Posts

Understaning Multisig Wallet - Part 3

avatar of @menoski
25
@menoski
·
0 views
·
3 min read

Hello everyone, hope you all are doing good? I'm back with the Part 3 of this amazing series, Understaning Multisig Wallet. If you haven't read the Part 1 and Part 2, I strongly suggest you that by clicking here for Part 1 and here for Part 2. In today's article we would be looking at how many different "m of n combinations" Multisig wallet you can construct in Electrum and how do you Export your Seed & Private Key(Electrum) in a Multi-sig wallet?


Source


The number of "m of n combination" in Electrum platform varies, as we have the maximum combination to be 15 of 15 when using a desktop and the maximum combination to be 5 of 5 when using a smartphone. So, the total number of different "m of n combination" on Electrum platform is dependent on the device a user is making use of.

The total number of different "m of n combinations" in Electrum desktop platform is 105 and for smartphone application is 10. Why 105 and 10? For a transaction to be multi-sig, it must involve at least 2 cosigners, you, the owner of the wallet and a consigner who will have to sign a transaction before it can be processed and broadcasted to the network. So, combination such as "1 of 2" or "1 of 5" are invalid multi-sig wallets, because since only the signature of the owner of the wallet is good enough for a transaction to be processed and broadcasted to the network, it erase the need for the use of Multi-sig wallet. Because if your device is compromised by a hacker, he/she can easily send funds out of the wallet without the need of the cosigners' signatures. Hence, valid m of n combination, should have at least two cosigners and that's why when you want to create a new wallet on Electrum, you are displayed with a 2 of 2 combination, because that's minimum valid m of n combination. Although, 1 of 2 or 1 of 15 combination can still be created but I feel it's just like having a Single Key wallet, because as soon as you make a transaction, you don't need any cosigner to sign it, before it gets processed and broadcasted to the network.




If you follow my steps, you should be able to export your Seed key quite easily on Electrum.


  • Open your Electrum. At the homepage of the application. Click on wallet which is located at the Headers sector. When you click, you will see a dropdown, then click on Seed. You will then, have to input your password.


  • After inputting your password, you will be able to see your Seed Key, write it down and store it somewhere very safe.


That's how you export Seed Key in a Multi-sig wallet.



If you follow my steps, you should be able to export your Private key quite easily on Electrum.


  • Open your Electrum. At the homepage of the application. Click on wallet which is located at the Headers sector. When you click, you will see a dropdown, then click on Private Keys. You will notice two options will open which will be Sweep and Export. Click on Export and then input your password.


  • After inputting your password successfully, you will get a warning that, Private keys cannot be backed up by simply exporting. Click on "Ok".


  • You will be able to see your Private keys right about now. You can then choose which format you want your Private keys to be saved in, either CSV or JSON. After that, click on Export, and your Private Keys will be saved to your system.

  • That's how you export Private Keys in a Multi-sig wallet.



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.

⚫️⚪️⚫️