Multisig wallet for Cardano?

Question

Does Cardano support multisig wallets? If not, are there any ongoing projects to have them implemented, any standards defined or at least drafts proposed?

Answer 1

The node does support multi-signatures (for instance you can do a multi-signature when minting NFTs). However, the wallets do not yet support this. But its coming eventually!

Answer 2

Github Link for the comprehensive guide

You can create your own Multisig Wallet using cardano-cli locally. However, this is for a technical people and with basic knowledge on how Cardano UTXO works and the concept of private/public key to sign transaction etc. The development of creating a user-friendly multi-sig wallet is still ongoing Round Table

There's a guide on how to create Cardano's Multi-sig Wallet + ability to stake the wallet.

Here's the general overview:

1. Generate public key pair of payment.vkey and stake.vkey (verification key) for your wallet and the participant's wallet
2. Create the script policy (using Native Script) and provide this information *basically telling who are the people that need to sign / approve transactions for this wallet
3. Create the address (called Script Address)
4. Everytime you want to do transaction with this wallet, participants need to sign the .raw transaction file using their private payment.skey or stake.skey file locally.

This is at the core level / behind the scene on how to create and use multi-sig wallet on Cardano.

Answer 3

CIP 1854 (Cardano Improvement Proposals) allows us to use Multi-signatures HD Wallets, but there's no implementation at the moment. However, in Goguen era, which begins on 12th September 2021, Cardano with the help of Alonzo gives developers the tools to create Smart Contracts with Multisig.

Here's a quotation from IOHK post:

Applying a rigorous approach based on formal methods and verification, Alonzo extends the basic multi-signature scripting language (multisig) used in Cardano Shelley. Multisig will be upgraded to the Plutus Core language for more powerful and secure scripting options.

Answer 4

I just launched https://broclan.io

Anyone looking for a multisig wallet on Cardano can give it a try :)

Answer 5

Below are 2 more options I have found.

The Summon Platform https://medium.com/@SummonPlatform/multi-signature-treasuries-ba855e748878

Multi-signature Native scripts are one of the most secure ways of managing funds on the Cardano blockchain. Current use cases range from personal backups, trusts, or “fail-safes,” to subDAOs, guilds, working groups, investment clubs, hedge funds, p2p swaps, and even multi-player betting or gambling games. And that’s only scratching the surface. In the future, we expect to see many new and exciting use cases that benefit from this simple yet secure scripting language.

... The Summon multi-signature treasury system focuses heavily on user friendliness and easy treasury management. The interface allows you to assign signers/key holders by simply inputting their Cardano receiving address or by resolving their $ADAHandle directly in the UI.

Create A Multi-Sig Treasury The Summon multi-signature treasury system requires no coding experience and is compatible with all popular Cardano lite wallets. Creating a new treasury is simple: ...

LedgerFlow by Iagon

https://docs.iagon.com/docs/whitepaper/products/ledgerflow/

Here is what they say:

Ledgerflow is an innovative project that operates within the Cardano blockchain ecosystem. It offers two essential features: Multisender and Multisignature (Multisig) capabilities. Let's delve into each of these functionalities:

Multisig is a powerful security feature that enhances the safety of cryptocurrency wallets and transactions. In a Multisig setup, multiple parties (often referred to as signatories) collaboratively manage a wallet. Transactions require approval from a predefined number of these signatories. For instance, a company treasury might use a Multisig wallet where three out of five board members must sign off on any outgoing transaction. This prevents unauthorized access and provides redundancy.