How to set up BTC multi-sig
updated almost 2 years ago
Bitcoin blockchain is less technically advanced than Ethereum (read multi-signature). As such, there are a few limitations which affect the AmbiVault BTC multi-sig:
- The number of signatures required to sign operations is configured once and cannot be changed.
- The number of co-signers in the organization is configured once and cannot be changed.
- You'll have to create new BTC vault if any co-signer has to be added or removed.
Configure your multi-sig structure
Set up co-signers and required number of signatures.
- Out of users from ETH organization, you may select those who you want to be co-signers – people who have a right to confirm transactions.
Please, choose co-signers for BTC account among ETH organization users or invite new ones and wait for them to accept invitation.
Promotion to co-signers is a transaction, which is required to be signed. So to promote user to a co-signer role, you’ll need to sign this transaction entering your password.
Remember, number of co-signers in BTC organization is configured once and cannot be changed later.
- After that you can manage the number of signatures required for the confirmation of any transaction.
Remember, the number of signatures in BTC organization is configured once and cannot be changed later.
There is NO password recovery for AmbiVault. We will NOT be able to recover your account if you forget your password. Why is that important?
Example. You have 3 co-signers. You have set that you need 2 signatures out of 3 to complete any transaction. At this point, you find out that 2 out of 3 signers have lost their passwords.
Result. Control over your token is lost forever. We won't be able to help.Please, note this while setting up your multi-sig.
If you have any difficulties with set up process – don’t hesitate to contact our team!