The Pi Network multisig wallet is a wallet that allows Pioneers to delegate their Pi to apps created in the Pi Browser.¹ This allows Pioneers to support the development of apps that increase the value of Pi, while retaining control over their own Pi.¹
The Pi Network multisig wallet can only be used within the Pi Browser.² The Pi Browser is a dedicated browser that provides access to the Pi Network Testnet Ecosystem.³ The Testnet Ecosystem is a place where Pi Network developers and users can try out various apps and utilities they have created.³
To use the Pi Network multisig wallet, follow these steps:⁴
– First, download the Pi Network app and become a Pioneer.
– Next, open the Pi Browser and access the Testnet Ecosystem.
– Then, select the app you want to use the multisig wallet with.
– After that, confirm the number of required keys (M) and the number of generated keys (N) specified by the app developer.
– Next, enter the amount of Pi you want to delegate to the app from your Pi balance.
– Finally, sign with M private keys. For example, in the case of “2 of 3”, sign with 2 out of 3 private keys.
– Once the signature is verified as correct, the Pi transfer will be executed. The transferred Pi will move to the multisig address managed by the app developer.
These are the steps for using the Pi Network multisig wallet. The multisig wallet is a secure technology that brings new possibilities to Pi Network Mainnet apps.
What is a Multisig Wallet?
A multisig wallet is a cryptocurrency wallet that requires multiple signatures. Specifically, it is a type of wallet that requires multiple signatures to approve and execute a transaction.
A cryptocurrency wallet is a tool for storing and managing cryptocurrency. A wallet has a “private key” that only you know and a “public key” that you can share with others.² From the public key, an “address” is generated in a human-readable format. The address is used for sending cryptocurrency and checking balances.
Cryptocurrency transactions are recorded on a distributed ledger called a blockchain. The blockchain records information about how much balance is in a wallet address. To move the balance, the private key from which the address was derived is required. When moving a balance, transaction data is created and electronically signed using the private key. Whether the transaction data is signed with the private key from which the address was derived can be verified by a third party, and this verification process is mining.
Multisig wallets use multiple private keys. Data cannot be signed unless the correct keys are present, so the more keys there are, the more secure it is. Having multiple keys reduces the risk of theft or loss compared to having only one key.
Multisig wallets are usually expressed in the “M-of-N” format. For example, if two out of three public keys are used to decrypt a signature, it is written as “2 of 3”. There is no fixed number of keys; there can also be “3 of 4”, etc. However, setting it to “2 of 3” is common.
How Does a Multisig Wallet Work?
A multisig wallet works according to the following steps:
First, when creating a multisig wallet, determine the number of required keys (M) and the number of generated keys (N).
Next, generate N private and public keys. From these public keys, a multisig address is created.
Then, deposit cryptocurrency into the multisig wallet. The deposited cryptocurrency is linked to the multisig address.
When withdrawing cryptocurrency, sign with M private keys. For example, in the case of “2 of 3”, sign with 2 out of 3 private keys.
Once the signature is verified as correct, the cryptocurrency transfer will be executed.
References
- (1) Let’s create a π wallet with Pi Browser! Introducing setup methods and usage …. https://raripop.com/how-to-use-the-piwallet/.
(2) What is a Pi Wallet? Pi Network Wallet …. https://www.btcc.com/ja-JP/academy/crypto-basics/what-is-a-pi-network-wallet-a-thorough-explanation-of-how-to-create-one.
(3) What is Multisig? Benefits, drawbacks, mechanism, support …. https://bing.com/search?q=%e3%83%91%e3%82%a4%e3%83%8d%e3%83%83%e3%83%88%e3%83%af%e3%83%bc%e3%82%af+%e3%83%9e%e3%83%ab%e3%83%81%e3%82%b7%e3%82%b0%e3%82%a6%e3%82%a9%e3%83%ac%e3%83%83%e3%83%88+%e4%bd%bf%e3%81%84%e6%96%b9.
(4) What is Multisig? Benefits, drawbacks, mechanism, support …. https://bap-software.net/knowledge/multisig/.
(5) Introduction to Pi Browser and How to Create a Pi Wallet – Earn Fun Side Income …. https://ysfx5.com/piwallet-test/.




