Hi everyone,
This VIP proposes the implementation of a standardized multi-signature (multi-sig) wallet for vechain. The multi-sig wallet standard will enhance security, transparency, enabling use cases across DAOs, businesses, and individuals requiring shared control over funds.
Some of the use cases unlocked with a multi-sig wallet include:
- DAO Treasury Management:
Shared control over treasury funds for decentralized organizations, ensuring transparency and preventing unauthorized transactions. - Business Accounts:
Enabling joint financial management for partnerships and organizations, with predefined approval thresholds. - Personal and Family Finance:
Shared accounts requiring multiple approvals for significant transactions. - Collaborative Projects:
Transparent management of funds in multi-party projects or ventures.
Key Features:
- Wallet Creation:
Initialize wallets with predefined signatories and approval thresholds. - Transaction Proposals:
Allow any signatory to propose transactions by specifying recipients and amounts. - Approval Mechanism:
Transactions are executed only after meeting the required number of approvals. - Role Management:
Securely add/remove signatories and update approval thresholds.
The multi-sig wallet will address the absence of native solutions on vechain, aligning it with other blockchain ecosystems like Ethereum / Polkadot and so on, which have well-established multi-sig standards.
Related PR:
Multi-Signature Wallet Standard for vechain PR#79
Let’s discuss how we can refine and prioritize this proposal to best serve the needs of the community. Your feedback and suggestions are highly appreciated!