multi-signature

In the Web3 world, decentralized governance in the form of DAOs (Decentralized Autonomous Organizations) has become extremely popular. Smart contract technologies, such as Ethereum, allow people who have never met in real life to cooperate in a trustless way on the network. Today most people are learning and researching ways to keep their Bitcoins& securely. Perhaps you’re one of them looking for a better way to manage your assets. Multi-signature wallets have become the best way to protect your funds, especially when you're doing business with someone for the first time, involving a large amount of money, you need a wallet that can protect both of your benefits. In this article, you'll know how to manage your assets more effectively with MixPay in your Guaranteed Trades System.

MixPay are perfect for business to accept bitcoin(BTC) and cryptocurrencies. Before the completion of the service, the buyer's payment is escrowed in a 3-2 multi-signature co-managed wallet of the platform bot, the buyer, and the seller for programmable and secure payment in accordance with the contract. That will enable decentralized guaranteed trades.

What’s a Multi-signature Wallet?

Multi-signature (multisig) refers to requiring multiple keys to authorize a Bitcoin transaction, rather than a single signature from one key. It has a number of applications. Multi-signature is a safe, reliable, and effective practical technology that can effectively improve the security of custody assets and enhance customer trust. The safety and security of cryptocurrencies are underlined by multi-signature technology. All the multisig wallets work under this architecture. By design, all the multi-signature wallets need M of N signatures for any transaction to proceed. The idea with multisig wallets is that multiple people can cooperatively control the funds in the wallet.
If, for example, you have your multi sig wallet configured for 3 of 5 signatures, this means that for any transaction to be processed, you will need at least three of the five signatures to approve before the transaction can be validated.

Benefits of Using Multi-signature Wallet

  • Total control over your funds.
  • You have the ability to send and receive bitcoin any day or time because the Bitcoin network operates 24/7.
  • More secure than using a single device IF set up and managed properly.
  • Chances of compromised funds or devices being hacked are minimized to a greater degree.
  • Need two signatures from two out of the three devices in order to send funds.
  • If funds need to be stored for a group or business, multisig helps ensure the trust is achieved between multiple parties. Funds cannot be sent or initiated without the knowledge of all parties involved.
  • One can use a multisig wallet set up to store keys with trusted family members or trusted third parties such as lawyers so that they can work together to recover the wallet.

What Makes MixPay effective?

  • MixPay is a perfect democratized solution to digital transactions. Every member in a group holds their own unique piece of a key required to approve an action. MixPay is compatible with any existing corporate governance models.
  • MixPay allows for real m-of-n wallet sizes. This means that no matter your preferred account setup, there is a configuration available for you. There are no limits on how many people you can add to your wallets or how many of those people can sign transactions.
  • MixPay is committed to offering the best possible experience for users. That's why we're always working to add more and more digital currencies. Currently, we support 20+ popular digital currencies, including Bitcoin(BTC), Ethereum (ETH), XIN, Dogecoin (DOGE), Litecoin (LTC), SHIB, USDC, USDT, and mAED.

How to Integrate MixPay in your Guaranteed Trades System

multi-signature

Before you get started, all you need to know is that it takes only four steps to integrate MixPay in your Guaranteed Trades system.

Step 1 - Create the multi-signature group

Get Multisig Group Id and generate the multisigId, it's an important parameter for receiving funds for multi-signature groups.

Step 2 - Create the payment link

After generating multisigId, then you need to use this parameter to generate the payment link. You can use this api to integrate with MixPay.

Step 3 - Look query the payment results

Then you can use this api to loop query payments result, the parameter is the traceId you generated. And the response is the status of payment. The status has three parameters, unpaid, failed, and success.

Step 4 - Guaranteed trades based on Mixin's multi-signature API

The cryptos transferred to multisigId are jointly controlled by the members in the multi-signature group. And you can check the cryptos you deposited in the multi-signature wallet, like Simple Multisig Wallet (7000102367) and CoWallet (7000103970).

Based on your business process, and then combined with Mixin's multi-signature api to complete guaranteed trades.

You can now communicate this to your co-signers to verify so that you can cooperate to manage the multi-signature wallet.

More resources

  1. The DAO is a major concept for 2022 and will disrupt many industries
  2. Multisignature Wallets Can Keep Your Coins Safer (If You Use Them Right)
  3. What is Mixpay? Why MixPay?
  4. The Multisignature Wallet: Shaping the Next Wave of Personal Finance

About MixPay

MixPay, Payment for Web3

MixPay is a decentralized cryptocurrency payment service platform built on Mixin Network. MixPay can separate payment, quote, and settlement in the underlying layer, support any cryptocurrency and fiat currency settlement, support any wallet payment, and provide three settlement modes: individual, developer, and multi-signature account. MixPay, Payment for Web3.

Official | Help | Blog | Developers | Twitter | Email