4 ms·
Multisignature funds are used by almost all blockchain project organizations and companies. That's a simple system that's extremely useful. So blockchains give
by mbrock 9y ago
Multisignature funds are used by almost all blockchain project organizations and companies. That's a simple system that's extremely useful.
So blockchains give you the ability to open a secure account of valuable digital assets and authorize spending via cryptographic signatures and business logic.
You couldn't do that before blockchains, and it's not hard to imagine interesting variations on the theme: for example the Colony project that's on the top of HN right now.
- canoebuilder 9y agoCan you break down into the simplest language, what that actually means? How is it superior to existing systems? For what applications?
- mbrock 9y agoIt's a checkings account for cryptocurrency with spending conditions of the type "4 out of 6 members agree and the weekly spending limit is not exceeded." Since blockchains are open source and programmable, that also means it's a checkings account that you can script in any way you want. It's superior in that it doesn't require a bank. It's also an extremely transparent system, since blockchain transactions are visible to and auditable by everyone, and it has some strong security properties because of decentralization.