Multiparty signature wallets
A multi-signature wallet is like a video-game lobby, where the game will only start when each player is ready to go; a vault with high security where passwords are needed from more than one manager; or a joint bank account, where signatures are needed from more than one account holder. Now, you have an idea of what a multi-signature wallet is. It’s basically a type of wallet that needs more than two signatures to access the funds on a multi-signature address. Let’s have a look at the following visual representation:
Figure 14.4 – Multiparty signature wallet model
Multi-signature is not a new technology just for Ethereum. It existed in the world of cryptocurrency even before the time of Bitcoin. The concept of multi-signature can be applied in many use cases, mostly for security purposes. In 2012, it was first implemented for Bitcoin addresses. In the following year, multi-signature wallets were created...