FIL Multisig Wallet
Overview
The Filcoin mainnet provides functionality to manage wallet without private keys, known as FIL multi-signature (Multisig) wallets. Users can effectively manage these wallets by initiating proposals and voting on them.
FIL multi-signature wallets are suitable for the following business scenarios:
1. Joint management of FIL assets by multiple shareholders: Multiple shareholders can collectively manage FIL assets through multi-signature wallets. Manage and control your FIL assets scientifically based on the set number of shareholders and threshold.
2. Multi-member management of FIL nodes: You can use a multi-signature wallet as the owner or beneficiary of FIL nodes, achieving the functionality of multi-member management of FIL nodes.
Terms and Definitions
Signer: Participants in the multi-signature wallet.
Threshold: Specific conditions that multi-signature wallet proposals need to meet to be recorded on the blockchain.
Proposal: Transactions initiated by members of the multi-signature wallet.
Proposal Voting: Members of the multi-signature wallet confirm valid proposals that have not reached the threshold.
f1 Address: Address generated based on the private key using the secp256k1 algorithm on the FIL mainnet.
f3 Address: Address generated based on the private key using the BLS algorithm on the FIL mainnet.
f2 Address: Address generated on the FIL mainnet using a specific algorithm without a private key.
f0 Address: Field identifier in the FIL mainnet for the different types of new addresses mentioned above, equivalent to a code.
FIL Multi-Signature Wallet Transaction Flow
Signers in the multi-signature wallet initiate proposal transactions to the multi-signature wallet. Once the proposal is on-chain, other multi-signature members vote on it and confirm it on the blockchain. The blockchain checks whether the proposal has reached the threshold set by the current multi-signature wallet. Once the threshold conditions are met, the proposal is executed.
FIL Multi-Signature Features Supported by MPC system
ChainUp Custody’s MPC system now supports various features, including creating and managing FIL multi-signature wallets, managing signers and thresholds for multi-signature wallets, and performing balance withdrawals and proposal handling for multi-signature wallets.
Create and Manage Multi-Signature Wallets
Open Functionality
Log in to your ChainUp Custody account, select the MPC system, and choose the “Discovery” - “FIL Multi-Signature Wallet” function.
Use FIL Multi-Signature Wallet Function
In the FIL Multi-Signature Wallet Management function, you can choose to create a new multi-signature wallet or add an existing one:
Create Multi-Signature Wallet: If there is no suitable multi-signature wallet available, you can choose to create a brand new one.
When creating a multi-signature wallet, make sure to choose the correct address for publishing the creation transaction and enter the required signer and threshold information accurately. Once the transaction is successfully on-chain, you will have successfully created a multi-signature wallet.
Add Multi-Signature Wallet: If an address in your MPC system has been set as a signer for a multi-signature wallet, you can use the MPC function to manage your multi-signature wallet.
Enter the address of the multi-signature wallet you currently manage, and you can successfully add the multi-signature wallet you manage.
Manage Signers and Thresholds for Multi-Signature Wallets
ChainUp Custody’s MPC system supports users in proposing and voting on proposals to edit signers and thresholds for multi-signature wallets.
Edit Signers
In the multi-signature wallet page, click on “More,” then select “Edit Signers” to initiate a proposal to edit the signers for that multi-signature wallet. You can choose to add or remove signers. Once you have selected and entered the relevant parameters, the transaction is on-chain, and the proposal is successfully initiated.
Edit Thresholds
In the multi-signature wallet page, click on “More,” then select “Edit Thresholds” to initiate a proposal to edit the threshold for that multi-signature wallet. Enter the new threshold that complies with the rules. Once the transaction is on-chain, the edit threshold proposal is successfully initiated.
Balance Withdrawal for Multi-Signature Wallets
ChainUp Custody’s MPC system FIL multi-signature management tool supports initiating proposals for balance withdrawals from FIL multi-signature wallets.
You can directly click the “Withdraw” button on the multi-signature wallet page, or use the left swipe shortcut operation on the multi-signature wallet list page to choose the withdrawal operation.
Enter the amount you wish to withdraw and the target address. Wait for the transaction to successfully go on-chain. Your balance withdrawal proposal will be successfully initiated.
Proposal Handling
ChainUp Custody’s MPC system has FIL multi-signature management tools and supports the functionality of handling proposals for FIL multi-signature wallets.
Proposal Voting
After creating or adding a multi-signature wallet, proposals that require your vote will be presented as tasks. Completing these tasks allows you to vote and process related proposals.
Manual Proposal Handling
In the multi-signature wallet page, choose “More” and select “Handle Proposal.”
Enter the TXID of the proposal you wish to handle, and you can vote on that proposal.
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