multisig

[xeroc]

If Alice, Bob, Charlie, and Dennis has 33% weight each, that is a 132% pie. That is what I don't understand. Why is the total 132% instead of 100%?

good catch I'll fix it in the docs

Code: [Select]

+----------------+--------+
| Account        | Weight |
+================+========+
| Alice          | 1      |
+----------------+--------+
| Bob            | 1      |
+----------------+--------+
| Charlie        | 1      |
+----------------+--------+
| Dennis         | 1      |
+----------------+--------+
| **Threshold:** | 3      |
+----------------+--------+

This means that each party has the same weight of 1 while 3 parties need
to sign the transaction/proposal.

In other words: Alice, Bobe, Charlie and Dennis, each have 33% weight
while 100% must be reached.


[pc]

If Alice, Bob, Charlie, and Dennis has 33% weight each, that is a 132% pie. That is what I don't understand. Why is the total 132% instead of 100%?

That doesn't make much sense, but if each one had 34% then any three signatures would be sufficient.

[gn1]

If Alice, Bob, Charlie, and Dennis has 33% weight each, that is a 132% pie. That is what I don't understand. Why is the total 132% instead of 100%?

[xeroc]

http://docs.bitshares.eu/bitshares/user/account-permissions.html

In the docs, percentages are used ... the protocol uses integer "weights" .. which are then divided by the "threshold" ... 33% = weight 1 at threshold 3 = 1/3..

[gn1]

Thanks for your reply.

I've checked the help menu for "permissions" on Openledger, but it seems to only explain the overall concept but not the actual steps for setting up the multisig account. In fact, the example they used on the explanation seemed to exceed the total of 100% pie, so it simply confused me very much.

Do you know if there is a "proper" documentation on how to set up a multisig account/wallet?

[Chris4210]

Hi guys,
Is configuring multi-sig account/wallet coming out anytime soon on the BitShares GUI (frontend)?

It works already, but you need to some testing before to set up your account correctly. It is still a bit tricky and most users prefer a 2/3 multi-sig. Apparently, that works the best right now.

Here is a short memo to the topic.

Once you get you head around what is happening it becomes clearer but it's a steap curve. My method of multi-sig is as follows:
1x multi-sig savings account
   -purpose: a vault for storing value nothing more.
   -threshold:2
   -signers: user1 and user2
Once the savings account multi-sig is configured it's keys are backed up and stored in cold storage (you will never log in to this account anymore)

-all transactions from the multi-sig savings account are proposed by either user1 or user2
-all proposals are approved by user1 and user2 before tx is valid.

Bitkapital is using this method and seems to be working fine for them. I see them approving multi-sig txs all the time.

You can look at account jim12 (he is my multi-sig test vault) (except jim11 has an escape key as he has a high-value owner key, and the entry for jim13 was just me mucking around and is not required) in a real situation jim11 owner would be value 1 as well.

Please be careful so that you don´t lock yourself out or kill your account. In general, if you have problems. Import all private keys into one wallet! So Active and owner private key (they are different) into one wallet. Usually, that lets you shut down a multi-signature between user 1 and user 2 again.

[gn1]

Hi guys,
Is configuring multisig account/wallet coming out anytime soon on the BitShares GUI (frontend)?

[xeroc]

That feature is indeed not yet exposed to the GUI .. but the design of the GUI had this features in mind .. stay put

[monsterer]

Is multisig supposed to work? Did anyone successfully try it?

I tried it, but I don't think it's working in the client yet.

[drekrob]

Is multisig supposed to work? Did anyone successfully try it?