As you may know, decentralized finance has exposed many problems with existing personal financial security. With third parties being compromised and funds being stolen, people are seeking new and improved ways to personally secure their financial assets. This has consequently led to a surge of innovation in this space, and new solutions are being created every day to address this. One of these solutions lies within BitBay’s newly released Multi-Signature (multisig) Web Wallet, which truly takes security to the next level.

Simply put, this feature is a joint wallet that can be controlled by up to 15 different individuals. Think of it as a locked door with multiple keys. One person cannot open this door alone. There must be at least 2 or more people present with their own unique key to unlock the door.

With BitBay’s multisig tool, a user can create an address and grant access to specific users, who hold their own keys. In order for funds inside that account to be released, those specific users must “sign off” on the transaction with their key before any multisig transaction can be completed. For example, with a 3-signature wallet, 2 out of 3 signatures could be designated to release the funds. This prevents one single individual from moving the funds on their own, and also increases the difficulty of collusion with several other “key-holders”. For maximum security, it can be arranged to have 15 out of 15 keys needed to release the funds.

Setting up this multi signature web wallet address is a fairly simple process. Once a personal wallet is created, a user can easily set up the joint account. All that is needed are the public keys from each of the individuals who will have access to the multisig account. Once the multisig address is created and funded, it can then be accessed with the designated number of keys specified. Determining how many people to grant access to is up to the account creator. For a detailed, step-by-step instruction on this process, check out this tutorial.

In short, everybody! These joint accounts can be used by virtually any organization or group of individuals, within any industry. A popular use case includes a company that holds one main account, in which multiple employees have access to. Now all account funds can be traced to specific employees, and only accessed by 2 or more employees simultaneously. This makes it twice (or up to 15 times) more difficult for a single individual to steal or access the company’s funds. It would be even more crucial to have this level of security when the money belongs to customers of the business.

Another popular use of this is for domestic partners, who want to maintain a joint account for household expenses, such as cleaning supplies, food, groceries, etc. With the multisig account, neither spouse can spend the money without the other’s approval. This completely eliminates the possibility of “random shopping sprees” or spending money on things other than what the account was created for.

BitBay’s multisig tool is also very useful for a person who wants to set up a will. When creating the will, an individual can designate which specific family members and loved ones will have access to their funds after they pass away. All family members with the keys must be present and in agreement before unlocking the funds. This helps eliminate any confusion as to “who gets what” when the time comes, and keep post-life conflict to a minimum.

The possibilities of this are endless. With multisig options in addition to time lock addresses, this web wallet is now one of the most feature-rich wallets in the crypto space. All in all, the capabilities of BitBay’s Web Wallet is ever growing, and we will continue to see more innovative and functional features released this next year.

Want to see what awesome, new features are being released next? Check out BitBay’s roadmap here.