What is a Multi-Signature?
Multi-Signature is a scheme for implementing an electronic signature that requires authentic keys from a group of members. This is basically a variant of the threshold value signature, which is not implemented as an individual object but is implemented as a verification of the conditions set by the base system of cryptocurrency scripts.
Multi-Signature at Bitcoin
A feature of Bitcoin and many other cryptocurrencies is the reversibility of transactions. In short, there is no mechanism for reversing a confirmed operation. But Bitcoin has an integrated scripting language that allows users to set a variety of additional conditions for performing transactions.
One of the possible conditions implemented by scripts is the generation of a bit address. This requires a certain number of signatures from the specified list. In August 2013, BitGo was the first to implement a multi-signature wallet. This allows customers the ability to use the interface without direct access to scripts.
The first character created using the multiple signature Bitcoin addresses is a 3 (usually Bitcoin addresses begin with a 1). The addresses for operations with two keys are required from the specified three are widespread. This is usually referred to as “multi-signature”. They enable you to implement reversible transactions.
The multi-signature at Bitcoin is a group of signatures from different users and not an object. Multiple signatures are implemented in different ways in other cryptocurrencies. The language of intelligent contracts on Ethereum has many more possibilities than the scripting language of Bitcoin.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.