How to create a MultiSig Wallet?

How to Create a MultiSig Wallet on TokenPocket?

As a leading Web3 wallet, TokenPocket deeply understands the importance of security. This guide will walk you through the process of setting up a secure MultiSig wallet on TokenPocket, whether you're using an Ethereum Virtual Machine (EVM)-compatible chain or the popular TRON network. From now on, your crypto assets will no longer rely on a single point of trust, but will be safeguarded by you and your team together.

Part 1: Steps to Create MultiSig Wallet

First, let's look at how to create multisig wallet on an EVM-compatible chain.

1.EVM Chains

1

Download and Open TokenPocket

Download and open TokenPocket, select the 「Wallet」 icon in the top-right corner, then tap 「MultiSig Wallet」.

2

Select Public Chain

Then you need to choose the public chain before you create a multisig wallet, We will now select the Ethereum chain within EVM chains as our demonstration example.

3

Enter Information

Please read the reminders carefully during the creation process and then click [Next Step]. Next, configure your multisig wallet based on the definitions and functions of the following information：

• Wallet Name: is as same as the wallet name you created before, which can be customized and it won’t be recorded on chain.

• Owners: is to set the managers of the multisig wallet. The owners can manage and control the multisig wallet and a maximum of 30 owners can be set, which can be understood as the [Threshold Setting] of the multisig wallet. The owners can be set up flexibly, it is suitable for enterprises, DAO, and individuals.

• Required Signatures: it’s also called Weight, the difference between EOS/TRON multisig wallets and EVM multisig wallets is that EOS/TRON multisig wallets’ weights can be set as 1 or greater, while EVM-based multisig wallets’ weights can only be set as number 「1」.

• Payment Details: The multisig scheme of an EVM-based chain is a smart contract, so creating a multsig wallet requires paying Gas (miner's fee), which TokenPocket does not charge.

• Pay with: You can click and select the wallet address imported in the wallet to pay the Gas (miner's fee) fee.

4

Finish Creation

After everything is set, click [Generate MultiSig] to read the reminders for the creation of the multisig wallet. After confirm your information, then you finish the creation of multisig wallet.

2.TRON

If you wish to create a multisig wallet on the TRON network, you can quickly set it up using your existing TRON wallet by upgrading its permissions, and you can also create one by adding a new wallet. The following demonstrates the process of quickly creating a wallet through upgraded permissions.

1

Change the Network

First, open TokenPocket and change your network to TRON chain, then click the 「...」 in the top-right corner.

2

Update Permission and Finish Wallet Creation

Click 「Permission」 and enter the setting interface, then setting the details and click 「Confirm to Upgrade」 to finish wallet creation.

Tips: When filling out your details, you can refer to the definitions and features below, or click the article(How to Create a Tron MultiSig Wallet) to view more related content.

• Owner:The highest authority level for a TRON account, with full control over it. An Owner can modify permissions, adjust multi-sig weights, and execute all transactions.

• Active:The permission level for daily operations. It is used for common transactions like transfers and voting, with a lower authority than an Owner.

• Threshold:The minimum combined weight required for a multi-signature transaction to be successfully executed. The sum of all signers' weights must meet or exceed this value for the transaction to be valid.

Part 2: More Tips for MultiSig Wallet

After you’ve successfully created a multisig wallet, click [Details] and you can see the [Transaction Queue] and [Manage].

• Transaction Queue: [Transaction Queue] will display the generated multisig order, you can click and complete the order;

• Manage: You can view information such as [Required signatures], [Latest Nonce on-chain], and [Associated Wallet] in [Manage], the associated wallet is the owners. If there is an address that has not been imported, you can click [Import] and use the private key or secret recovery phrase to import it. Whether the associated wallet is imported will affect the transaction and the use of DApps.

FAQs about How to Create a MultiSig Wallet

1.How to tell if a wallet is multisig?

A multi-signature (multi-sig) wallet is defined by its core security feature: it requires more than one private key signature to authorize a transaction. You can tell if a wallet is multi-sig by checking its settings or documentation, where it will specify the required number of signatures (e.g., 2-of-3 or 3-of-5).

2.Which wallet supports multisig?

Many of the top cryptocurrency wallets and platforms support multi-sig functionality. A great example is TokenPocket, which provides multi-sign wallet support on popular networks like TRON and Ethereum. This feature allows users to set up a secure wallet that requires multiple approvals for transactions.

3.What is the best multi-sig wallet?

The "best" multi-sig wallet depends on your specific needs, focusing on security, network support, and ease of use. A top-tier wallet will offer a robust security framework and support multiple blockchains. Many users find that a multi-chain wallet like TokenPocket is a powerful choice for its combination of strong security, extensive network support, and a user-friendly interface that simplifies the management of secure, multi-signature assets.

Conclusion

To sum up, the multisig wallet on the EVM-based chain is a smart contract. Creating a multisig wallet in TokenPocket does not require backing up the secret recovery phrase or private key, does not require setting a password, does not require complex code, and is similar to the watch wallet.

Now you know how to set up multisig wallet. The key point of creating a multisig wallet is the reasonable setting of [Owners] and [Required signatures]. A reasonable set of the multisig wallet can play its maximum security and convenience. The commonly used multiple signatures are 2/3, 3/5, and so on, which need to be selected according to the individual situation.