Add VIP: Multi-Signature Wallet Standard #79
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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:
Shared control over treasury funds for decentralized organizations, ensuring transparency and preventing unauthorized transactions.
Enabling joint financial management for partnerships and organizations, with predefined approval thresholds.
Shared accounts requiring multiple approvals for significant transactions.
Transparent management of funds in multi-party projects or ventures.
Key Features:
Initialize wallets with predefined signatories and approval thresholds.
Allow any signatory to propose transactions by specifying recipients and amounts.
Transactions are executed only after meeting the required number of approvals.
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.