My thoughts on Multisig Wallet : Don't sleep on this initiative

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Hello friends!!

With excitement in my heart I would like to drop my entry on this contest. Do you wish to know why am excited? Then I guess you would have to read till the end...

What are your thoughts on a multisig wallet and on steemit communities

Firstly I would like to say multisig wallet is the short form of the word multi-signature wallet. Which simply means more than one signatory. This idea was bathed some time ago when steemit team asked to get feedback from users on what they wanted to see on the platform. Mr @ubongudofot dropped this multisig wallet as one of this feedback. Am glad that a developer @pennsif.witness didn't relent but took it and made it a reality.

I was really excited to see this new innovation called the multisig wallet. I think it's really a great initiative because it's no longer an idea, it's now real. Accounts or wallets can be converted now to multi sign wallet which means no personal user has the sole authority to carry out any transaction in that particular account once converted to multisig wallet.

Atleast two signatories out of three has to authorize the transaction before it can be done. This will really do so much to communities on steemit and will reduce the indecent running away of community funds raised by users.

Multisig wallet will change the mindset of Admins taking the community as a one man business. This will inturn cause radical growth of communities on steemit and prolong longevity of that community.

In the past, there were beautiful communities that were greatly supported by the steemit team(I won't mention names), even users were asked to donate some percentage beneficiary as support to these communities on every post. Along the line, the Admins of those communities after accumulating so much power, influence, trust and support, powdered down those accounts and made away with the funds without explanations, leaving the users homeless on steemit.

Imagine if this initiative was launched back then, those Admins won't be able to carry out this fraudulent practice because they will need the approval of atleast two other person's to move out those funds or power down. So I think this is really an amazing initiative that we all should embrace, Admins, mods and users.

This initiative should be used to check communities on steemit who are genuine. As an admin If you think you are genuine and don't have plans of running with funds then you should not have issues with this initiative called multisig wallet.

On steemit, this will bring about clearity, trust and longevity. The false people will always run away when something hits them hard just like when club status initiative came up on steemit.

Do you think it will be effective in a community?

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Absolutely!! I think this initiative would be very effective if only the communities management agree and accept it and the steemit team welcomes it. Like I said before it's a great initiative.

Secondly it will be effective if the steemit team takes this initiative and implement it, supporting the communities and users in it, that adopts this initiative. I say this because some communities might kick against the initiative if they see that the communities who have adopted the initiative are not supported by the steemit team.

Will you like your communities to adopt this initiative?

Yes I would really love my communities to adopt this initiative. This will foster more trust. Users and steemit team will not be afraid to support the communities. Even mods would give their best knowing that it's not a man's business.

Who do you think should be among the signatories in each community and why?

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The signatories should be users with good reputation and trusted. Therefore I would suggest that apart from the admin. One more user like a trusted mod appointed by the rest of mods should be in the team of signatories and a neutral body like @steemcurator01. For me this would be a perfect team.

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

The first impact I know this initiative will create in communities that adopts it is longevity. Communities will stay longer on steemit. Power down of communities will be cut down and this will simply cause the community to live and last longer.

Next is growth. On steemit, communities will experience rapid growth because users, investors and even the steemit team would not be afraid of supporting the communities. This support leads to the growth of the communities both in steem power and influence.

Trust and transparency is established. Trust is established between the community admins, mods,users and the steemit team.
"I support multisig in communities"

At this point I would like to know what my friends think about this initiative @ninapenda @sahmie @richy20 @lhorgic @okere-blessing @manuelhooks @patjewell @aviral123 @bossj23