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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:

  • 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.

@sebaseek sebaseek requested a review from a team as a code owner December 24, 2024 12:43
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