hand-holding guide to the Simple MultiSig Wallet, with plenty of screenshots
In this article I’m going to introduce a typical use-case for a MultiSig wallet, and then walk you through how to execute multisig transactions using Christian Lundkvist’s Simple MultiSig Wallet. I’ll be using the user interface for the Simple MultiSig Wallet that I wrote — it’s completely free to use and available on IPFS:
The walk through will have lots of screenshots. I know that format can be tedious for some people — but if you’re setting up a MutiSig Wallet with large sums of ETH it can be re-assuring to actually see how the screens will look.
My two business partners and I each have personal stores of Ether that we own, independent of our business together. We know we’re going to need to sell some to finance our business, but we don’t know how much or when. So we agree that we’ll fund a MultiSig Wallet with 300 ETH and we’ll sell the ETH as needed to pay our business expenses. Each of us will deposit 100 from our personal holdings; and any two of us will sign to make a withdrawal from the group wallet. This is akin to the 3 us opening a business bank account that requires at least 2 signatures to write a check or to make a withdrawal.
Note: I’m going to run this example on the Mainnet — just because it’s more exciting with real Ether. But since I don’t have 300 ETH lying around I’ll be using 300 Finney :)…