MSIG transaction needs approval from specific accounts before it gets approved on the blockchain. MSIG accounts are different from regular EOS accounts in the sense that MSIG accounts have:
Permission of threshold of 2 or more
Multiple keys with varying weights associated with each of them
So a transaction made from this MSIG account will need approval from “multiple keys” accounts.
MSIG proposal is pretty simple. You must have an MSIG account for that. A hypothetical model of a transaction is considered below.
Hypothetical model: Account A proposes a multiple transaction MSIG proposal to account B, which will be verified by account D and account E. we intend to make transactions from account B to account C, account F, and account G.
To perform the process:
1) Go to bloks.io and login with your account. (Note: The account must be an MSIG Account)
2) Enable the MSIG Mode so you can make a MSIG proposal.
3) Now press the Wallet tab to see contract action tables. Click on Transfer Tokens since we intend to transfer funds.
4) A data entering interface would appear, indicating different tabs. Fill those tabs with the information needed as guided below;
Please enter the name of the account you intend to send tokens (i).
Now enter amount of token (ii)
Write memo (iii)
Note: Memo is an optional entity. It is a message that is encoded with the transaction. But it is essential to consider and be filled carefully when making a transaction to or between centralized exchanges, i.e. when you intend to make a transaction from Anchor (wallet) to Binance (Centralized exchange) or from Binance to ByBit; you must enter the correct account name and memo otherwise the action may result in losing your EOS.
5) Now click on Transfer.
Till now, the transaction was simple, but as you had activated the MSIG mode, so now the interface would change to “Propose MSIG transaction” interface.
6) The following tabs would be auto-filled as follows;
Contract: eosio.token
Action: transfer
Leave them as they are. Now you have to fill the structure of MSIG proposal, which is our prime intention.
7) Under the data section, you have to put the name of account from which you intend to transfer the token. For example, If account A proposes an MSIG proposal to transfer EOS token from account B to account C, the authorization tab would be filled by the name of account B.
8) Now, please enter all the required details for the successful transaction. Enter:
From account intent to execute the transaction (i)
To which account do you intend to send tokens(ii)
Quantity of tokens you want to send (iii)
Memo (iv) if necessary
9) Now, under the proposal info section, enter a proposal name that can be chosen of your will to mark specifically your MSIG transaction. The proposer is automatically filled.
10) Under the Requested approvals tab, fill in the accounts that must sign the transaction first to get it approved on the blockchain. For example, Suppose Account A proposed an MSIG transaction to transfer tokens from account B to account C, with the condition that the transaction must get approved by the active permissions of account D and account E. In that case, the Requested approval tab will bear the names of accounts D and E in this hypothetical case. Note that accounts D and E are already set as active permissions of account B from which the tokens are intended to withdraw/sent.
11) You can now review and press propose to submit the proposal request.
Which modification makes a single transaction MSIG proposal into a Multiple transaction MSIG proposal?
The above procedure details steps more straightforwardly to propose an MSIG transaction, but this procedure is simply for a single transaction. If you reconsider our above-discussed hypothetical example (in which account A intends to send an EOS token from account B to account C that must get approved by the active permissions of account D and account E) that was for a single MSIG transaction as we intended to send token from account B to account C. Let's say you want to practice multiple transactions (let's say, from account B to C, F, and G) in a single proposal; use this green plus icon, and new tabs under "Action 1" will be generated as Action-2 and Action-3. Follow the above guide to fill those tabs to make multiple transactions in a single MSIG proposal. Click propose.
After pressing green icon, the below tab will appear
Similarly, we make transactions from account B to account F using the green icon, creating Action 3, our 3rd transaction in the MSIG proposal.
Significance: Multiple transaction MSIG proposal tells its importance in its name. You can use Multiple transactions MSIG proposal to pay salaries to your employees, release funds to different accounts in a single proposal authorized by project managers, etc.
Author: Mudassar
Editor: Randall Roland
Translation: -
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