By: Geeq on Sep 14, 2022
A multi-signature account (MultiSig) is a type of proxy account. Proxy accounts were introduced earlier in the roadmap to control mints of NFTs and fungible tokens. A proxy account record is kept in the validation layer ledger after its creation. The creation of a multi-sig account and its use are ordinary transactions that do not use smart contracts.
While there is no Administrative User for a multi-sig, it is first created by a user who chooses both (i) a set of users authorized to endorse proposed transactions on the MultiSig account and (ii) the number of endorsements required to create a valid transaction. The set of Multi-Users is fixed after the account is created.
Unlike multi-sigs created by smart contracts, the set of multi-sig users who have access to this no-smart contract proxy account is fixed and their authorities are fixed once the account is created. All activity on the multi-sig continues to be provable and independently verifiable, as long as the proxy account has funds.