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Everything you need to know about multisigs

Written by Deniss
Updated 4 months ago

Why multisigs and not atomic swaps?

Multisig wallet has been known for years, but they had an unreasonable lack of attention from the industry. It is a highly secure mechanism for collaborative control of funds. Multisig wallets are much more agile in terms of shaping the deal and they are much easier to understand and verify for non-tech people. Despite atomic swaps being highly secure as well, they can’t be used to organize one to many trading scenarios and some other trading cases.

How can I validate that I am a multisig participant?

The WhalesHeaven platform always provides multisignature wallet details. For script based blockchains, such as Bitcoin, you can ensure that your public key has been used to generate a multisignature wallet. For smart contract blockchains, such as Ethereum, we publish smart contract’s address on independent explorers, like etherscan.com in case of Ethereum.

How can I validate that my funds are safe?

Once you have confirmed that you are a participant of a multisig wallet, you can be sure that nobody can transfer funds from that multisig wallet without your direct swap approval. For script based blockchains, such as Bitcoin, you provide this approval by signing the transaction with your private key. For smart contract blockchains, such as Ethereum, you need a call a smart contract swap approval method from the address that you provided as a confirmation address. 

What is a confirmation address, swap approval (transaction signature) and why do I need to provide that?

A confirmation address is an address that was selected by the user for swap approval purposes.
Swap approval is a user’s digital action, with which the user provides an approval for a transaction generated by a platform.
This approval is required by a blockchain to assure intentions and rightfullnes of all involved parties to transfer funds from an account and can be represented in the form of digital signature or calling a method of a smart contract from an authorized address.

Which wallets should I use to make the swap approval?

WhalesHeaven is currently integrated with the following wallets:On Bitcoin-like blockchains platform is integrated with Gurda’s wallet browser extension.
On Ethereum blockchain platform is integrated with Gurda and Metamask wallets browser plugin as well as MyEtherWallet.com.

Can I use any other wallet or I am tech savy paranoid, can I sign the transaction with my own code/way?

WhalesHeaven does not restrict you from using a wallet of your choice. All swap approval’s technical details are provided by the platform at each relevant stage of the deal process.

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