The latest version of the TronLink App (v2.50) has been launched. The new version adds multi-signature to enable account control by multiple users, which ensures the security of your assets in a more effective way. So what is multi-signature? And how to use it correctly? Let us explain to you in detail —
What is multi-signature?
Standard transactions on a cryptocurrency network can be referred to as single-signature transactions because they only require one digital signature to complete the transaction; while with multi-signature, each permission can match multiple private keys, and the transaction signature must reach the weight set before it can be executed.
Once you have created an owner account, you can add roles to the account, and each role has a signing weight. The owner account sets the threshold for the signing weight, and if the sum of the signing weights of all roles added reaches the threshold, the transaction conducted by the owner address can be executed.
In other words, the multi-signature mechanism allows multiple people to manage digital assets with different weights, which offers a more secure way to protect assets, and enables users to set up multiple permission groups to accommodate various application scenarios.
How do I set up a multi-signature permission group?
- Go to the TronLink App and click on the wallet name.
- Click on "Multi-signature Management".
- Click on "Add Permissions". (Up to 8 permission groups can be added)
- Set the name, threshold, address, and weight for this permission group respectively and click "OK". Here the primary account address is set to A and the secondary address added is set to B for demonstration purpose.
1) The sum of weights of different addresses must be equal to or greater than the threshold
2) The added address may/may not contain the account address
- Enter the wallet password and click “Pay”, and complete the setup of the permission group.
How to use multi-signatures?
- Let's use address B that has been added in the "test" permission group as an example. Go to the transfer page of address B, set the transferring address as A (primary account), set the permission group and countdown time, and click "Send".
- Enter the wallet password for address B and click “Finish” to complete the signature for the transfer of address A.
Receive a signature invitation from someone else
- As can be seen from the above, address B has completed its signature; next, address A also needs to sign to complete the confirmation of the transaction. Go to the wallet page of address A, you can see the prompt that says "there is 1 transaction pending for your signature", click “Sign Now”.
- Enter the password for wallet A and click “Finish”, and you have completed the transfer that needs to be co-signed by A and B.