Short for multisignature wallet, a multisig is a cryptocurrency wallet that requires multiple signatures to execute a transaction.
A standard crypto wallet requires only one signature.
You can set up a multisig wallet using the Ready Wallet browser extension.
Who can be a co-signer in Ready Wallet multisig?
- Another Ready Wallet
- A Ledger wallet
In a multisig wallet, any owner can initiate a transaction. However, it stays pending until the other owners also sign it.
Once the signature threshold is reached, the transaction is submitted to the blockchain.
If owners disagree with a transaction, they can cancel it before signing.
You can find more details about Ready multisig here.