Glossary - ChicksX

Multisignature is a security feature requiring multiple approvals to authorize a transaction.

Multisignature is a security mechanism in cryptocurrency and blockchain that requires multiple private keys to authorize a transaction. Unlike a single-signature wallet, where one private key is sufficient, multisignature wallets enhance security by requiring multiple parties to sign off on a transaction. This feature is particularly useful for joint accounts, corporate transactions, or any scenario where added security is beneficial. By distributing access among different parties, multisignature reduces the risk of unauthorized transactions. It also provides a safeguard against the loss of a single key, enhancing the overall security and trustworthiness of transactions.