Multi-signature mechanism enables multi-party joint management of assets, which represents the asset sharing in real sense. Due to the great difficulty in technology implementation, for the sake of safety, ColdLar hardware wallet only supports multi-signature in some coins, such as BTC and LTC, with other coins to be supported in subsequent versions.
Note: for multi-signature addresses, since it is extremely difficult to get forked coin candy and its availability cannot be ensured, it is strongly recommended to transfer the coin to the ordinary address before the block chain is forked.
Here’s a brief introduction to how to create a multi-signature address:
- Create multi-signature addresses
- Select coins that support multiple signature functions, such as DOGE.
- Skip to the “Receive” page, click “My Address” at the upper right corner.
- Switch to the “Multi-Signature” option.
- Click the “+” at the upper right corner and select “Create Address” in the pop-up box.
- Set up the type of multi-signature address, i.e. determine the total number of partners and the number of signatures required. The type is expressed as m-of-n, meaning that there are n partners jointly generating addresses. And m signatures are required in sending transaction each time, only in which way can the transaction take effect.
Attention! The hardware wallet supports 7 partners at most, i.e. n is less than or equal to 7, and m must be less than or equal to n.
- Collect public keys: Click “Next Step”to collect all other partners’ public keys, a total of n-1, which can be input via scanning QR code.
Attention! To prevent confusion, it is mandatory to add notes to each public key. Please truthfully note that when the address is shared with other partners, the public key is exported together with notes.
- Set note for the address and click “Create Address”
- Finish creation. In the page of address details, you can export it to other partners, or delete the address.
- Import multi-signature addresses
When other partners have created a multi-signature address (you provide your public key for others), you are also one of the address holders. You can import the address into your hardware wallet to facilitate your own transaction.
Refer to the step “Create multi-signature address”, select “Scan to import” in step d, and scan the QR code of multi-signature addresses displayed and exported by the creator.(Click the Multi-signature address that is already created-Click “Export address”)
- Sign multi-signature transactions
When your multi-signature address partner initiates a transaction, you need to get the meta-data on transaction and sign it by scanning QR code, and then generate a QR code and deliver it to the transaction initiator.
The operation steps are:
- Select the coin to be signed, click the button at the upper right corner, select “Multi-signature Transaction” and enter the page.
- Click the “Scan to sign transaction” button to scan the QR code of transaction information provided by the initiator.
- Input payment password, generate QR code after successful signature, and show it to the initiator.
- The initiator scans the QR code generated in the previous step and collects signatures.
- Send multi-signature transactions
You need first to have multiple signature addresses with coins before building multi-signature transactions. And multi-signature addresses receive coins. Operations such as balance updating is similar to that of ordinary addresses.
Here’s a brief description of how to send a multi-signature transaction:
- Select the coin, skip to the “Receive” page, enter the “My Address” page via the upper right button, switch to the “Multi-signature”, and click the address and than click “Use address”. Back to the “Send” page, which is similar to the regular address sending process. After filling in the target address and the amount of coin sent, click the “Send” button.
- Confirm the sending, and re-confirm the target address, amount and transaction service charge again, and then click “Confirm”.
- Skip to the “Signature-based transaction” page and execute it in turn according to the page operation steps. First, click the “Show agency signature content” button for other partners to scan QR code for signatures. Refer to the section “Sign multi-signature transactions” for the steps of signing by other partners.
- Collect the signatures of other partners by scanning QR code. If the address type is m-of-n, it is required to collect M-1 signatures.
- Click the “Send” button and input the payment password to decrypt the wallet so as to add your signature.
f. Obtain the QR code of the transaction, use ColdLar App to scan QR code, and broadcast the transaction to the block chain network. By now, a multi-signature transaction has been successfully sent.