My Thoughts On Multisig -wallet #1: Embrace The Initiative And Proof Your Sincerity.

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Hello Friends!

It's my delight to be part of this interesting initiated by @ubongudofot. I was lit when I saw a brand-new excellence tool launched By the Pennsif team, a Multi-sig wizard which will help in converting normal Steemit account to a Multi-sig. Meaning Two -Three persons need to authorise a transfer of funds from a particular account wallet before it's successful. Yes @pennsif. Witness team owned by @pennsif Invented this tool and it's totally free to use.
Now you have an idea of what Multi-sig Wallet is all about, let me share my thoughts about this tool on the Steemit platform.

What Are Your Thoughts On A Multi-sig Wallet And On Steemit Communities?

This tool was invented for the benefit of Steemians, over the years we have seen some greedy/selfish Admin powering down the community's account and embezzling all the resources that were meant to support the community's members and betraying their trust. This has been the order of the day, Users and even the Steemit team have lost trust in Communities because it seems it has become a means for some selfish users to enrich themselves.

But with a multi-sig wallet, users and even the Steemit team will trust communities again, they will feel secure and happily build help in building the community knowing that the resources are safe and will always be used for the right purpose. Members will be setting beneficiaries rewards to the account happily, MODs too will work happily, knowing that their work is not in vain, that they are building on a rock which will not fall no matter the storms.

Just as it's normally done in big companies like the bank before a vault is open three (3) signatories to the vault need to sign to open it, so before a community can successfully Power down, 3 signatories have to authorise it, isn't that amazing?

Do You Think It Will Be Effective In A Community?

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• This new tool will offer a plausible solution for the embezzlement of the community's digital assets. It's secure and collaborative.

• By requiring Multi-Signature to authorise any transactions on a community's account. It enhances security and reduces the risk of single embezzlement of the community's fund - yes unlocking decentralised decision-making and collaboration across the Steemit community. Multiple parties will be needed to approve transactions.

• Multi-sig Wallet will enforce the rules of establishing a community.

Will you like your communities to adopt this Initiative?

Absolutely! It will show that the Admin have good motives, no room for ulterior motives at all and that they aim to build a strong and reliable community for all who are interested in its project and purpose. Communities will last longer in the ecosystem. I hope all the remaining communities in the platform will embrace this new initiative and prove their loyalty.

Who do you think should be among the signatories in each community and why? (I will carefully interact with you through this particular question)

Image by pch.vector on Freepik

Well, I will suggest the Admin, one trusted Mod and Steemcurator01 or Steemcurator02 to be the signatories to communities accounts. I chose either of these third parties because we fully trust them, they have our best interest at heart, I know with them nothing shocking will happen to community accounts on Steemit again. It will interest me to see Admins/ founders and key Moderators responding favourably and making good use of this new tool. It will prove that their motives are pure.

Signatories will always put heads together and agree on certain funds transfers, I believe this will be on something important.

What Impact can this create on communities that adopt this initiative?

Users will trust communities and help in building the account by setting beneficiaries to it, knowing fully well that the community's future is safe.

Steemit team will give communities back-to-back support, helping in growing their account so that it can support its members with it.

The Community's reputation will rise likewise the number of active users.

It will create a good and positive impact on the community.

On second thought, How will the Admin and Founders of this communities be rewarded for their efforts?

• Accepted you all deserve to receive a good reward for your hard work, and I trust our able Steemit team, they can and have been doing that.

• Again maybe a rule can be set whereby the community will be setting a specific percentage of beneficiary rewards to all those managing the community. It Sounds interesting right? Let it not look like, their work is in vain.

• Lastly, they can share Tron rewards, which will serve as their payment reward. Well it's my thoughts though.

I support the motion that this tool be adopted in Community's account across the platform and one of the Steemit team members should be among the signatories. Thank you!

I'm inviting my friends @rippon0630 and @patjewell to share their opinion about this new initiative