Ethereum multisig wallet - interacting with contracts on behalf of multisig

in #ethereum7 years ago

I'm still active in the crypto space, the only difference - I'm learning at an accelerated pace. Practically all my free time is invested into reading, learning, playing with code... I wanted to ask question on StackOverflow, but in the process of doing research I think I've figured it out.

So rather than asking the question, here is a little write up.

My current understanding:

Ethereum wallet = private key, Ethereum address is derived from private key.

Multisig Ethereum wallet = contract deployed to Ethereum network (requires ETH to do so). Usually there are different methods available on the contract (OwnerAddition, OwnerRemoval, etc...)

See also: https://ethereum.stackexchange.com/questions/212/whats-the-difference-between-accounts-and-wallets-in-mist

My use case:

I have a sensitive smart contract, say the one managing the ICO and minting tokens.

Don't want a single a person (the private key owner) to be a single point of failure.

Because Multisig Ethereum wallet is effectively a contract, what is the typical flow?

It's not easy, it's not straightforward, there is no established standard yet - if it was easy they wouldn't be hacked twice.

Here is the EIP suggesting a standard: https://github.com/ethereum/EIPs/issues/763

Great read, easy to understand: https://klmoney.wordpress.com/beta7-contract-wallets/

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