Image designed by ubongudofot with CanvaWhen there is a new invention, there is a need for testing, review and feedback from others, and then afterwards usage commences…, Frequently asked questions(FAQ) might also be necessary just like what we have 👉here from @rexthetech.
For the past week now, I have received many questions about the Multisig wizard from various users in the blog. And I am glad I was able to attain some, but I am even happier that some important ones are being answered 👉here by the developer of this tool.
From day one, I have been a very happy receiver of this tool, but something was missing… ., I needed to experiment with how Multisig Wizard works so that I can give proper guidance to anyone who may find it difficult to set it up and this is where testing, review and feedback come in. Well, I did it and it went well...trust me.
Let me tell you how I did it…:
First Phase👉 [Conversion of Account to a Multisig]
First, I created an account called @steem-uyo which I would be using as the Multisig account in this demonstration and I set two signatories which are @ubongudofot and @eliany. In this process, what I just succeeded in doing was converting this account from a privately owned account to a multi-sig wallet account. (This action cannot be reversed once activated). Private Owner Keys are used in this process, but they won't leave your browser, so you really have nothing to worry about.
And the steps to do this are not far fetching...
Step 1
When converting an account, you need to provide the Steem usernames of the signatories -- the Steem users who will be able to propose and vote on transactions from the converted account.
You also need to provide the weight threshold required to make a transaction and the individual weights for each signatory.
A multi-sig transaction can only proceed when the combined weights of the signatories who approve the transaction add up to the required weight threshold.-Ref
This means that anytime I want to transfer funds from @steem-uyo to anywhere, @ubongudofot and @eliany need to sign from the wizard interface otherwise the transaction can’t be successful.
Once you are done with this step, click next and the next interface will pop up to proceed.
Step 2
Here require the owner keys of the account you want to convert to a multi-sig wallet account. And in this case, it was requesting the private owner keys of @steem-uyo.
Once you are done with this stage, click on convert and see the magic.
Step 3
And the work is done! It's as simple as that folks.
Second Phase👉 [Creating a transaction]
Now, the first stage which is the conversion of a private account to a Multisig wallet account is successful, we now want to move into the main deal to test how this tool works in terms of transactions.
So, in this section, I want to transfer 2 Steem from @steem-uyo to @steemelectricals...
I also transferred 1 Steem as well.
Step 1
I opened the wizard interface: https://multisig.pennsif.net/ and I initiated a transaction which you can see below...
I used the Multisig wizard to create a transaction by clicking on the " Create transaction" option. All that is needed at this point is just to fill in the required details...which include the multi-sig account to send fund from, the recipient account and the amount. This stage can be done by any of the signatories...either I or @eliany, but the good news is that I will get a notification that a transaction has been initiated in that account, that way, one person can't steal money from that account.
I experienced a little challenge a few days ago as I didn't get a notification after a transaction, but the information below shared by the developer/team would be of great help to understand why it happened that way.
if a multisig transaction has been proposed and completed within a 6-minute period, no notification will be posted (because clearly, nobody else needed to be informed for the transaction to complete) Ref.
I hope that helps in case you experienced that anytime.
Step 2
I copied and paste my active Private keys in the allotted space and clicked on create.
After this stage, the second signatory which was @eliany got a notification that I have initiated a transaction...you can view that below:
Step 3
Because we both had an agreement to transfer funds from that account, she quickly signed the transaction through the Multisig wizard by clicking the highlighted section in the picture below:
Usually, the picture below👇 shows what happened after @eliany clicked on signed transaction.
As you can see from the picture above, the transaction required that she input her Private owner keys, which she did and proceed with because she is in agreement with this transaction and that was all. The below picture shows the success of that transaction after she must have signed.
But,
Let's say, @eliany didn't sign that transaction, there is no way that Steem could leave the @steem-uyo account.
What does that mean? If a community activate the **Multisg wizard in their community account and one person wants to transfer fund without informing others, such a transaction can't be successful if other signatories haven't signed.
⭐ Message to Community Founders/Users⭐
The solution to community fund theft is here. It would be interesting to see how you implement this new initiative in your various communities. The tool from the @pennsif.witness team is easy and user-friendly and would be very useful in communities.
This would reduce multiple complaints of founders powering down community accounts without the consent of others just like what we have here 👇👇
Maybe you can help me name the rest...., they are many...!
It was interesting to read all these 👉 ideas from various users to know their thoughts on this new tool.
I have tested this tool multiple times and I can assure you that it is safe to use. Feel free to activate it in your communities. Should you encounter any issues, feel free to contact me, and I will guide you...
And one more thing, don't be deceived by family business as some might want to rush to that option in the name of using a multi-sig to buy your trust, otherwise, you would be entertained by another drama.
However, I know of some great communities that are doing very well and still have good and long-term goals, but I won't mention them here, I can only commend them for all their good work.
I would like to extend my appreciation to the @pennsif.witness team for this great tool.
Cast a witness vote for @pennsif.witness
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