Xaman Help Center
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  • Welcome to the Xaman Help Center!
  • Getting started with Xaman
    • 💙Understanding the Xaman Service Fee
    • 🎉Xaman 4.0
    • How to create a RLUSD Trust Line
    • 💸What is Xaman?
      • Understanding Self custody
      • Where are your funds stored?
      • Xaman & natural disasters
      • Common misconceptions
    • Installing Xaman
    • Your first XRP Ledger account
      • How to create an XRP Ledger account
    • Activating an account (XRPL)
      • From GateHub
      • From Uphold
      • From Kraken
      • From Crypto.Com
      • From Coinbase
      • From Kucoin
      • From Binance
      • From Bitrue
      • From Bitstamp
    • Importing your account (XRPL)
      • Should I import my XRP Ledger account into Xaman?
      • ...with Secret Numbers
      • ...with a Family Seed
      • ...with a Mnemonic
      • ...a Xaman card
      • ...in Read Only mode
      • How to import an XRP Ledger account from a hardware wallet
    • Buying XRP
      • Banxa
      • BTC Direct
      • Guardarian
      • Topper
      • C14
      • Xaman On/Off Ramp
    • Sending tokens to Xaman
    • Sending XRP to Xaman
    • Sending tokens from Xaman
    • Sending XRP to Moonpay
    • How to convert a Read only account to Full Access
    • Deposit to Exchange Didn’t Arrive
    • Can Xaman reverse, freeze or undo a transaction?
    • Can I view/export my account secret?
    • I've lost my account secret!
    • Accessing your XRP Ledger account
    • General Terms and definitions
    • How to create a Trust Line
    • How to test your Account Secret
    • How to Rekey an XRP Ledger (XRPL) Account
    • How to disable the Master key
    • How to enable the Master Key
    • How to configure biometrics
    • Displaying XRP value
    • How to migrate from Toast Wallet to Xaman
    • Why adding / generating & confirming "Secret Numbers" is not user friendly
    • Page 1
  • Learning more about Xaman
    • 📱Got a new phone?
    • 🪙Supported tokens
    • Adding an Icon/Logo to a Trust Line in Xaman
    • Cashing out your XRP
    • Cashing out with GateHub
    • Adding Euro tokens via GateHub
    • Xaman & the Flare network
    • Xaman & AMM
    • Xaman & Fractal ID
    • Spam on the XRP Ledger
    • How to set the currency
    • How to change your Email Address
    • KYC
    • xApp Publishing
    • How to Get a Token Added to the Xaman Short List
    • Destination tags
    • How to recover a Casinocoin (CSC) account
    • GateHub’s issued tokens
    • How to send SGB to BiFrost
    • Taxes and your XRPL/Xahau accounts
    • How to reset the 6 digit passcode
    • Resetting the (account) signing password
    • Deleting an XRPL account
    • Official communication channels
    • NFTs
      • NFT Burn Process
    • Does Xaman offer Staking?
    • I've been scammed!
    • How to take a screenshot
    • Moving your XRPL account to another wallet
    • Feeling Generous?
    • How to access Testnet on XRP Ledger
  • Configuring Xaman
    • Understanding the Settings Options
      • How to take a screenshot
      • Events screen
      • Security screen
      • How to post a Session Log
      • Third party apps
  • XAMAN (TANGEM) CARDS
    • All about Xaman (Tangem) cards
    • Getting started with your new cards 🤗
    • How to configure a backup signing account
    • Creating a pin on your card
    • Best Security Practices Using the Xaman (Tangem) Cards
    • Lost or damaged cards
    • How safe is a card?
    • How to link an existing account to a Xaman card
  • ALL ABOUT XAPPS
    • Xaman xApps
      • Account Worth
      • Account Merge
      • Vanity Address xApp
      • Get Cards
      • DEX Trade
        • The price difference between selling and buying is too high
      • Path Finding
      • Xumm Pro Beta
      • Buy/Sell XRP
    • XRPL Services
      • Token Trasher
        • How to remove a Trust Line
        • How to get rid of tokens
      • Escrow creator
        • How to release an escrow
      • Token creator
      • Xahau Import
    • XRP Community
      • Trust in the XRPL Community
      • CasinoCoin Lobby
      • XRP Ledger TipBot
      • UniSpend
      • Transaction Exporter
      • Gatehub Trade
      • Stably xApp
    • Xahau xApps
      • Balance Adjustment
      • XAH Teleport
      • Voucher
  • Xaman Pro
    • 😎What is Xaman Pro?
    • How to subscribe to Xaman Pro
    • Features of Pro
      • Profiles
        • All about Profiles
        • What is PayString?
        • Setting up your Xaman Profile
      • Push notifications
      • Accounts
      • Xaman App early access
      • Free Tangem Card
      • Premium Support
      • Vanity addresses
  • Security and Xaman
    • All About Security
      • How secure is Xaman?
      • Has Xaman been audited?
      • Upgrading your encryption
      • Xaman (Tangem) Cards
      • 2FA and Xaman
      • Account present on another device
      • Quantum Attacks and Xaman
  • XRP Ledger resources
    • XRP Ledger Concepts
      • Video: Reserves and Fees on the XRPL
      • About Reserves
      • Payment Channels
      • Multi Signature
      • Understanding fiat currencies
  • Release notes
    • Current release
    • Previous releases
      • 😎Updating to Xaman v2.8.2!
      • Xaman v2.8
      • Xaman v2.6 (Formerly Xumm)
      • Xumm v2.5
      • 🥳Updating to Xumm v2.5!
      • Updating to Xumm v2.4
      • Xumm v2.4
      • Xumm v2.3.1
      • Xumm v2.3.0
      • Xumm v2.2.8
      • Xumm v2.2.6
      • Xumm v2.2.5
      • Xumm v2.2.3 / v2.2.4
      • Xumm v2.21
      • Xumm v2.0
      • Xumm v1.0.0
      • Xumm v0.6.0
      • Xumm v0.5.2
      • Xumm v0.5.1
  • About Xaman & XRPL Labs
    • About XRPL Labs
    • 👨‍👩‍👧‍👧The XRPL Labs/Xaman team
      • 📺Team: Ali, Satish & Koen
      • 📺Team: Richard & Tristan
      • 📺Team: Chris & Alex
      • 📺Team: Tom & Kevin
      • 📺Team: Dominique & Dirk Jan
      • 📺Team: Patrick & Will
      • 📺Team: Mai
      • 📺Team: Denis & Robert
    • Xaman vs. Ripple
    • Privacy Statement
    • Terms of Service
    • Responsible Disclosure Policy
    • Switching from Ledger to Xaman
  • Xahau
    • Activating a Xahau account
      • Activating an XRPL account on Xahau
      • Activating a Xumm card account on Xahau
      • Activating a Vanity Account on Xahau
      • How to send XAH from GateHub
      • How to send XAH from Bitrue
      • Via another Xahau account
    • Understanding the XAH token on the XRP Ledger
    • Understanding Reserves on Xahau
    • Understanding Trust Lines on Xahau
    • How to create a XAH Trust Line in your XRPL account
    • How to create a Trust Line (Xahau)
    • How to create an Evernode Trust Line
    • How to trade XAH coins
    • How to Rekey a Xahau account
    • How to trade Evernode (Evr) tokens
    • How to send XAH to GateHub
      • How to send XAH Tokens to GateHub - Hosted account
      • How to send XAH Tokens to GateHub - Self Custodial account
      • How to send XAH coins to GateHub - Hosted account
      • How to send XAH coins to Gatehub - Self Custodial account
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  • Introduction
  • What Is MultiSignature?
  • How Does MultiSignature Work?
  • Why MultiSignature Matters
  • Conclusion

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  1. XRP Ledger resources
  2. XRP Ledger Concepts

Multi Signature

Understanding XRPL MultiSignature

Introduction

The XRP Ledger (XRPL) offers a range of advanced features that go beyond basic cryptocurrency transactions. One of these powerful features is MultiSignature, which enhances the security and flexibility of managing XRP and other assets. In this article, we'll explore MultiSignature on the XRPL in a straightforward manner, explaining what it is, how it works, and why it's essential.

What Is MultiSignature?

Imagine having a joint bank account with multiple authorized signatories. Multiple or all parties must provide their signatures to approve transactions. XRPL MultiSignature, or simply MultiSig, operates in a similar way. It allows multiple parties to come together and collectively authorize transactions, making it a crucial tool for businesses, financial institutions, and anyone seeking enhanced security in their digital asset management.

How Does MultiSignature Work?

  1. Setting Up MultiSignature: To use MultiSignature on the XRPL, multiple parties create a shared account. This shared account is associated with a specific MultiSignature configuration, specifying the required number of signers and their respective weights (how much influence each signer has in the process).

    • The Quorum: In the MultiSignature setup, the "quorum" defines the minimum number of signers needed to authorize a transaction. For example, if you have a quorum of 3, this means that at least three authorized signers must provide their approvals for a transaction to proceed.

  2. Approving Transactions: When a transaction needs to be executed from the shared account, the required number of authorized signers must provide their signatures. For example, if the MultiSignature configuration specifies three signers with equal weights, all three must approve the transaction. This ensures that no single individual can unilaterally initiate transactions.

  3. Increased Security: MultiSignature significantly enhances security. Even if one signer's private key is compromised, an attacker can't execute transactions without the consent of the required number of signers. This makes it highly resilient to theft or fraud.

  4. Flexibility: MultiSignature can be customized to suit specific needs. You can set different signer configurations and change them as necessary. For instance, you might require only two out of three signers for routine transactions but demand all three for large transfers.

Why MultiSignature Matters

  1. Enhanced Security: In a world where digital assets are prime targets for theft, MultiSignature provides an added layer of protection. It ensures that multiple parties must collaborate to authorize transactions, making it more difficult for malicious actors to gain control.

  2. Risk Mitigation: For businesses and organizations, MultiSignature helps mitigate risks associated with key compromise or insider threats. It's a smart way to protect your assets while maintaining operational flexibility.

  3. Control and Governance: MultiSignature allows for distributed control and governance. It's ideal for situations where decision-making power needs to be spread across different individuals or entities. This makes it suitable for collaborative financial environments.

  4. Trust in Complex Transactions: In complex financial transactions, MultiSignature builds trust among parties by ensuring that each participant has a say in the process. This trust is vital for large-scale financial operations.

Conclusion

XRPL MultiSignature is a game-changer for enhancing security, trust, and flexibility in managing digital assets. It's not just a tool for the tech-savvy; it's a versatile solution that benefits individuals, businesses, and institutions in various ways. As the digital asset landscape continues to evolve, MultiSignature stands as a powerful ally, helping users navigate the complex world of blockchain with confidence and control.

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Last updated 1 year ago

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