PiNetwork unveils plans for multi-signature wallet to enhance security and streamline transactions within mainnet Pi app

PiNetwork unveils plans for multi-signature wallet to enhance security and streamline transactions within mainnet Pi app

@pb2023 Oct 10 2023

Pi Network has unveiled plans for a secure multi-signature wallet to enhance security and simplify transactions within mainnet Pi applications. This advancement is expected to provide greater asset protection and new possibilities for Pi application developers and users.

Explore the prospects of multi-signature wallet integration:

As the world of decentralized applications (DApps) continues to evolve, developers continue to seek solutions to improve security and user engagement.

To meet these needs, Pi announced plans to release a secure multi-signature (multi-signature) wallet system for mainnet Pi applications. These wallets will provide unprecedented security for Pi assets and simplify transactions between Pioneers and applications.

“A multi-signature (or multi-signature) wallet for mainnet Pi applications will be released soon, allowing developers to enhance the security of the Pi received and held by their applications,” the Pi Core Team wrote on June 28.

Dual wallet: receive and send

The new mainnet Pi App system will maintain two wallets. The first is a receiving wallet, which is similar to a savings account and allows developers to collect Pi from app users through Pioneer-to-App payments. The second is a sending wallet, similar to a checking account, used to make payments to Vanguard.

Receiving wallet: multi-signature cold wallet

The receiving wallet is designed as a multi-signature cold wallet and will securely store the majority of the application's Pi reserves. The wallet runs offline and requires multi-signatures for transactions, increasing the protection of Pi assets. This mechanism improves security and specifically helps collective team governance by forcing multiple members to sign off before any Pi is dispatched.

To further enhance security, developers do not need to enter any associated passwords online, a measure that ensures intruders cannot access the application's main Pi reserve even if the server is compromised.

Send Wallet: Automatic App to Pioneer Payments

Sending wallets, on the other hand, help automate payments from applications to Pioneer, running as a standard wallet without the need for multi-signature functionality. Unlike cold wallets, this wallet can reside on an application server and application code can leverage its secret seed to streamline transactions.

Developers manually provide Pi to the sending wallet to ensure payment security to the receiving wallet. Since the wallet facilitates automated transactions, developers are encouraged to limit Pi balances to meet daily payment needs and re-evaluate this amount periodically as needed.

Revolutionizing the Pi App Ecosystem

With the integration of these two wallets, the Mainnet Pi App will undergo a transformation. The receive and send wallet meets Pioneer to App and App to Pioneer payment needs, unlocking many features and business models for Pi app developers.

By enhancing the security and transaction flexibility of Pi Reserves, these wallets will drive the growth of the Pi application ecosystem and facilitate the development of diverse use cases for the Pi cryptocurrency. Developers and pioneers should watch for upcoming instructions on applying for and setting up these developer wallets.

The introduction of this innovation is an important milestone for Pi and marks its commitment to user safety and nurturing a thriving DApp ecosystem. With the world looking forward to it, it’s clear that these advancements will open up new paths for the future of the Pi App when the open mainnet comes online.

What is a multi-signature wallet? What does multi-signature wallet mean?

A multi-signature wallet is a special type of cryptocurrency wallet that requires the authorization of multiple private keys to conduct transactions.

While traditional cryptocurrency wallets typically require only one private key to sign and verify transactions, multi-signature wallets introduce the concept of multiple private keys for added security and control. Multi-signature wallets can be managed by multiple users, multiple devices, or multiple key holders.

Here’s how a multi-signature wallet basically works:

1. Set multi-signature requirements: When creating a multi-signature wallet, you need to specify the required number of signatures. For example, you can set up to require at least 2 of 2 private keys for transaction verification.

2. Generate multiple private keys: The multi-signature wallet will generate multiple private keys, each private key corresponding to an authorized user or device.

3. Sign transactions: When conducting transactions, multi-signature requirements need to be met, that is, a sufficient number of private keys are required to sign the transaction. Each private key holder can sign transactions using their private key.

4. Transaction verification: After a transaction is broadcast to the network, other participants can verify the validity of the transaction. Verification requires at least the number of signatures required for multi-signature. Only when a sufficient number of private keys sign the transaction will the transaction be confirmed and executed.

The advantages of multi-signature wallets are enhanced security and control. Even if a private key is leaked or lost, transactions can only be conducted if the multi-signature requirements are met, reducing potential risks. In addition, multi-signature wallets can also be used for fund management between organizations and teams, requiring the joint authorization of multiple members to conduct transactions.

It is important to note that different cryptocurrency platforms and wallet providers may have different multi-signature wallet implementations and requirements. When using a multi-signature wallet, it is recommended to learn more about the specific rules and security measures of the platform you are using.

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