Multisignature wallet technology has been extant within the world of cryptocurrencies. In the context of cryptocurrencies, the technology was first applied to Bitcoin addresses in 2012, which eventually led to the creation of multisig wallets, one year later. Multisig addresses may be used in different contexts, but most use cases are related to security concerns. Hereby we discuss their use within cryptocurrency wallets.
Why we use multisignature hardware wallet?
WALAHALA offers Multisignature Hardware Wallet that connects to live crypto exchange.Unlike single-key, the funds stored on a multisignature address can only be moved if multiple signatures are provided.
WALAHALA's first priority is to ensure security of our clients and that is what we are best at.
WALAHALA has increase the security by developing mutlisignature hardware wallet. By using a multisignature wallet, users are able to prevent the problems caused by the loss or theft of a private key. Therefore, even if one of the keys are compromised, the funds are still safe.
A multi-signature wallet works like a safe, which needs multiple keys to operate. This type of wallet is used mainly for two purposes:
· To ensure more security for a wallet and prevent a human error.
· To create a more decentralized wallet, which one or more people can use.
The number of signatures required is represented as a proportion of the total number of possible signatures - for example, 2 out of 3 means that 2 signatures are required out of 3 possible signatures before Bitcoin can be sent.
Multisignature allows for extremely secure wallets, as even if a private key is leaked or hacked, no coins can be released from the wallet unless all keys required have been compromised. It is extraordinarily difficult for an attacker to penetrate two or more highly secure platforms within a short period.
Storing one of the required addresses in a location that is not connected to the internet provides an even further level of protection and security.
In the endless pursuit to protect and secure cryptocurrency, multisignature is the latest in Bitcoin security and technology.