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Multisig Wallets Make their Debut in RSK Ecosystem via RIF Multisig


btcmanager.com 22 July 2021 12:50, UTC
Reading time: ~3 m

The RIF Multisig – which includes the RIF Savings and Vault – offers the RSK community a safe and simple solution to create wallets that require multiple signatures to transact their funds.

IOV Labs Unveils RIF Multisig

With the RIF Multisig, users can choose the number of keys that are allowed to open the vault and the ‘threshold’ number which is essentially the number of keys required to unlock it.

The RIF Multisig solution is primarily geared toward IOV Labs ecosystem partners, wallets integrated with or considering integration with RSK, and decentralized applications (dApps) developers.

In addition, the solution can also be used by retail crypto investors, users, exchanges, investment funds, and other funds in the business of handling digital assets and crypto wallets.

At present, Gnosis Safe is the most widely used solution for the RSK and Ethereum ecosystems. Gnosis Safe offers a range of smart contracts, an SDK, a backend, and a web application that facilitates the development and administration of multisig wallets in Ethereum and other EVM networks that are not a part of the RSK ecosystem.

What Does the Solution Offer?

Essentially, the RIF Multisig will enable RSK developers to deploy Gnosis smart contracts in the RSK ecosystem. It will allow the developers to add the necessary functionalities that are currently not supported in Gnosis Safe SDKs to operate multisig wallets safely and intuitively.

Developers can achieve the aforementioned by following the correct process for creating and operating multisig wallets and developing an example application that offers a correct understanding of the user experience.

There are a plethora of use-cases that can be tapped by RSK developers by using the RIF Savings & Vault solution. By using RSK SDKs and referring to documentation, developers can create multisig wallets choosing their owners and threshold, receive gas in the form of RBTC, receive ERC-20 tokens including RIF token, and request transactions to other owners for sending RBTC and ERC-20 tokens.

In addition, the solution can also be leveraged for sending raw transactions, extracting the list of pending transactions on a multisig wallet, confirming pending transactions both on-chain and off-chain, rejecting pending transactions, and deleting a multisig and withdrawing its funds.

Once the RIF Multisig is integrated into an end-user solution by developers, all entities will be able to benefit from its added security compared to single-sign storage. Crypto brokers, OTC traders can distribute admin keys for their funds to distribute the risk and ensure no single person can withdraw funds on their own.

Advantages of the RIF Multisig

Now that the RIF Multisig is released, interested individuals might be wondering what advantages does it offer? Especially compared to other similar solutions?

To answer the above questions, it must be noted that RIF Multisig is the first-ever multisig crypto storage solution designed for RSK and the Bitcoin DeFi ecosystem. The RIF Multisig lets users enjoy all the benefits of Gnosis Safe and many more SDK methods. This way, the RIF Multisig is bringing the multisig solution to RSK and Bitcoin ecosystems for the first time.

How to Integrate the RIF Multisig?

The RIF Multisig is refreshing the Bitcoin DeFi experience, bringing it at par with the Ethereum DeFi experience in terms of security and user experience. Interested developers can right away integrate the RIF Multisig solution with RSK-powered dApps. They can try out the software via the UI sample app here.

To get started with the integration, developers can view the technical documentation here.

Further, they can also get support from the RIF Identity team via the Open Slack.

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