Setting up the Multi-Sig Wallet
Set up a Telegram or Discord group that includes all participants involved in the multi-sig wallet. This group will serve as a platform for easy coordination and communication among the participants.
Designate a leader within the group who will be responsible for tasks such as message creation and broadcasting of transactions. This ensures efficient coordination and helps streamline the process.
Step 2: Generating Public and Private Keys:
Each participant should create their individual wallet using the Qwoyn CLI or any compatible wallet software. Follow the instructions provided by Qwoyn for wallet creation, ensuring that each participant securely generates their wallet and obtains their wallet information.
Once the wallets are created, each participant should share their wallet information within the Telegram or Discord group. The wallet information typically includes the wallet address and associated public key.
Step 3: Adding Participants to the Wallet: Participants need to add the other multi-sig wallets and the multi-sig wallet itself to their keyring. This step enables participants to interact with the multi-sig wallet and perform necessary operations.
Do the following for each individual, omitting their wallet.
In the above example you will need to replace the keyname k1 and k2 with the provided keyname. You will also need to replace the public key with the keys provided by the multi-sig signers.
After adding the wallets to their keyring, it is essential to verify that everyone has the same wallet address. This can be done by cross-checking the wallet addresses shared by each participant within the group. Consistency in wallet addresses ensures that everyone is referring to the same multi-sig wallet.
Step 4: Defining Signature Requirements:
In Step 2 of creating the multi-sig wallet, --multisig-threshold=2 defines the number of signers needed. In the example above there are a total of 3 wallets so this is setup as a 2 of 3.
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