Reviews : Steem Multisig Wizard[9th August, 2023]

in hive-111300 •  last year  (edited)

Image designed by ubongudofot with Canva

When there is a new invention, there is a need for testing, review and feedback from others, and then afterwards usage commences…, Frequently asked questions(FAQ) might also be necessary just like what we have 👉here from @rexthetech.

For the past week now, I have received many questions about the Multisig wizard from various users in the blog. And I am glad I was able to attain some, but I am even happier that some important ones are being answered 👉here by the developer of this tool.

From day one, I have been a very happy receiver of this tool, but something was missing… ., I needed to experiment with how Multisig Wizard works so that I can give proper guidance to anyone who may find it difficult to set it up and this is where testing, review and feedback come in. Well, I did it and it went well...trust me.

Let me tell you how I did it…:

First Phase👉 [Conversion of Account to a Multisig]

First, I created an account called @steem-uyo which I would be using as the Multisig account in this demonstration and I set two signatories which are @ubongudofot and @eliany. In this process, what I just succeeded in doing was converting this account from a privately owned account to a multi-sig wallet account. (This action cannot be reversed once activated). Private Owner Keys are used in this process, but they won't leave your browser, so you really have nothing to worry about.

And the steps to do this are not far fetching...

Step 1

When converting an account, you need to provide the Steem usernames of the signatories -- the Steem users who will be able to propose and vote on transactions from the converted account.
You also need to provide the weight threshold required to make a transaction and the individual weights for each signatory.
A multi-sig transaction can only proceed when the combined weights of the signatories who approve the transaction add up to the required weight threshold.-Ref

This means that anytime I want to transfer funds from @steem-uyo to anywhere, @ubongudofot and @eliany need to sign from the wizard interface otherwise the transaction can’t be successful.

Once you are done with this step, click next and the next interface will pop up to proceed.

Step 2

Here require the owner keys of the account you want to convert to a multi-sig wallet account. And in this case, it was requesting the private owner keys of @steem-uyo.

Once you are done with this stage, click on convert and see the magic.

Step 3

And the work is done! It's as simple as that folks.

Second Phase👉 [Creating a transaction]

Now, the first stage which is the conversion of a private account to a Multisig wallet account is successful, we now want to move into the main deal to test how this tool works in terms of transactions.

So, in this section, I want to transfer 2 Steem from @steem-uyo to @steemelectricals...

I also transferred 1 Steem as well.

Step 1

I opened the wizard interface: https://multisig.pennsif.net/ and I initiated a transaction which you can see below...

I used the Multisig wizard to create a transaction by clicking on the " Create transaction" option. All that is needed at this point is just to fill in the required details...which include the multi-sig account to send fund from, the recipient account and the amount. This stage can be done by any of the signatories...either I or @eliany, but the good news is that I will get a notification that a transaction has been initiated in that account, that way, one person can't steal money from that account.

I experienced a little challenge a few days ago as I didn't get a notification after a transaction, but the information below shared by the developer/team would be of great help to understand why it happened that way.

if a multisig transaction has been proposed and completed within a 6-minute period, no notification will be posted (because clearly, nobody else needed to be informed for the transaction to complete) Ref.

I hope that helps in case you experienced that anytime.

Step 2

I copied and paste my active Private keys in the allotted space and clicked on create.

After this stage, the second signatory which was @eliany got a notification that I have initiated a transaction...you can view that below:

Step 3

Because we both had an agreement to transfer funds from that account, she quickly signed the transaction through the Multisig wizard by clicking the highlighted section in the picture below:

Usually, the picture below👇 shows what happened after @eliany clicked on signed transaction.

As you can see from the picture above, the transaction required that she input her Private owner keys, which she did and proceed with because she is in agreement with this transaction and that was all. The below picture shows the success of that transaction after she must have signed.

But,

Let's say, @eliany didn't sign that transaction, there is no way that Steem could leave the @steem-uyo account.

What does that mean? If a community activate the **Multisg wizard in their community account and one person wants to transfer fund without informing others, such a transaction can't be successful if other signatories haven't signed.

⭐ Message to Community Founders/Users⭐

The solution to community fund theft is here. It would be interesting to see how you implement this new initiative in your various communities. The tool from the @pennsif.witness team is easy and user-friendly and would be very useful in communities.

This would reduce multiple complaints of founders powering down community accounts without the consent of others just like what we have here 👇👇

Maybe you can help me name the rest...., they are many...!

It was interesting to read all these 👉 ideas from various users to know their thoughts on this new tool.

I have tested this tool multiple times and I can assure you that it is safe to use. Feel free to activate it in your communities. Should you encounter any issues, feel free to contact me, and I will guide you...

And one more thing, don't be deceived by family business as some might want to rush to that option in the name of using a multi-sig to buy your trust, otherwise, you would be entertained by another drama.

However, I know of some great communities that are doing very well and still have good and long-term goals, but I won't mention them here, I can only commend them for all their good work.

I would like to extend my appreciation to the @pennsif.witness team for this great tool.

Cast a witness vote for @pennsif.witness


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I have a question: what happens if something happens to one of the authorised persons, who in turn has left no one with powers of attorney to deal with the keys or even the steem in the event of the person's unavailability?

Important question!

I think @rexthetech has answered that question in his latest update and here is it below 👇👇

What if one of the signatories misbahave and left the platform and also not in good terms with the admin..., would there be any provision to change such signatories?

In the case of a normal multisig account (not the perma-locked variation discussed above), it is possible to perform any action which requires the cooperation of multiple signatories, provided those agreeing with the action can, between them, sign with enough weight.

Although the only multisig operation currently supported by the Wizard is a standard STEEM or SBD transaction, we could if needed develop a "change multisig signatories" section. This is definitely possible, but would require significant work.

However, in order to change signatories, the signatories approving the change must between them have enough weight to approve the change.

For that reason, if you think you may find yourself with a misbehaving signatory in the future, it would be wise to set up a (for example) "5 out of 6 must sign" multisig account, so that any 5 members can, between them, eject the 6th (and replace the weights with "4 out of 5 must sign").

Thank you for this very good review of our Multisig system.

And thank you also for the very useful testing you have done.

You are most welcome, it was fun to play around with it in other to understand how it works😊.

This tool is going to be very useful in communities.

Thank you for this development.

Salam tuan @pennsif

Kenapa akhir-akhir ini saya tidak mendapatkan dukungan lagi dari SC01 dan SC02 . Apakah ada yang salah dengan saya, mohon sarannya supaya saya mendapatkan dukungan kembali.

@cymolan how does this comment relate with the post above?

Tentu tidak saudara

Then stop spamming aroud my post.

The steps to create multisig wallet account are very easy to follow judging from your explanation above. The advantages of this cannot be overemphasized, it's so obvious that this tool will go a long way to protect communities and also kill trust issues.

You've done a great job here👍
Multisig Wallet to the world!🎉🤗💃💃

Thank you, I'm glad you could follow up that tutorial, it's very simple.

It would be interesting to see communities adopting this.

Excelente idea el desarrollo de esta iniciativa para mayor control de los recursos que cada comunidad va construyendo con el trabajo y apoyo de cada uno de mis steemians que la integran.

Espero que cada comunidad se sume a su utilización y que el manejo de las cuentas sea más transparente psra todos

Saludos

Posted using SteemPro Mobile

It would be interesting to see communities adopting this new initiative.

This could actually be a nice time to note which community is here for steem growth or to make the money and run away with contributed funds.

Thank you for your input ..

This is an absolute beauty. I have been thinking of such a tool in other to help grow communities together on this blockchain. For this that have come, i encourage all communities to quickly jump into it and make good use for it.

At least if those communities A to D had use this platform those administrators couldn't have run away with those community funds.

If this had come earlier I believe @steem-ghana would still have been alive by now. It is rather unfortunate for the ghanaian community that it came this time however good for these live communities.

In addition to the question asked by @weisser-rabe and the answer provided, what if two or three people for the signatory misbehave?

However, I will therefore encourage all community members, moderators and administrators to come into agreement of using this tool. For the future is bright.