What is a Multisig Wallet?

A Multisig (Multi Signature) wallet is a special digital wallet with 2 or more owners. Using Multifactor Authentication (MFA), the wallet requires 2 or more signatures to approve the transaction before it is executed, like a lock that needs two keys to open.

Notable features of the Multisig Wallet include its simplicity, as it is integrated into your Cryptopia account upon creation, and versatility, allowing storage of Native Cryptocurrencies (ETH), Tokens (ERC20), and NFTs (ERC721). This wallet is exceptionally user-friendly, enabling direct transfers, swaps, purchases, and sales of items. Furthermore, it serves as a standalone wallet, eliminating the need for external wallets outside of Cryptopia.

Security is paramount, with Multifactor Authentication ensuring transaction approval via multiple devices. In case of device loss, damage, or hacking, a robust account recovery process guarantees access to your funds. Multiple owners can be designated for a single wallet, necessitating their approval for transaction execution.

Additionally, the wallet comes preloaded with $1.00 worth of gas, eliminating the need for initial cryptocurrency deposits to cover gas fees, ensuring a seamless user experience.

In-Game Multisig Wallet

Cryptopia's in-house multisig wallet stands out from others due to its direct integration into the game engine. This negates the need for users to rely on third-party wallets, paving the way for an uninterrupted seamless experience. So when players create an account in Cryptopia, automatically, a multisig wallet will be mined as well.

To Illustrate:

Andy, Bob, and Carl co-own a Multisig Wallet. Carl cannot secretly sell their items without Andy or Bob’s approval, as they also need to sign the agreement to complete the sale.

For a full description, you may download the Multisig Wallet Litepaper