Multy, an open-source mobile wallet for bitcoin and ethereum, today announced enabling multi-signature scheme for wallets with more than one owner. This feature makes it easy to control company and family budgets by several owners of one wallet.
The app uses GNOSIS to implement the multisignature scheme. Users who previously had a GNOSIS multisignature wallet can import the data from it to their Multy wallet. All private keys are stored strongly encrypted on the phone of the owner and never leave it. Transactions are signed on the owner’s device and no personal information is shared/sent to the company’s servers.
When setting up a Multy wallet, its owner can add other members and set the sign parameters, e.g.: 5 members and 3 signatures required to send a transaction.
Using a multisignature wallet is proved to be convenient for:
- Managing funds of DAO or other crypto organizations;
- Holding assets in the most secure way by diversifying points of attack;
- Controlling family or group budget.
[perfectpullquote align=”full” bordertop=”false” cite=”Vadim Makovsky, Co-founder, and CEO of Multy” link=”” color=”” class=”” size=”19″]”In Multy, we believe that using cryptocurrencies should be secure, easy and fast. One of the best ways to manage crypto assets on Ethereum blockchain is by having a multisignature wallet based on a smart contract which allows sending a transaction only after a signature verification of the wallet’s multiple owners.”[/perfectpullquote]
The team of Multy won the first ever Belarus Imaguru Blockchain Hackathon, and also received a pre-seed round of funding of 40 BTC from cyber-Fund for continued development.