Pangolin Multi-Sig Wallet: Explained Simply, Walked-through
Pangolin launched a multi-sig wallet service. Anyone can create a Pangolin multi-sig wallet, quickly, simply, and safely. And build trust in their project, and ensure safety measures.
Technical requirements to use the service are minimal. The application does it all for you; editing, managing and deploying smarts contracts.
What is a multi-sig wallet?
In this post
A shared wallet. Multi-sig wallets have multiple signatories. Several people sign each transaction. Each with a say in what happens with the wallet.
Similar to most crypto wallets. Multi-sig wallets can send and receive. They can interact with smart contracts too. With ABI strings added.
Requires multiple “signers”. The actions are signed by numerous holders. Creating numerous layers of safety; would require joint mutiny rather than a single bad actor.
Why use a multi-sig wallet?
- Trust. As mentioned, multi-sig wallets build trust. Many projects have large sums of capital under their control. Multi-sig wallets take the power out of a single person’s hands. And, can avoid hiccups–like lost funds due to owner death. (Yes, this can happen.)
- Democracy. As there are multiple signatories, votes can be held on actions.
- Safety. Flogging a dead horse, but, multi-sig wallets are simply safer. I’m sure you can imagine your own reasons as to why they are safer than “dictator” wallets.
How to make a multi-sig wallet
Pangolin has created an online service. You can deploy, manage, and create multi-sig wallets.
The Pangolin multi-sig app is straightforward to use. Let’s walk through the basics:
1. Connect Metamask
First, you’ll need to connect to the Pangolin Multi-signature wallet application.
Hit the Unlock Metmask link, top-right. Then, connect Metamask. It should only ask for your public address.
If you haven’t already added the Avalanche RPC to your Metamask, follow this tutorial.
2. Create Wallet
- Goto Wallets, top-left.
- Click Add, top-right of the Wallets table.
- Click Next, on the Add Wallet modal.
Deploying a wallet
This is how you create your multi-sig wallet. The wallet is deployed to the Avalanche blockchain. Deployed using Pangolin’s “factory”.
- Give the wallet a name,
- Specify the confirmations. (More on this next.)
The required signatories to execute a signed transaction. This can be less than the number of wallet owners. In fact, in some cases, it might be good to make this lower, to stop people trolling.
You’ll need the addresses of the signatories that you’ll be adding to the multi-signature wallet. Any metamask wallet address will work; Ethereum VM wallet, BSC wallet address, Avalanche wallet address. They use the same key algorithms.
Deploy with Factory
This step issues the wallet. And will incur a gas fee. I was charged 0.706585 AVAX. Once processed, the new wallet is then visible in the Wallets table.
3. Create a transaction
Click on the wallet’s name, under Wallets. And you’ll be able to Add a new transaction to Multisig transactions.
The destination is where the transaction will go. This can be a smartcontract or another wallet. The ABI string is used for passing smartcontract code.
Daily limit withdrawals can be allocated to each owner. Great for development teams. IF you want to withdraw from the wallet, simply hit Withdraw!
The service is simple to use, cost-effective, and creates value. Whether you’re building DeFi applications, RFI tokens, or DAOs, multi-sig wallets are important. They build trust. They’re professional. They’re democratic.
One bad actor with a dev wallet destroys lives.