Creating Multisig Addresses with the Electrum “createmultisig” Command
In this article, we’ll show you how to create two out of three multisig addresses using the Electrum console and its “createmultisig” command. It’s a useful tool for securing your Ethereum private keys and managing access to multiple accounts.
About Multisig Wallets
Multisig wallets are designed to allow multiple people or organizations to contribute to the security of an Ethereum address, while only allowing one person to spend from that wallet. In this case, we’ll create two out of three multisig addresses using public keys instead of the main private keys.
Electrum “createmultisig” Command
The “createmultisig” command is a powerful tool for creating multisig wallets. It allows you to generate multiple multisig addresses with different key sizes and configurations.
Below are the general steps for creating two of the three multisig addresses using the Electrum createmultisig' command:
- Launch Electrum: Start by launching the Electrum console on your computer.
- Create an Electrum wallet: If you haven't already, create an Electrum wallet using the private keys for each of the two public key wallets we'll create.
- Generate Multisig addresses: Run this command in a new terminal window:
Electrum createmultisig 2 '["1. public key wallet 1", "1. public key wallet 2"]'
This will generate three multisig addresses with different key sizes and configurations.
Sample Output
Here is a sample output from the above command:
Multisig Address Key Size
- Public Key Wallet 1:
- Primary Private Key: 0x1234567890abcdef (512 bits)
- Secondary Private Key: 0x8765432109876543210 (256 bits)
- Third Private Key: 0x345678901234567890 (384 bits)
- Public Key Wallet 1:
- Primary Private Key: 0x101112131415 (512 bits)
- Secondary Private Key: 0x2223444556667789 (256 bits)
- Third Private Key: 0x3334445556667789 (384 bits)
- Public Key Wallet 2:
- Primary Private Key: 0x9012345678901234567 (512 bits)
- Secondary Private Key: 0x1111222233445556 (256 bits)
- Third Private Key: 0x2222223334445556 (384 bits)
Creating a Single Multisig Address
To create a single multisig address using these two wallets, you can use the following command:
Electrum createmultisig 1 '["1. public key wallet 1", "3. public key wallet 2"]'
This will create a single multisig address that uses both public keys we created.
Conclusion
Creating multisig addresses using the Ethereum createmultisig’ command is a convenient and efficient way to manage multiple accounts using Ethereum private keys. By following the steps below, you can create two of the three multisig addresses using public keys instead of the main private keys. This setup allows for secure sharing of access to assets between multiple people or organizations, while maintaining individual control over the assets.
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