What Is a Multi-Signature Wallet?
A multi-signature (multi-sig) wallet requires multiple approvals to execute transactions, unlike single-signature wallets where one private key suffices. For example, a 2/3 setup means three authorized users must approve transactions, with any two signatures enabling execution.
EVM-compatible chains (ETH, BSC, etc.) implement multi-sig via lightweight smart contracts.
Key Use Cases:
- Shared Asset Management: Prevent unilateral access to funds by requiring group consensus.
- Enhanced Security: Distribute signing authority across multiple addresses to reduce single-point vulnerabilities.
- Institutional Controls: Ideal for DAOs, corporate treasuries, or collaborative projects.
Creating a Multi-Sig Wallet
Step 1: Access Multi-Sig Setup
Open TokenPocket.
- New users: Tap "I don’t have a wallet" → Select "Multi-Signature Wallet."
- Existing users: Click the top-right icon (+) → "Add Multi-Sig Wallet."
Step 2: Choose a Network
Select your preferred chain (e.g., BNB Smart Chain). Review the guidelines and proceed.
Step 3: Configure Wallet Parameters
| Setting | Description |
|---|---|
| Wallet Name | Custom label (not stored on-chain). |
| Admin Wallets | Up to 30 controlling addresses. Required for transactions/DApp interactions. |
| Min Signatures | Threshold for approvals (e.g., 2/3). Higher values increase security. |
| Gas Fee | Paid via your linked wallet (e.g., BNB for BSC). |
👉 Need help estimating gas fees?
After setup:
- Confirm details → Deploy the contract.
- Track progress via BSC Scan.
Step 4: Post-Creation Actions
- Wallet List: Multi-sig wallets display distinct icons for easy identification.
Details Panel:
- Queue: Pending multi-sig transactions.
- Management: View threshold, nonce, and linked admin wallets. Import missing addresses via private key/mnemonic.
Best Practices
- Opt for 2/3 or 3/5 setups unless higher security is critical.
- Balance convenience and safety when setting signature thresholds.
FAQs
1. Can I change admin wallets later?
Yes, but existing admins must approve updates via a multi-sig transaction.
2. What happens if I lose an admin key?
Recovery depends on remaining admins. Configure thresholds to tolerate key loss (e.g., 3/5).
3. Are multi-sig wallets compatible with DeFi?
Absolutely! They interact with DApps like standard wallets but require extra approvals.
4. How long does deployment take?
Typically 1–5 minutes, but congested networks may delay this.
👉 Explore advanced multi-sig strategies
Multi-sig wallets eliminate single points of failure while enabling flexible asset management. By carefully selecting admins and thresholds, you optimize security and usability.
No seed phrases. No blind trust. Just decentralized control.