Understaning Multisig Wallet - Part 2
hive-167922·@menoski·
0.000 HBDUnderstaning Multisig Wallet - Part 2
<div class'text-justify'> Hello everyone, hope you all are doing good? I'm back with the Part 2 of this amazing series, **Understaning Multisig Wallet**. If you haven't read the Part 1, I strongly suggest you that by clicking [here](https://steemit.com/hive-175254/@menoski/understaning-multisig-wallet). In today's article we would be looking at how to download, install & set up a 2-of-3 BTC Multisig wallet(Electrum), the differences between Seed key and MPK and it is right to share the seed key or MPK with your co-signer and why? ___ <center></center> <center>[Source](https://coincentral.com/electrum-wallet-review/)</center> ___ If you follow my steps, you should be able to download, install and set up a 2 of 3 BTC wallet combination on Electrum. ___ + Click on this [link](https://electrum.org/#download) to land on Electrum download page. ___ + When you arrive on the page, click on the suitable installer for your device. For me, I'm using Windows, so I clicked on **Windows Installer**. After clicking, it started to download immediately. ___ <center></center> ___ + After it was successfully download, open the file and click on "Install". ___ <center></center> ___ + After it finished installing, you can start creating your Electrum wallet. <center></center> ___ + Ensure you choose a "Multi-signature wallet" and then click on "Next". I will be using a 2 of 3 wallet combination, so my consigners should be set to 3 while my signatures be set to 2. ___ <div class'pull-left'> <center></center> </div> <div class'pull-right'> <center></center> </div> ___ + Next, click on "Create a new seed" and the click on "Next". ___ <center></center> ___ + Your wallet seed will be displayed. Ensure you stored it somewhere very secured because if it gets stolen or lost, you won't be able to recover your wallet again, so store it somewhere very safe. You will then be asked to confirm your wallet seed, to ensure that you have successfully stored it somewhere safe. Retype your seed and click on "Next". ___ <div class'pull-left'> <center></center> </div> <div class'pull-right'> <center></center> </div> ___ + Your **"Master Public Key (MPK)"** will be displayed, ensure you copy it. After that, this is when you have to create the other two wallets. Do same process, and ensure you copy your **MPK** because that is what you will be sending to all wallets, for each wallet to be able to have the capacity to sign transactions. ___ <div class'pull-left'> <center></center> </div> <div class'pull-right'> <center></center> </div> ___ + After you have successfully created and sent the other two wallets' MPK, you will then be able to create a password for your wallet. ___ <center></center> ___ + Boom!!! Congrats!!! Your wallet is activate and ready. ___ <center></center> ___ + I had to verify if all the 3 wallets have the same receiving address, in order to know if they have successfully bonded with each other. To, do that, you need to open your three wallets and click on **"Receive"** and then click on **"New Address"** on all 3 wallets, in order to verify if you will get similar receiving address. ___ <div class'pull-left'> <center></center> </div> <div class'pull-right'> <center></center> </div> ___ + Boom!!! All 3 wallets are bonded, as they all have the same receiving address. The wallet is now officially a 2 of 3 wallet combination. ___ <center></center> ___ <center><h5>Difference Between Seed Key and Master Public Key</h5></center> ___ Seed Key is the wallet highest security, if all keys fails, we resort to the Seed key, so it is the all powerful key. For it instance, on steemit we have 3 main keys, Posting Key, Active Key and Master Key. The Master Key is the ultimate key to your wallet. Your Posting Key, as well as your Active Key can be compromised, and you won't be so afraid, because you can change your keys and have new Private and Active Keys through your Master Key. But if your Master Key is compromised, your wallet is gone for good. Seed key is like Master Key in steemit. Whereas Master Public Key (MPK) is simply used to add consigners to your Multi-signature wallets. Master Public Key is derived from Seed Key. ___ <center><h5>Would You Share The Seed Key Or MPK With Your Co-signer And Why?</h5></center> ___ I would share my MPK with my cosigners in other to bond our wallets, so we can perform multi-signature transactions. But I won't share my Seed key, as it is my personal wallet safety key and should be kept safely and without anyone knowing or seeing it. And also, it was obviously stated when your Seed key was displayed during the process of creating your wallet, that you should never disclose your seed. ___ <center></center> ___ I hope you all found the article interesting and exciting. Do well to share your thoughts about the article in the comment section below. Thanks. <center></center> <center>⚫️⚪️⚫️</center> <center><h3>Thanks For Reading</h3></center> <center><h3>Till Next Time, Stay Safe</h3></center> </div>
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