On-chain Multi Signature Service of Huobi Wallet—Large Ticket Asset Safer Keep

Multi Signature means that a bitcoin transfer should be authorized by multiple private keys. In the traditional address generation scheme of bitcoin, each address matches with an opposite private key, which is “Single Signature Transfer”. It is because a transfer only needs one signature—from the owner of the private key corresponding to the bitcoin address. While in the address generation scheme of multi signature, a transfer can correlate to multiple private keys and the user needs to complete the transfer by multiple signatures.

Multi Signature service of Huobi Wallet operates on decentralized bitcoin network. Multiple private keys corresponding to multi signature address are saved by users, who make signatures through Huobi Wallet App, and when the amount of signed signatures reach to the default, the transfer will be broadcast to the blockchain.

Compared with other centralized multi signature solutions, the private key of multi signature service supported by Huobi Wallet is kept in user’s hand, which greatly improves the asset security and reduces the centralization operational risk.

 On the basis of observing decentralization, Huobi Wallet team has made great optimization on multi signature service. During the process of creating multi signature, wallet creation information will be pushed to relevant participants by message system, which makes it convenient to join in. When the transfer is launched by one part, to-be-signed message will be pushed to other participants, which lowers the communication cost among users.

Beyond that, Huobi Wallet can save the accurate signature order and signature address in transfer details for users, which helps them solve the problem that the specific signature address cannot be decoded by “on-chain signature data”, thus improves the joint management of multiple users.

Multi signature is only a half step on the long way of exploring diversified service. We will spare no effort to continuously work out the better product for users.

Last but not the least is the security alert

Make sure that mnemonic phrases are backed up properly. Please write it down in off-line environment and not upload to Internet.

Please download from official website https://www.huobiwallet.com/en/

Please visit Help Center to learn more about blockchains  https://support.huobiwallet.com/hc/en-us