What exactly are multi-signature wallets, and how do they work?


Multisig wallet is one of the best cryptocurrency wallets that work with multisig addresses. Multisig wallets demands for more than one private key to sign and authorize a crypto transaction. A number of the best cryptocurrency wallet employs a range of keys to generate a signature for authorizing transactions. The best crypto wallet in India is the one that provides you full control over the encryption keys.

Compared to other the best crypto wallets in India, multisig wallets provide higher degree of security and fund safety. Multi signature wallet can be configured to enable each owner of the private keys to generate a signature and authorize crypto transactions.

It is always suggested to hold private keys in different locations for security purposes. Hardware-based multisig wallet allow owners to store keys and employ multiple keys to sign a transaction – improving usability.

The crypto wallet in India such as multisig wallet use n-of-n mechanism. In n-of-n mechanism-based wallet, more than one key is used to be authorized. In the n-of-n mechanism, every key is required to create the signature – 2-of-2, 3-of-3, and others.

To understand the working principle of a multisig wallet, one needs to properly understand how a locker works. For instance, imagine a secure physical locker consisting of two locks; to unlock the locker, you will need two keys. The catch is that the locker cannot be opened with only one key. Both keys are required to open the locker.

Such measures help ensure that the locker cannot be opened and manipulated by only one party with another party’s permission – be it an individual or institution. The best crypto wallet in India, one that provides the non-custodian platform, develops key infrastructure in accordance with the locker mechanism to ensure security. The best cryptocurrency wallet ensures that no threat can penetrate the application’s security protocols.

If you’re looking for a reliable multi signature wallet service provider, then Liminal is the best option for you. Liminal is among the leading enterprises offering institution-grade web3.0 infrastructure, such as a multisig wallet platform designed to assist organizations with their digital asset self-custody need.

Liminal’s digital asset custodian platform services, such as multi signature wallet, are developed with simplicity in mind because the team at Liminal believes that managing digital assets should not be intimidating and complex.

They have built the entire digital asset custodian platform services with a security-first approach – so that you can sleep peacefully without worrying about the security of your digital assets and funds. And you also receive expert customer support from experts at liminal – to resolve challenging technical complications.

Self-custody is excellent, but it also makes you responsible for the safety of your funds. The most fundamental aspect of self-custody is the safe-keeping of your private keys. At Liminal, we employ a hybrid approach of HSM and MPC that balances security and convenience. We use HSMs in the case of a capital multisig wallet (95% of your funds) to ensure zero key leakage. In the case of hot multisig wallets, we use MPC to ensure efficiency and speed of settlement.

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