Setting up a Bob Wallet Multi Sig Wallet for Handshake Domains
Been a while since doing a nice tutorial and it is refreshing. Teaching some team members this and may as well make it a Skyinclude video!
Using a Bob Wallet multisignature is a nice way to share a portfolio of HNS or names across trusted parties.
A common setup is 2/3 - that means 2 out of 3 signers on the wallet need to approve a transaction for it to happen.
I’ll make this into 2 parts - part one is making it, and part two is using it. (As I am learning and making at the same time).
Part 1: Setting up a new Multi Sig
Go to Bob Wallet (desktop) and create new wallet
Accept the Terms of Use
Create new wallet
Pick a name for the wallet
On step 2/7 - check the box that this is a multi sig wallet
Once selected, choose how many people need to sign out of the total amount to approve a transaction. The more common is 2 signers out of 3 total. It is risky to have 2 out of 2, as if one person is not available or other wallet issue the funds are stuck / lost.
Go through the normal steps, password, Get the Seed Phrase , etc
Then at the last screen, it will show you:
XPub, which is your public wallet.
You will use that to give to the other signers on this multisig to add
And they give you their XPub to add.
Once all of them are linked, you will be able to access the wallet and use it like others.
Only difference is when you approve a transaction, others will need to approve it for it to be completed. Which we will cover in future videos.