ETH multisig wallet

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ETH multisig wallet

Post autor: bmen » pt 22 sty 2021, 15:15

A multisig wallet is a smart contract that defines the requirements for moving funds or interacting with other smart contracts. They are called multisig because they require the cryptographic signatures from multiple addresses to be considered valid. These address can be controlled by a single individual, multiple individuals, hardware wallets, cold wallets, third party wallets like metamask, or combinations of each.

1. Multisignature Wallets Can Keep Your Coins Safer ... pto-wallet

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3. Brief Overview of Ethereum Multisig Wallets ... ig-wallets with metamask open

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Q: need some help with multiSig wallet
- if i set up for ETH, will be also set up for USDC, USDT, DAI?

A: Hey there! Yes, it works for all transactions to a certain ETH wallet.

Q: -how to set up 2 of 3 USDT/DAI then?
- wallet addres is then smart contract address or simple ETH adres to be signed by multipe parties?
- Is possible to control this MultiSIG by Lerger?
- or Ledeger NANO can only sign one of the Multisig ETH accounts?

A: Could you please clarify your first question? I'm sorry, I didn't understand it.
As for your second question, multisig creates a contract in the ETH network, if that's what you mean.

a multisig transaction can be signed by a number of ETH addresses, which can be stored on Ledgers

Q: We want to set up 2 multisig wallets (addresses) : 1 for USDT, 2 in DAI.
therefore we need to be sure that ETH multisig wallet option is sutible for this.

A: oh then you can use the ETH in which you have stored the DAI or USDT

Q: so if we set up one ETH MULTISIG, then we could use it for both ERC20 USDT and ERC20 DAI transactions?

A: If you set up a multi-sig for a particular Ethereum wallet, then for doing any transactions you would need to sign it from all linked wallets. And, ERC-20 transactions (which include USDT and DAI) are a part of Ethereum transaction so yes.

Q: ok so 1 ETH multiSIG is ok for us, and we could have them ERc20 stable coins.

A: You can use a number of other Ethereum wallets for signing.

Q: Could u let me know how to set up3 of 4 eth wallets?
do i need to provide 4 eth adresses and chose 3 at the top (number to sign)?

A: You want to setup a multi-sig with 4 Ethereum address? and
Q: and 3 of them need to sign it, to be valid

A: oh then you're right

Q: What are the cost associated with MultiSIG ETH?
i understand the deployment of the contract will cost around 0.1 ETH.

how with the cost of signing transactions? are the transfer of funds from the MULTISIG ETH to other adrress is higher? by what %?

A: It's generally the Ethereum miner fees, for example, you will need to pay 3X the miner fees for getting 3 signatures at the least.

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