Enterprise Multi-Signature Wallet is a high security solution to store digital assets and crypto currencies protected by the safety of multiple cryptographic keys and thereby greatly reducing the attack surface of a single-key storage.
All Enterprise wallets are hierarchical deterministic wallets – also known as “HD Wallets”. HD Wallets are implemented using BIP32 and BIP39 standards. As such, these HD Wallets are built from ‘keychains’ rather than from individual keys, which can be backed up with a single secret. A wallet can use many public keys all of which are derived from a single backup key.
The primary advantage of multi-signature wallets is the ability for multiple machines and people to work together to approve a given transaction. Without multiple signatures on a transaction, all credentials to approve a transaction must reside with a single person on a machine. If that person, or machine is compromised by an attacker, all of your digitial assets can be taken.
Traditionally, it has been so difficult to secure these single person / single machine systems, that many vendors have opted to simply use “cold storage” and move digital assets offline entirely.
Multi-signature wallets offer all the flexibility you would expect from a modern crypto address without having to take it offline. The Credence API enables you to use multi-signature features in your own applications so you can harness the full flexibility of multiple users, cosigners and state-of-the-art fraud detection services to protect against loss and theft.