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Multi-Signature Wallet - Complete Guide

What is a Multisig Wallet?​

A Multi-Signature (Multisig) Wallet requires multiple people to approve before money can be sent. Examples:

  • 2-of-3: Need 2 out of 3 people to approve
  • 3-of-5: Need 3 out of 5 people to approve
  • 2-of-2: Both people must approve (for couples/partnerships)

Multisig Wallet Benefits​

  • ✅ Enhanced Security - One person can't move all funds
  • ✅ Governance - Require consensus for large transactions
  • ✅ Fraud Prevention - Multiple approvers catch errors
  • ✅ Transparency - On-chain verification (everyone can audit)
  • ✅ Distributed Control - No single point of failure
  • ✅ Compliance - Meet regulatory requirements

When to Use Multisig​

Perfect for:

  • Organizations: Distributed control
  • Treasury Funds: High-value assets need approval
  • Partnerships: Both partners must agree
  • Board Funds: Multiple board members approve
  • Large Transactions: Only for amounts over threshold

Step 1: Create Multisig Wallet​

1.1 Navigate to Wallet Creation​

  1. Log into BlockPeer → Books module
  2. Go to Accounting → Wallets
  3. Click + Create Wallet

[SCREENSHOT: Wallets Dashboard]

1.2 Select Multisig Wallet Type​

  1. System shows options:

    • MPC Wallet
    • Multi-Signature Wallet ← Select this
    • Watch-Only Wallet

  2. Click Create Multi-Signature Wallet

[SCREENSHOT: Wallet Type Selection]

1.3 Enter Basic Information​

Fill in:

  • Wallet Name:

    • Examples: "Treasury Multisig", "Board Approval Wallet", "Partnership Fund"

  • Description:

    • Example: "Requires 2 out of 3 approvals for any transaction"

  • Confirmation Method: Multisig (auto-selected)

Click Next

[SCREENSHOT: Multisig Wallet Name Form]

1.4 Configure Multisig Settings​

Set up the approval structure:

Signers Required: How many must approve

  • Options: 2, 3, 4, 5, up to 15
  • Example: Select 2 (for 2-of-3 setup)

Total Signers: How many signers exist

  • Options: 2, 3, 4, 5, up to 15
  • Example: Select 3 (for 2-of-3 setup)

Meaning: 2-of-3 Setup

  • 3 total people added as signers
  • Any 2 of them must approve each transaction
  • 1 person alone cannot move funds

[SCREENSHOT: Multisig Configuration (2-of-3 example)]

1.5 Select Blockchains​

Choose which blockchains:

  • Bitcoin
  • Ethereum
  • Polygon
  • Solana
  • And 20+ others...

Each blockchain gets its own multisig address.

Click Next

[SCREENSHOT: Multisig Blockchain Selection]

1.6 Add Signers​

For each signer, enter:

Signer 1:

Signer 2:

  • Full Name: "Bob Johnson"
  • Email: "bob@company.com"
  • Role: "Finance Manager"

Signer 3:

[SCREENSHOT: Add Signers Form]

1.7 Confirm Signer Order​

  1. Review all signers
  2. Confirm is correct
  3. System will send invitations to each

[SCREENSHOT: Confirm Signers List]

1.8 Deploy Multisig Wallet​

  1. Click Deploy Multisig Wallet
  2. System creates multisig smart contract on blockchain
  3. You see status: Deploying...
  4. Signers receive email invitations

[SCREENSHOT: Multisig Deployment Progress]

1.9 Signers Accept Invitations​

Each signer:

  1. Receives email invite
  2. Clicks link
  3. Creates BlockPeer account (if new)
  4. Logs in
  5. Sees notification they're added as signer
  6. Wallet now ready

[SCREENSHOT: Signer Invitation Email]

1.10 Wallet Deployed​

Once all signers confirmed:

  • Status: Active
  • Wallet addresses generated for each blockchain
  • Ready to receive funds
  • Ready for transactions

[SCREENSHOT: Multisig Wallet Ready]

Step 2: Receive Funds (Multisig)​

2.1 Get Wallet Address​

  1. Open Multisig wallet
  2. Select blockchain (e.g., Ethereum)
  3. Click Receive
  4. See options:
    • Copy address
    • Show QR code
    • Generate payment link

[SCREENSHOT: Multisig Receive Funds]

2.2 Share Address​

Share the address with whoever is sending funds: Example Ethereum Address: 0x742d35Cc6634C0532925a3b844Bc9e7595f67e1f

Anyone can send to this address.

2.3 Funds Received​

When funds arrive:

  • Blockchain confirms (5-30 min)
  • Balance updates
  • Everyone sees funds (read-only)
  • Now need approval to send out

[SCREENSHOT: Multisig Receiving Funds Status]

Step 3: Send Funds (Multi-Party Approval)​

3.1 Initiate Transaction​

  1. Open Multisig wallet
  2. Click Send
  3. Fill in:
    • To Address: Recipient
    • Amount: How much
    • Blockchain: Which chain
    • Description: What for

[SCREENSHOT: Multisig Send Initiation]

3.2 Initiator Approves​

The person sending:

  1. Fills in details
  2. Reviews transaction
  3. Clicks Propose Transaction
  4. Transaction created as Pending Approval

[SCREENSHOT: Proposed Transaction Screen]

3.3 Other Signers Notified​

System sends notifications:

Email to each remaining signer: Subject: Transaction Awaiting Your Approval A transaction has been proposed in the Treasury Multisig wallet: To Address: 0x742d...7595f67e1f Amount: 5 ETH ($9,250) Status: Awaiting 1 more approval Please review and approve or reject.

[SCREENSHOT: Approval Notification Email]

3.4 Signers Review & Approve​

Signer 1 reviews:

  1. Goes to BlockPeer
  2. Opens Pending Transactions
  3. Sees transaction details
  4. Reviews:
    • Is recipient correct?
    • Is amount correct?
    • Is purpose legitimate?
  5. Clicks Approve
  6. Signs electronically

[SCREENSHOT: Signer Review Screen]

Signer 2 reviews:

  1. Receives notification (if first approval given)
  2. Opens transaction
  3. Reviews same details
  4. Clicks Approve
  5. Signs electronically

3.5 Transaction Executed​

Once required approvals reached (e.g., 2 approvals for 2-of-3):

  1. System automatically executes transaction
  2. Funds sent to recipient on blockchain
  3. All signers get notification: "Transaction Completed"
  4. Balance updates for everyone

[SCREENSHOT: Transaction Executed Confirmation]

3.6 Transaction Complete​

View in transaction history:

  • Status: Executed
  • All approvals listed (who approved, when)
  • Recipient address
  • Amount sent
  • Blockchain confirmation

[SCREENSHOT: Completed Transaction History]

Step 4: Manage Signers​

4.1 View Current Signers​

  1. Open Multisig wallet
  2. Click Signers
  3. See all signers:
    • Name
    • Email
    • Role
    • Status (Active/Pending/Revoked)
    • Number of approvals given

[SCREENSHOT: Signers List View]

4.2 Add New Signer​

To add an additional signer:

  1. Click + Add Signer
  2. Enter:
    • Name
    • Email
    • Role
  3. Click Send Invite
  4. New signer receives invitation
  5. Once confirmed, they can approve transactions

[SCREENSHOT: Add New Signer Form]

4.3 Remove Signer​

To remove someone as a signer:

  1. Find signer in list
  2. Click Remove
  3. Confirm removal
  4. They lose approval rights
  5. Existing wallets not affected

[SCREENSHOT: Remove Signer Confirmation]

Step 5: Multisig Policies​

5.1 Set Thresholds​

Configure different rules:

  • All transactions: Require all signers
  • Transactions over $50k: Require 3 signers
  • Transactions under $50k: Require 2 signers

[SCREENSHOT: Policy Settings]

5.2 Set Time Limits​

Configure approval windows:

  • Approval Deadline: 24 hours

    • Pending approval expires after 24 hours
    • Must start over if not approved

  • Expiration Notice: 12 hours before deadline

    • Reminder sent 12 hours before expiration

[SCREENSHOT: Time Limit Settings]

Common Scenarios​

Scenario 1: 2-of-3 Board Approval​

Setup:

  • Signers: CEO, CFO, Treasurer
  • Required: 2 approvals

Process:

  1. CEO initiates $100k fund transfer
  2. CFO reviews and approves
  3. Treasurer reviews and approves
  4. Transaction executes automatically
  5. All board members see final record

[SCREENSHOT: Board Approval Workflow]

Scenario 2: Partnership 2-of-2​

Setup:

  • Signers: Partner A, Partner B
  • Required: 2 approvals (both must agree)

Process:

  1. Partner A wants to send $50k
  2. Partner A initiates transaction
  3. Partner A approves
  4. Awaiting Partner B approval
  5. Partner B receives notification
  6. Partner B reviews and approves (or rejects)
  7. If approved, funds sent immediately

[SCREENSHOT: Partnership Approval]

Troubleshooting Multisig​

Q: Transaction pending too long​

A:

  • Check if all signers received notification
  • Send reminder to pending signers
  • Verify their email is working
  • May need to propose again

Q: Signer lost email access​

A:

  • Remove signer from multisig
  • Add new signer (person's new email)
  • They accept invitation
  • Multisig updated

Q: Want to change M-of-N​

A:

  • Current setup cannot be changed
  • Must create new multisig wallet
  • Transfer funds to new wallet
  • Decommission old one

Next Steps​