Pi Bank Multisign Wallet


1. Multisign wallet is a wallet designed and deployed by pct and will be released in the near future. This wallet is for institutional use.

Multisign wallet is a wallet that requires simultaneous login with at least 2 sets of passphrases (the personal wallet we are using only has 1 set of 24cmk)

It is designed to make it more secure for wallets that hold a lot of pi or wallets that have a constant flow of pi from many customers. That is, customers transferring pi in will have less risk of losing due to cmk theft.



2. Meaning of multisign wallet

I'll take my wallet, this organization is a Bank.

After this, there will be an accepting bank for customers to send Pi. That means the Bank must have a multisign wallet.

Pct has taken into account the risk if a wallet containing a large amount of pi (eg 1 billion pi) depends on a single person holding a set of cmk as a personal wallet.

Therefore, pct has designed a wallet with many sets of keys (cmk). Maybe 3 or 5 sets for example. So there will be 3-5 people, each person keeps a set of cmk.



3. How it works

Bank wallet (wallet containing customer's savings deposit), is the preferred wallet to store pi, it is rarely opened to transfer pi frequently.

The bank will have to appoint a core staff with a clear legal commitment to keep these wallets. Assuming the wallet has 3 sets of cmk, the bank will have to appoint 3 officers, each person holding 1 set of cmk.

When there is a command to transfer pi out, you must enter these 3 sets of cmk at the same time to open the wallet

(It's like the token code of the label divided by the President and the Minister of Defense… to activate)

- These 3 cmk sets are allowed to log in for a short time such as otp code, overtime but not enough cmk sets, will have to re-enter.

- When the multisign wallet is opened and the first order is executed, the law applies to all 3 cmk managers while the wallet remains open.

- There will be questions as follows: What happens if one of the other 3 loses the key. Yes, and pct has implemented another layer of security called “Cold Wallet”

Thus, there are 2 layers of security for multisign wallets. This is something unheard of in the crypto world. If it wasn't for the Stanford PhD, the average IT team wouldn't be able to think of it.

No hurry, comrades