Multisignature addresses are addresses associated with more than one private key and require m of n keys in order to spend funds. This enables enhanced security, since private keys can be stored on separate machines, as well as advanced features, such as sharing an address and its funds with team members, family or company management.
Also read: How a Bitcoin Transaction Works
As of block 333500, users will be able to use multisig features in Counterparty’s web wallet Counterwallet and its reference client counterpartyd. With this release, Counterparty also announced implementation of free asset names. Users of Counterwallet are now able to register numeric assets without paying the standard 0.5 XCP free.
Adam Krellenstein, Co-founder and lead developer of Counterparty explained:
“Multisignature addresses have been a hot topic this year, and for good reason. Unlike standard Bitcoin addresses that have only one private key, Multisig addresses secure funds by requiring more than one signature to make a payment, which adds an additional layer of security and provides new ways of controlling your money. Counterparty has been working on this feature for the last couple of months, and we’re very excited to see it being implemented and used on our platform.”
Robby Dermody, Co-Founder of Counterparty, added:
“Until now, registration of asset names in Counterparty required a 0.5 XCP fee in order to prevent exploitation of the system. With this new release users now have the ability to choose between free numeric asset names (that work just like alphabetic ones and require only the Bitcoin miners’ fee) and regular asset names. This has been a long awaited feature, and we’re happy to finally provide this choice to our users.“
What do you think of this initiative of Counterparty? Comment below!
Images from Counterparty and Shutterstock.