How does multisig escrow work in the context of digital currency?

3 answers

• bookerDec 13, 2021 · 4 years ago
  Sure! Multisig escrow is a security feature used in digital currency transactions. It involves multiple parties, typically the buyer, seller, and a trusted third party, who each hold a private key. In order for a transaction to be completed, a certain number of these private keys must be used to authorize the transaction. This adds an extra layer of security and prevents any single party from having complete control over the funds. It's commonly used in situations where trust is a concern, such as online marketplaces or peer-to-peer transactions.
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• Cameron EllisonMay 18, 2023 · 3 years ago
  Multisig escrow is like having a safety net for your digital currency transactions. Instead of relying on just one person or entity to hold the funds, multisig escrow involves multiple parties who each hold a private key. This means that no single party can access the funds without the authorization of the other parties involved. It's a way to ensure that everyone involved in the transaction has a say in how the funds are used, providing an added layer of security and trust.
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• Janallan Dolosa PandiinNov 09, 2022 · 3 years ago
  Multisig escrow is a feature that allows for increased security in digital currency transactions. It works by requiring multiple signatures, or authorizations, in order for a transaction to be completed. This means that even if one party's private key is compromised, the transaction cannot be completed without the other parties' authorization. It's a way to protect against fraud and ensure that all parties involved have a say in how the funds are used. Multisig escrow is commonly used in digital currency exchanges and online marketplaces to provide an extra layer of security for users.
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