Hey guys! I’m very excited to tell you that Cobo Vault is the first in the industry to support ethereum multisignature.
Today, we’ll discuss multisignature capabilities, its benefits, and application.
So what exactly is multisignature?
It’s a feature that requires more than one user to authorize a crypto transaction.
The responsibility is divided amongst a specified number of users.
Multisignature is mostly used to approve a transaction.
Let me give you an example.
Bob and Alice are partners and both of them must approve a transaction for it to be successful.
In case of three partners, you can also set multisignature capabilities to allow two of them to authorize a transaction.
Multisignature is also used to add more security to your transactions.
For example, one private key is on your primary computer, the other is on your smartphone.
The funds cannot be spent without a signature from both devices.
Multisignature can be used between partners, families, companies and in any situation that needs more than one person to authorize a transaction.
It’s about authority management and security.
Security is something we take very, very seriously at Cobo.
We’ve already enabled multisignature for bitcoin.
And now, in an #IndustryFirst, Cobo Vault has also enabled multisignature for ethereum.
We’ll have another video to take you through the process of Ethereum multsignature on the Cobo Vault.
This is just the beginning and we will add more security features in the Cobo Vault.
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I’ll see you soon with another interesting crypto security topic.
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