Image source: https://msig.app/eos/
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Introduction
An MSIG stands for Multiple Signatures, which necessitates the involvement of two or more individuals to complete a transaction. This approach significantly bolsters the security of funds and proves highly versatile in settings such as corporate environments and Decentralized Autonomous Organizations (DAOs) where shared fund ownership is common.
In the domain of cryptocurrency, MSig transactions take on various forms, primarily falling into two categories. The first category, referred to as 'n-class,' requires all parties engaged in the transaction to provide their endorsement. In contrast, the alternative category, known as 'p/n-class,' involves a subset (n) of potential signatories (p) who grant authorization for the transaction.
What is the Msig.app?
Msig.app is a decentralized application (dApp) to propose, approve, and execute msig proposals. It is developed by Ukraine-based CrptoLions, an esteemed block producer for the EOS blockchain.
Supported Networks
You can perform msig transactions on the mainnet of any of the following blockchains using msig.app dApp:
WAX
PROTON
TELOS
LIBRE
Supported Types
You can create Msig transactions with the msig.app for any of the following objectives:
Custom Transaction
Transfer Tokens
Deploy Contract
Change Permissions
Vote for a BP
Buy/Sell RAM
Delegate CPU/NET
Conclusion
This article has offered insights into the notion of an MSIG proposal and the dApp created by CryptoLions. The versatility of MSIG proposals goes beyond simple asset transfers, including tasks such as contract deployment, RAM transactions, BP voting, and more. For a more in-depth exploration of this topic, you might want to delve into our supplementary articles on MSIGs, which are at your disposal for reference.
Author: Sukanta Manna
Editor: Markus Hinrichs
Sources & References: