My Thoughts on Multisig -wallet #1 : New Development for Communities' Betterment

Well, I am pleased to participate in this contest. I actually came across a contest organised by @ubongudofot where we are to share our thoughts on a new tool called multisig wallet which can be used on steemit communities by allowing a group (more than one person to authorise transfer of funds) of steemians to convert normal steem account to multisig account.

Designed with PixelLab

Using the contest tips as guidelines, I will share my thoughts about this new tool on steemit platform;

My Thoughts on Using a Multisig Wallet and on Steemit Community

I am happy that this tool was set up by steemit developers who worked hard for the betterment of steemit. The way multisig wallet operates, I am absolutely sure that every transaction that will be done in a community account will not come by surprise to everyone but as an agreement between the team members.
Creating a multisig wallet for community account will definitely put an end to some trust issues and everyone will work and contribute to community' growth without fear.

A screenshot from here

Being that multisig wallet is programmed in such a way that more than one person can authorise a transaction from community account, then I think it is best for every community to adopt.

Additionally, since the actual aim of this wallet is to use to manage community funds and two persons can give permission before transfer of funds are made. It is a good project then because it comes with no harm but only to protect the communities.

Do You Think Multisig Wallet Will be Effective in a Community

Yes, with my point of view about this project, I am sure it will be effective because developers took time to work on this which is for the betterment of steemit at large.

Will You Like Your Communities to Adopt The Initiative?

I would like the communities I'm actively engaging to adopt this idea of creating multisig wallet account because at the end, it's for the best interest of the communities and its users. So my answer is capital YES!

Who I Think Should be Among the Signatories in Each Community and Why

The signatories are those that will authorise the transfer of funds from community account. So apart from the admins or moderators, I would also like to suggest that; @steemcurator01 should be among the signatories. This way, there will be complete transparency in whatever transaction is being done on the community account.

A screenshot from here

The Impact This Will Create on Communities that Adopt the Initiative of Multisig Wallet

Adopting this initiative will only bring positive impacts and the following are the impacts I think this will create;

• Proper management of community funds
• Trust to other community contributors
• Accountability
• There will be proper room for community growth.

I appreciate @pennsif.witness and his team for creating this tool. I am fully in support of Multisig in communities.

I have shared my thoughts on this new initiative and I would like to invite my friends ( @eliany, @pandora2010 and @mvchacin) to share theirs. Thank you