Use of Multisig transactions to manage the needs of guarantee in Ethereum
Like a Bitcoin miner or an individual who tries to facilitate private guarantee transactions between several parts, understanding how to use Multisig (multi-firm) transactions can be a turning point. In this article, we will deepen the world of Multisig and explore how to set a private commitment without confidence using Ethereum.
What is Multisig?
Multisignature transactions are a way for several parts to authenticate a single transaction, ensuring that only those who have signed it can spend it or transfer it. This approach provides an additional level of security and trust between the signatories, reducing the risk that harmful actors intercept or alter the funds.
Why use Multisig in warranty transactions?
The warranty deposit transactions imply the possession of funds until a miner or recipient agrees to release them. In this case, we want to use Multisig to manage the guarantee needs efficiently. Here are some advantages:
* Reduced risk
: with more signatories, the risk of a single harmful actor who intercepts or alters the funds is significantly reduced.
* Increase in safety : The more parts involved in the signature process, the more difficult it becomes for a striker manipulating or exploiting the commitment.
* Trust
migration: by relying on multiple signatures, we can establish the trust between the signatories and the participant to guarantee.
Setting up a Multisig deposit
To set a Multisig commitment using Ethereum, you will need:
- Ethereum portfolio: you will need an Ethereum portfolio to store your funds and enable Multisig function.
2 These contracts will manage the logic of transactions and provide the necessary signatures.
- Warranty contract : A separate contract will be used to manage the commitment itself, ensuring that it is issued only when all signatories agree.
Here is a simple example of how it is possible to create a warranty deposit contract using the solidity (Ethereum intelligent contract platform):
Solidity `
Pragma solidity ^0.8.0;
Commitment contract {
// mapping of the signatories to their sales
Mapping (address => uint256) public Sigerblances;
// Event issued when a new transaction is started
Event Newtransation (indexed address, indexed recipient, bytes32 data);
// Event issued when the commitment is issued
Event Escrowreleased (indexed address, Uint256 balance);
// works to sign a transaction
Function Signrensation (Bytes32 Data) Public Pay {
request (! Signerbalancies [MSG.Sender], “Siger already has funds”);
Sigerbalances [msg.sender] -= msg.value;
Sigerbalances [msg.sender] += msg.value * 10; // Add a small amount of value to the balance
issue Newtransotion (MSG.Sender, MSG.Sender, Bytes32 (abi.encodepacked (data)));
}
// Function to release the commitment
Releseescrow function () Public {
request (! SigerbeLeblances [MSG.Sender], “Siger still has funds”);
Requirement (Sigerbelarances [msg.sender]> = 10 * (block.timestamp – block.timestamp) + msg.value, “insufficient funds”);
For (Uint256 i = 0; i
Uint256 Balance = Signerbalances [i];
Requirement (balance> = 1e-8, “Siger still has insufficient funds”);
}
EMATTI ESCROWRELEASED (MSG.Sender, MSG.Value);
}
}
`
Example of use of the case
Here is an example of how it is possible to use the deposit contract to guarantee to facilitate a private deposit between two parties:
Solidity
PrivateEscRrow contract {
// distribute the deposit contract to guarantee and the signatories
Escrow Escrow = Escrow (Escrowddress);
// signature of deposits 100 BTC
Payable lady.