Pixabay image edited in canva

It is my pleasure to share my thoughts in this contest organised by @ubongudofot it seems this comes at the right time and on a right day. But before I go on let's understand what this wallet is all about.

Multisig wallet is a new initiative launched by pennsif team which requires a signature of more than one person to authorise a transfer of funds from the account wallet. Now multisig wizard is a tool use in converting normal wallet account to multisig. This tool is created by @pennsif.witness team owned by @pennsif.

Having understood what this multi-sig wallet is all about let me share my own thoughts about this new feature in steemit blog.

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What are your thoughts on a multi-sig wallet and on Steemit communities?

With my understanding of multi-sig wallet I think it is highly recommended in steemit for the benefit of all steemians, instead of building a community and when it get to a point it would have been supporting users, admins will power down without the interest of the subscribers who are actively contributing to the communities.

With this multi-sig wallet, users will be comfortable posting to communities without fears, besides MODs will be working happily as well knowing he or she is building a solid house that will never fall no matter what.

Just like it is done in big organisation and business places, three (3) signatories to the community account will be needed before any account is powered down, this sounds interesting.

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Do you think it will be effective in a community?

Freepik

• A whole lot of benefits, first of all it will contribute massively to steem growth as there will be massive power up of community account instead of powering down.

• Communities with ulterior motive will step out and genuine ones will stand out, building of communities will stand out.

• There would always be contribution and suggestions of everyone managing the community before any funds leaves the community account, so there will always be a rethink before anything is done to any community account.

• The interest of users in the community will always be considered as priority.

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Will you like your communities to adopt this Initiative?

Very well I will, it is a good initiative that will bring a lot of chances in the platform. It will be of good help to all if implemented since this will protect the shelf life of a community on this ecosystem.

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Who do you think should be among the signatories in each community and why? (I will carefully interact with you through this particular question)

I will suggest the admin, a trusted MOD and @steemcurator01 will be signatories, I choose this third person because users will be sure that the community is save and trusted, it will serve as a kind of KYC to all communities across steemit. Also, I will like to see all Admins/ Founders and MODs response to this new tool.

Freepik Signatories coming to agreement before any fund leaves the wallet

It should be the agreement of all the signatories that any fund should be transferred and it therefore means that before such agreement is done it will be something very important.

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What Impact can this create on communities that adopt this initiative?

If communities adopt this , it will be of their own good as they will be seen as one who do not have ulterior motives and so steemians will trust such communities. The community reputation will go higher and of course it's support will increase, active users will increase as well.

I support the motion that this tool should be adopted in community accounts across the platform. And a member of the steemit team should be among the signatories.

I will like to invite @goodybest @suboohi and @chant to share their thoughts in this contest.