RIF Multisig Wallet Explained
Multisig is a type of crypto wallet that uses multi-signature technology to store and secure cryptocurrencies. It requires more than one person to sign off on any transaction before it can be executed, thus considered highly secure.
Let’s dig in and explore everything you need to know about it.
The RIF Multisig wallet is a crypto storage solution for the RSK community and the Bitcoin DeFi ecosystem. It provides a secure place to store RIF tokens; utility tokens of the RSK network.
RSK is a smart contract network that is a sidechain of the Bitcoin blockchain. It allows developers to create Defi protocols, NFTs, and other digital assets using the Bitcoin blockchain. As a sidechain, RSK also helps increase the scalability of the Bitcoin blockchain.
There many benefits to using Multisig for crypto storage. Firstly, the wallet is hard to hack. Because it requires more than one private key to use, easily accessing all the required private keys is not easy for any hacker.
It also eliminates dependency on one device or party. Private keys can be saved on different devices to easily provide access to stored funds. In case something happens to one of the users, other users are not locked out of accessing their funds.
A major disadvantage of Multisig is slow transaction speeds. Because more signatures are involved, transactions may take longer.
How to set up
To set up your wallet you will require two or more devices that support the RIF protocol. Each device, a computer, for example, will need to have a copy of the RIF token.
On each computer generate a seed phrase. You will need the seed phrase to generate a master key that will enable you to generate the addresses.
Once you’ve generated the seed phrase the next step is to create a wallet on each computer. Open the multi-sig software and click on the “Create” button. Fill in all the required information including the number of computers you have.
Once you are done, you will be given a list of addresses you can send tokens to. The next step is to generate a Multi-sig address.
Open the Multisig software and click on the "Create Multi-Sig address" button. Fill in the required information including the number of computers you have, the addresses you just created, and the name of the Multi-sig address.
After generating the Multi-sig address you will get instructions that will help you send tokens to the address. You can now send and receive crypto.
The RIF Multisig is considered one of the best ways to securely store crypto online. The wallet, while still new in the crypto space offers a lot of benefits. It not only eliminates a single point of failure but also eliminates the dependency on a single device or user.
Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.