For the hot storage camp, the convenience and low costs makes hot storage by far the most favorable. Cold storage supporters, on the other hand, will rally about their method’s security using the old adage: “not your keys, not your crypto.” While cold storage offers increased security from traditional hot storage wallets, there's often a legitimate need to keep your crypto online.
While there are many different types of multisig wallets, there are two top-level types: the first type requires all parties to attest or sign to a transaction, most commonly three-key wallets, and the second type requires a certain number out of the total pool to participate for a transaction to process, for example, two of three or three of five.
The process of signing transactions on multisig wallets differs from traditional wallets due to a key design difference. Traditional wallets are known as externally owned accounts , meaning they are generated by users and controlled by. EOAs are generally considered to be “user accounts,” meaning they are created for members of the general public to interact with blockchains.
Multisig wallets, on the other hand, are smart contract-based wallets. Rather than being endpoints controlled by a user, these smart wallets are controlled by code and governed on-chain by their owners. Because of this setup, multisig wallets are considered a “seedless” form of
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