Ergo’s First Multi-signature Wallet Has Been Launched by Minotaur
November 28, 2022
Ergo development continues forward at a record pace. After the exciting announcement about the launch of Rosen Bridge, another important milestone has just been reached. The Ergo Platform now has its first multisig wallet, which has been designed by the Minotaur wallet team.
A multisig wallet is a “digital wallet that operates with multisignature addresses. This means that it requires more than one private key to sign and authorize a crypto transaction or, in some cases, that several different keys can be used to generate a signature.” The reason that this type of wallet is valuable to an ecosystem is because it adds a second layer of protection to the end user. A multisig wallet requires that everyone with a private key confirms the transaction in order for it to be authorized and executed. This provides an added layer of security for protection against hacks because an attacker would need all of the private keys in order to gain access to the wallets funds.
Although the general cryptocurrency market continues to demonstrate bearish patterns, the ethos of Ergo stands strong with numerous developers and projects working to help build the new standard of blockchain security and utility. Intricate technological solutions and applications are consistently being brought forth in the Ergo ecosystem.
Please read our latest blog article for full details about the Minotaur multisig wallet and how to install and use this exciting new product.