EOS Guide: Keep your EOS account SAFE using Multisig Structure

in eos •  4 months ago  (edited)

Please read this first: Advanced EOS Multisignature Tutorial to understand EOS Multisignature
Recommend: Using Scatter Desktop, not Scatter extension on Chrome

Look at my testing account first:

What is the problem here?
If I lose my Active Key, I can use my Owner Key to change it.

  • If someone steals my Owner Key, that bad guy can take over my account. I will lose it forever.

To avoid that, we should apply Multisig Structure on our EOS accounts.

1. Set up multisig permissions on your account:

  • Login your EOS account with your Owner Key on bloks.io => Wallet => Permissions Manager

  • I focus on Owner first. You can use this guide for your Active later. Let's change it.

What changes on the above picture:
* Owner is the first layer, so let its Parent blank
1)Threshold: 2 (always >= 2)
2)Keys: delete all keys (because a key without the highest threshold cannot make a msig transaction)
* We should use accounts, please prepare the number of accounts > Threshold. In this guide, I prepare 3 accounts. The reason is that if you lose 1 account, you still have 2 left to make a msig transaction
3)Accounts: add 3 accounts [email protected], [email protected], and [email protected] with threshold 1 for each

  • Click Save Permission

  • When completed, check out your account permissions

2. Create a msig transaction (change permissions, tranfer tokens, stake, unstake, delegate, undelegate, buy/sell RAM, etc.):


In this guide, I am gonna transfer tokens


* Proposal name: put on anything you want, but it is not longer than 12 characters
* Requested Approvals: my Owner Threshold is 2, so just pick up 2 of 3 accounts


* Authorization: put on your Sender account. Here is account4test and owner (I put on owner because all of my Requested Approvals are on Owner Permissions)
* Data: from: change 13jjjjjjjjjj to account4test (tranfer tokens from account4test, not 13jjjjjjjjjj)

  • Click Propose

  • When completed, click on msigtxtest

  • Turn off Multisig Mode

  • Use the first approval account 13jjjjjjjjjj and click Approve Transaction

  • Logout and Login the second approval account iloveueosdac and click Approve Transaction

  • Now you have 2 approvals, then click Execute Transaction

  • Congratulations! Your msig transaction is done!

  • When completed, click F5 and you will see

  • Check out the transaction on account4test

That's all. Hope that helps you :)

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wow...... i have been looking for this.

I thought chrome extensions for Scatter are no longer safe

https://medium.com/coinmonks/advanced-eos-multisignature-tutorial-bf4da94f8360

IMG_20190526_191143_082.jpg

The side article is just used for clearly explaining the Multisig Structure.
Scatter Desktop is recommended.

ok, thanks

Small addition: 2)Keys: delete all keys (because a key without the highest threshold cannot make a msig transaction)