New Questing Party!

@rexthetech and @freelance.monkey have suspended our own @steemwow witness for now due to the current economic conditions -- it's chilly out here in the crypto winter...

Instead we've fully joined the @pennsif.witness team.

We're happy to unite our visions and forge an even stronger alliance. With such powerful forces at play, we're proud to announce another exciting new project 😀

Multisig Wizard

(Image source: DALL·E)

We're building a wonderful Multisig tool to enable a range of use-cases. It will allow Steemians to convert an existing Steem account so that it is controlled by a customisible number of individual accounts.

All that you'll need are the owner key for the account that will be converted, and the account names of the individual members / trustees who should be granted authority.

There are many use-cases this enables.

Shared ownership of community funds

For a fund transfer to be made out of a shared multisig account, a customisable threshold of the individual accounts which control the multisig account must agree to the transaction.

For example, it would be possible for a community to nominate 10 trusted members, who would together manage a shared fund that requires a majority (6 members) to agree on a given transaction for that transaction to occur.

Simple escrow

Alternatively, consider two Steemians wishing to conduct a transaction where they don't trust each other -- but do both trust a prominent community member such as a top 20 witness or Community Moderator.

They could set up a multisig account which requires any 2 of their 3 signatures in order to extract money from an escrow wallet. If they both agree that the escrow payout should occur, they proceed together. However, if they don't agree, the 3rd party can act as an adjudicator and side with either party to enable a withdrawal.

Other use-cases

There are many other use-cases that can be dreamed up, so long as there's a multisig system that's easy enough for any Steemian to use.

We believe we have a way to make it super simple and comfortable, without any security compromise.

Security Considerations

As usual with any of our projects, your keys will never leave your browser.

A small back-end database is required to keep track of transactions that have been created by a multisig trustee, but not yet approved/denied by the other trustees.

Of course, NO key will be stored. The partial transactions consist only of signatures:

 {
  expiration: '2023-03-01T14:21:46',
  extensions: [],
  operations: [ [ 'transfer', [Object] ] ],
  ref_block_num: 11817,
  ref_block_prefix: 2848036741,
  signatures: [
    '1f36b33a869349491f22e068dcc8967e27ad0472697c86241e91e2184503a53b92447d411e4e7727e27a91250ece173718c85d25850ff45eca9430f60a7f677c9e',
    '20374e640c64c36253b858ca68421d31f6305f6b3bd71c61cdf80e5c3eea73a5f528a982e20d0f285942801ed4dfd070236e8a3b536c8518297f42423e9930601f'
  ]
}

There is no key info or private information contained in the partial transaction, and nothing to be lost if the database was compromised.

Furthermore, these partial transactions are highly transient, and will only be stored for a maximum of one hour (this is a blockchain limitation for the amount of time between a transaction being proposed, and then being fully signed and broadcast).

I want it now!

We expect to have something concrete to show you within the next couple of weeks, and in the meantime I'll share progress and show some in-development screenshots. Watch this space!

Please cast a witness vote for @pennsif.witness, as that's what makes this possible, as well as many other future project ideas.