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RE: Reviews : Steem Multisig Wizard[9th August, 2023]

in Hot News Community • last year

I have a question: what happens if something happens to one of the authorised persons, who in turn has left no one with powers of attorney to deal with the keys or even the steem in the event of the person's unavailability?

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     last year (edited)

    Important question!

    I think @rexthetech has answered that question in his latest update and here is it below 👇👇

    What if one of the signatories misbahave and left the platform and also not in good terms with the admin..., would there be any provision to change such signatories?

    In the case of a normal multisig account (not the perma-locked variation discussed above), it is possible to perform any action which requires the cooperation of multiple signatories, provided those agreeing with the action can, between them, sign with enough weight.

    Although the only multisig operation currently supported by the Wizard is a standard STEEM or SBD transaction, we could if needed develop a "change multisig signatories" section. This is definitely possible, but would require significant work.

    However, in order to change signatories, the signatories approving the change must between them have enough weight to approve the change.

    For that reason, if you think you may find yourself with a misbehaving signatory in the future, it would be wise to set up a (for example) "5 out of 6 must sign" multisig account, so that any 5 members can, between them, eject the 6th (and replace the weights with "4 out of 5 must sign").

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