETH/ERC20 (including EVM chains such as BSC/BEP20) adopts a lightweight smart contract method.

Applicable scenes:

When managing assets by multiple people to avoid assets being misappropriated by individuals;
Multiple encryptions of assets through multi-signature to enhance asset security;
Other security application scenarios.

Create a MultiSig wallet in TP Extension

1. Open TokenPocket Extension, click the menu in the upper right corner and click MultiSig wallet.

2. You can select [Create Wallet] or [Impor Wallet] on this page.

3. The steps of creating a multi-signature wallet are the core content.

[Wallet Name] is as same as the wallet name you created before, which can be customized and it won’t be recorded on chain.

[Owners] is to set the managers of the multisig wallet. The owners can manage and control the multisig wallet and a maximum of 30 owners can be set, which can be understood as the [Threshold Setting] of the multisig wallet. The owners can be set up flexibly, it is suitable for enterprises, DAO, and individuals.

[Minimum number of confirmations] Set the minimum number of the MultiSig wallet. When the minimum number sign, on-chain operations such as transfer and contract interaction can be initiated. You are advised to set the minimum number of confirmation signatures to a value greater than 2.

[Estimated fee] The multisig scheme of an EVM-based chain is a smart contract, so creating a multsig wallet requires paying Gas (miner’s fee), which TokenPocket does not charge.

[Pay with] You can click and select the wallet address imported in the wallet to pay the Gas (miner’s fee) fee.

After everything is set, click [Confirm] to read the reminders for the creation of the multisig wallet. You can also read the information on this creation on the blockchain explorer.