Does Cardano support multisig wallets? If not, are there any ongoing projects to have them implemented, any standards defined or at least drafts proposed?
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!
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.
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:
- Generate public key pair of
stake.vkey(verification key) for your wallet and the participant's wallet
- 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
- Create the address (called Script Address)
- Everytime you want to do transaction with this wallet, participants need to sign the
.rawtransaction file using their private
This is at the core level / behind the scene on how to create and use multi-sig wallet on Cardano.