Web3bridge Students (Cohort XI) Share What They’ve Learned: Multisig Wallet

this video is proudly brought to you by wbd with links our official sponsors for cohort 11 hello there my name is my team and I will be talking about the multi wallet so to start with for every standard wallet say personal wallet that has your personal funds for you to be able to initiate transaction you need your private key your personal private key to to sign up every transaction but now consider a scenario where the funds uh belongs to a group of people and you don't want uh just a single person to be the sole signature to that particular account similar to the traditional joint account system where you need two or more people to able to sign off every transaction exactly what happens with the mulse you require two or more private keys to be able to sign up on every transaction that c on that wallet mul wallet is different from the normal wallet as for the normal wallet it only has just one um signer and the owner so whatever funds is is in a wallet it's only a signer that is um required to sign whatever transaction that is to be carried out but for multis wallet it requires more than you know one um signature so basically mtis wallet is a kind of wallet whereby a number of people have to sign before money is taken out so so basically there's something called equorum so equorum is basically a number of sign that needs to sign for money to leave that wallet so for example let's say um the mul sync wallet have five signers and the equ room is like three so before money can be moved out of that wallet or any transaction that is going in to that wallet that need to be approved at least three people out of those five people that that owns that wallet needs to sign it for any transaction to be approved so that is just the basic basic uh overview of multi a single person can just carry out um an operation or a transaction in the multi until if more than 50% or more than um 80% of of the signatures on the wallet agrees to that particular transaction if a transaction is being carried out it needs to like go through other signature like other other signers to like approve that particular transaction if they do not approve it the transaction will not will not be successful it it won't be successful so basically for me as a user or let's say for me as a user of M wallet if I try to like carry out a transaction it is been stored and notify other signatures that I'm about to like carry out a transaction and other other signers like you need like approve my transaction before it been carried out so yeah and it is possible to like update the number of signers that need to like um approve a particular transaction we call it coru so if any of the any of the signers try to like update the cor it like needs to go through other signers to like approve that particular transaction that I'm about to do which is update updating of cor so so basically multi wallet um it brings about security it brings about transparency so um after you determine the contract the addresses that you want to be ballot signers for your for your multis wallet all you need to do is to add them in the contract then deploy it and that's that's that so um in order for us to be sure that our contract works well we need to perform unit testing so in this part we are going to take look at the our contract take every um um cases every every scenario we highlighted in our contract so we take it down and just um test for those specific scenarios and make sure that they they they pass so um if they don't pass then you go back and check your contract and be sure that they work well then um afterwards um in order for you to be able to um create multiple instances of your contract you may want to make make use of the contract Factory so the contract Factory basically is that feature that allows a contract to be deployed severally you know just a factory that that creates several instances of of your contract so um a use case is just genosis wallet so basically you have you can initiate um that wallet type for different people so you have a set of users let's say set a they can make use of um the set a have maybe they have their subset of um wallets that they want to authenticate they have set B they have their what um users to auate so yeah you can create different of those things so and then the last one is interaction so if you want to interact with um a contract online to see um that has been deployed onet to see how it minut or testet to see how it interact how it works online you so you can do that can perform those those intera so um all you need to do is just to get the contract address that has been deployed and you bring it to um um to your you just put up your script to interact with it one of the use case of a multi wallet is an a trust fund a Family Trust Fund where you have to keep track of money going out so in this use case uh you require other family members to approve certain transaction then also you you could use the multisig um wallet in uh an escrow system where uh before money is been sent out to someone that wants to buy something you will require multiple signatures before the money goes out to the uh system and yeah there are other use cases that I could list out uh one being um a d organization another being a charity organization where money going out is strictly monitored and uh under uh review so yeah that those are the use cases of a multisig wallet so a smart contract handles the logic behind a multisig wallet so it is in the smart contract that we are going to have the number of um signers and also the Quorum for more updates like this and content kindly subscribe like and share this video your friend thank you