How Does a Multi-Sig Wallet Secure the Upgrade Process?
A multi-signature (multi-sig) wallet requires a predefined minimum number of private key holders (signers) to approve any transaction, including a contract upgrade. This prevents any single person or compromised key from unilaterally executing a malicious or erroneous upgrade.
It introduces a check-and-balance system, distributing control and significantly enhancing security.
Glossar
Secure
Framework ⎊ Within cryptocurrency, options trading, and financial derivatives, a secure framework prioritizes the integrity and resilience of underlying systems against adversarial attacks and operational failures.
Multi-Sig Wallet
Security ⎊ A Multi-Sig Wallet, short for multi-signature wallet, is a critical security primitive requiring a predefined number of private keys, or signatures, out of a total set to validate and execute any outgoing transaction.
Upgrade
Iteration ⎊ An upgrade, within cryptocurrency, options trading, and financial derivatives, signifies a protocol or system evolution, often implemented through hard forks or soft forks in blockchain technology, impacting consensus mechanisms and smart contract functionality.