Multisig is good and many people recommend it as the best way to secure cryptos. Whether you are holding your cryptos in a hot wallet or cold wallet, it’s better to keep the wallet key in a multi-signature way. Without multisig, if you keep only one copy of your private key, you will risk losing it permanently when accident happens, and if you keep it at different places, the risk of getting theft increases.
But we rarely find people employing multisig regardless of their wealth. Why? Because multisig is hard, hard to implement. Not to mention hundreds of different blockchain technologies and their signature and multisig support differs a lot from each other, to make multisig work correctly for Bitcoin, you need to learn
P2WSH and finally being surprised that the
MAX_PUBKEYS_PER_MULTISIG is 20! Then you realized that you could use some very complicated DKG algorithm to setup some special keys for all the parties and whenever you want to sign a transaction you need to do several rounds of communications with all else.
The result is you can only find no more than 5 Bitcoin multisig enabled wallet despite the huge hundreds of normal Bitcoin wallets available in the market. In these few Bitcoin multisig wallets, I can’t find one which I could teach my friends to master. This is Bitcoin, the situations can only be worse for other cryptos. There is surely something I could and should do to fix it.
I make Mixin Network and Mixin Messenger, I must say they are both the best multisig solutions for about 25 popular blockchains. There is native and simple multisig script support in the Mixin Kernel transactions, and I’m not going to talk about the Kernel technology here, but would outline the simplicity of multisig in Mixin Messenger.
The best part of multisig in Mixin Messenger (MM) is that MM is an end-to-end encrypted instant messaging app, whenever a multisig request happens, it can be delivered to the group of signers in an E2EE way, instantly, and you never need to hops around different apps to make a multisig transaction work. The most meaningful way to make an m-of-n multisig account is only a few steps.
- Create a group with and only with the m signers.
- Append ^n to the end of the group name. ^n is the threshold of signers.
- Invite the simple multisig bot (7000102367) to the group and open it from there.
And due to the open source and open API of Mixin Messenger, people can build their own multisig solutions to suite more needs without sacrificing the security. People have built multisig into shopping bots to improve the safety of the escrowed money, and there are also a fully functional bot (7000102968) to list all your multisig groups in a single place.
I sincerely invite everyone to give Mixin Messenger multisig a try to keep cryptos secure. A single solution to rule all popular cryptos multisig, and simplest ever.